Home sales dropping
Door and Kewaunee counties are following the national and state trends of dropping in both home sales and median home price sold in the 2nd quarter of 2009 as compared to the 2nd quarter of 2008.
National home sales experienced a dip of 2.9%, with Wisconsin coming in at 10.5% under last year’s 2nd quarter. Door and Kewaunee counties were hit a bit harder with drops of 22.2% and 45% respectively. Door County recorded 70 home sales in the 2nd quarter of 2009 with Kewaunee coming in at 22 homes sold. The large dip in Kewaunee home sales can be attributed to the fact that in the 2nd quarter of 2008, Kewaunee had a state record high sales increase. Thus, when comparing 2008 to 2009, the fluctuation looks more dramatic than it actually is.
The Wisconsin Realtors® Association asks the public to exercise caution when evaluating these data because there has been a shift in the mix of homes sold as well as price discounting by motivated sellers. This is especially important for small geographic areas and counties such as Door and Kewaunee.
“Once again, a few sales can really skew the numbers,” says Cynthia Patterson, President of the Door County Board of Realtors®. “Even though the numbers don’t reflect it, we’re still taking the stand that this is a great time to buy in Door and Kewaunee counties. Interest rates remain at record lows and the inventory of homes at all price points is incredible. These items, coupled with the $8000 first time home buyers federal tax credit, make it a very attractive time to buy.”
The national median home price fell 15.6% in the 2nd quarter of 2009, when compared to that same quarter in 2008, whereas Wisconsin experienced a slightly smaller dip at 9.9%. Door County’s median home price now sits at $209,400, down 11.4% when compared to the 2nd quarter in 2008 and Kewaunee’s median home price at $100,000, down 21.9%.
“The first time home buyers credit, although a very effective program, has definitely affected the median price here in Door and Kewaunee counties,” adds Patterson. “First time home buyers typically buy start up homes, which are smaller in size and price. This influx of first time homebuyers has caused the median price to dip.”
For more information on the current housing situation in Door and Kewaunee counties, visit the Door County Board of REALTORS® online at www.dcbr.org or call the Sturgeon Bay office at 920-743-9651. The Door County Board of REALTORS® was established in 1962 and currently serves 248 members and affiliates with combined real estate listings of $723,553,641.
