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November 2021 Newsletter

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With fall in the air and temperatures cooling down, you might think that this “red hot” housing market might be taking a rest.  Well, the statistics for October show that just isn’t true.

The sales pace for the Door County Multiple Listing Service (MLS), although down slightly from last year (135 transactions vs. 161), rendered a dollar volume that increased from $51.7 million to $52.6 million.  In a nutshell, this ultra-strong market appears to be with us for the foreseeable future, however long that might be.

Of special note, with October volume the last 2 years exceeding $50 million each year, the third strongest October in the last 8 years checked in at $30.1 million back in 2017.

Certainly the primary reasons for this strong market include very low interest rates, many buyers with deep cash pockets, desire to flee the big city, ability to work from home, surging stock market, etc. etc.  Many elements have come together to create a home buying climate I personally have not witnessed in my 52 years as a real estate agent in Door/Kewaunee Counties.

Naturally, along with all this activity, comes an upward push in prices.  Year-to-date, October showed a median price for the MLS at $180,000.  Prior to 2020, the strongest YTD October median price was $162,000 in 2018.  These numbers were for all types of properties from commercial to residential and everything in between.

Median prices YTD thru October for the last three years of residential inland homes were as follows:  2019 – $184,750, 2020 – $223,000, and 2021 – $268,950.  That’s an increase of 46% in just 3 years.  Amazing!!

ERA Starr Realty has been a major part of the real estate scene in Door/Kewaunee Counties since 1954.  We pride ourselves in keeping up to date in market condition to help serve our customers and clients.  We are “Always There for You!”

October 2021 Newsletter

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Things slowed down just a bit this September compared to September 2020.  Still, real estate activity for Door and Kewaunee counties was strong.  All the pertinent barometers that measure activity continue to be strong.

Number of sales is always the first thing we look at when measuring real estate activity for any sector or geographic area of the marketplace.  September 2021 number of sales for Door and Kewaunee Counties checked in at 138.  That’s down from last year when there were 150 sales.  That is an 8% decline; however, looking back 8 years, we find that 122 sales in 2017 was second in sales until this year’s 138…so nothing to be alarmed about.

Perhaps the second most important indicator of the health of real estate markets is Year-to-Date (YTD) Median Price.  Here again we trailed 2020 by just 4%, moving from $177,400 last year to $170,200 this year.  Certainly there is nothing to be alarmed about here.  In fact, median price in 2019 was $160,000 and was never over that amount in the last eight years.  Without digging deep into the archives, I would bet that median price has never exceeded $170,000 in the Door-Kewaunee markets until 2020.

Days on the Market (DOM) is another measure indicating a very robust real estate market.  There are all kinds of statistics locally, statewide and nationally showing residential properties selling in less than 75 DOM.  This number allows perhaps a month or more for title companies to process a closing.  Many are backed up to the point where they have to delay closings beyond the scheduled closing date.

Here at ERA Starr Realty, we pride ourselves in helping buyers and sellers navigate the selling/purchase process with as little turmoil as possible.  We Are Always There for You!

December 2020 Newsletter

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November is typically the month when things begin to slow down for real estate activity in the Door-Kewaunee real estate markets.  Guess what?  November 2020 turned out to NOT be a typical month, much like so many other things going on in this country this year.

The Multiple Listing Service (MLS) showed 135 sales for November.  The previous three years recorded 86, 85 and 87 sales in what were very good months in very good years.  This 57% increase in sales over those years has to be attributed to something out of the ordinary.

First we have to look at interest rates – never lower in my 51 years in the business!  Second, we have to consider the virus and many buyers having the flexibility to work from home.  Coupled with the appeal of Door and Kewaunee Counties to city dwellers who feel cooped up in their urban homes and apartments, we see a developing rush from the big city to attractive, low-density locations for primary and secondary homes.

Certainly other factors are involved such as an economy that has remained strong for many high earning and wealthy families.  With a strong stock market, there seems to be little problem for buyers to qualify for low-rate mortgages.  Cash buyers are also very evident in this market.

This strong activity has pushed the median sales price of our two-county market to $180,000 through the first 11 months of 2020.  Last year that number was $160,000, or 13% lower.  These numbers apply to all type of real estate properties including commercial, vacant land, condominiums as well as residential homes, with residential providing the bulk of the increased values.

Here at ERA Starr Realty we strive to keep our customers and clients up to date on the markets in Door and Kewaunee Counties.  We are Always There for You!

We wish you a very Happy Holiday Season and look forward to serving your real estate needs in 2021! 

July 2019 Newsletter – Market Update

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June polished off the first half of 2019 in fine style.  Sales remained strong, volume was good, and the outlook for the remainder of the year is positive.

The major indicators for the health of the real estate industry for any area are:  Sales Volume, Number of Sales, and Median Price.  The Door County MLS capsules these indicators for the several different markets in Door and Kewaunee Counties.  In this report all numbers reflect the cumulative activity for both counties and compare them for the month of June in 2018 and 2019.

June 2018 showed 103 sales for a total volume of $25.0 million.  Here in 2019, the number of sales increased to 116 and volume was up at $26.3 million.  That’s a 13% increase in sales and a 5% jump in volume.

Median price for the first 6 months of 2019 took a moderate decline of 6%, moving from a 6 year high of $158,750 in 2018 to $149,100.  This minor change can be attributed to especially strong sales activity with high end home sales in Northern Door County last year.

Next month we will take a closer look at the different markets for the full first 6 months of 2018 vs. 2019.

Overall activity for low to moderately priced homes in all the Door and Kewaunee markets remains very strong with many homes receiving strong interest and often multiple offers soon after being exposed in MLS and other social media sites.

When inquiries on homes for sale are received by many Realtors, an all too often typical response will be “sorry, that home is under contract”!

ERA Starr Realty has their hand on the pulse of the real estate markets in Door and Kewaunee Counties.  Daily we tabulate what’s new on the market and what has just been sold.  We dissect sale prices, locations, square footage, etc. to better serve our customers and clients.  We are “ALWAYS THERE FOR YOU!”

December 2018 Newsletter

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With 2019 right on the horizon and 2018 into its last month, we can reflect on the last several years and hopefully have a reasonable, positive projection for the real estate market in 2019.

Certainly with all the distractions nationally, there is limited assurances as to just what the future may hold for any market, but real estate looks like it will continue to provide very solid results regarding market activity and price integrity.

November activity in the Door-Kewaunee market was solid with a total of 82 transactions garnering $19.2 million in sales volume.  That compares to a slight decrease in number of sales, but a nice increase in volume:  86 sales in 2017 and $16.6 million in volume.

2018 year-to-date statistics are impressive when compared to 2017 which was by all accounts also an excellent year for real estate.  Number of sales increased from 980 to 999 for a 2% increase while median price rose from $155,475 to $163,000.  That’s a nice 5% jump.

Next month when we have the final year end numbers, we can look at the last 4 years of activity in the Northeast Wisconsin real estate market.  2015 marked the first real solid year since things imploded in 2008.  In 2015 we moved from 782 sales the previous year to 953 sales for a rather dramatic 22% positive increase.  Each year since the number of sales has increased steadily, topping 1,070 sales in 2017.

ERA Starr Realty has been right in the middle of all this activity.  We have listed and sold the greatest number of properties in the MLS every year for the last decade and longer. We have been a “trusted name in real estate since 1954”.  Need answers?  Give one of our agents a call, we are “Always There For You”!

THE BEST OF THE HOLIDAY SEASON TO ALL!

November 2018 Newsletter

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As we move through the last quarter of 2018 and continue what has been a very solid year for real estate in the Door-Kewaunee markets, I spent some time and compared today’s market to the “glory days” in the mid 2000’s.

2004, 2005, and 2006 were the years with the most activity since 2000.  These 3 years reflected the greatest number of sales and the strongest median prices.  Here are their vitals:

 

2004 2005 2006
No. of Sales 1126 1181 1047
Median Price $140,000 $145,000 $152,000
Days on Market 295 297 314

With 2018 sure to check in with more than 1,000 sales, and 2016 and 2017 also boasting sales in excess of 1,000, here are the last two year’s annual numbers:

 

2016 2017
No. of Sales 1008 1071
Median Price $145,000 $159,900
Days on Market 380 312

This year through November 14th, the MLS has recorded 949 sales with a median price of $162,400.  It is likely the final numbers for 2018 will generate the highest median price in the last 2 decades.  I believe we can officially declare the “bust” market over. At its lowest point in 2009, the number of sales dipped to 596 and median price bottomed out at $130,000.

I feel this healthy real estate market will continue in the foreseeable future.  Here at ERA Starr Realty, we will watch closely for any “blips” that may appear and influence the market one way or another.  We believe this is an obligation we owe to all our customers and clients.  After all, we are:  “We Are Always There For You!”

Until next time,

Dennis Starr, Realtor Emeritus

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