The 2020 Door County real estate market has surpassed all expectations and nationwide continues to drive the nation’s economic recovery. The question is, will this positive trend continue throughout the rest of the year, especially given the uncertainty around the current health crisis, the upcoming election, and more?
What Leading Real Estate Industry Experts Say
“Home sales continue to amaze, and there are plenty of buyers in the pipeline ready to enter the market…Further gains in sales are likely for the remainder of the year, with mortgage rates hovering around 3% and with continued job recovery.”
“Homeowners’ balance sheets continue to be bolstered by home price appreciation, which in turn mitigated foreclosure pressures…Although the exact contours of the economic recovery remain uncertain, we expect current equity gains, fueled by strong demand for available homes, will continue to support homeowners in the near term.”
“Zillow’s predictions for seasonally adjusted home prices and pending sales are more optimistic than previous forecasts because sales and prices have stayed strong through the summer months amid increasingly short inventory and high demand.
The pandemic also pushed the buying season further back in the year, adding to recent sales. Future sources of uncertainty including lapsed fiscal relief, the long-term fate of policies supporting the rental and mortgage market, and virus-specific factors, were incorporated into this outlook.”
Door County Real Estate Statisitics
So what about the 2020 Door County real estate market, specifically.
At the end of the third quarter (9/30/2020) in northern Door County:
Waterfront homes in 2019 saw 26 sales, in 2020 there have been 34 sales year to date.
In 2019 there 69 listings for sale, in 2020 just 34
Inland homes had 107 sales in 2019, and 127 in 2020
There are fewer listings for sale too, with 88 in 2020 compared to 147 in 2019
Vacant land sales are equally impressive:
In 2019 there were 104 sales, and in 2020 that number jumped to 136
In 2019 there were 458 tracts of land for sale in northern Door County, and in 2020 that number dropped to 319.
Other property categories, waterfront land and residential condominium properties saw the same positive sale numbers, and fewer listings for sale.
As for Door County real estate the bottom line for you, a seller, is that it is a seller’s market with homes, condos and land selling quickly and sometimes for more than full-price. The average time on market for Door County properties is 270-to over a year. Properties in general are selling more quickly than that, and have been all year.
For you, the buyer, competition is keen. Arm yourself with a loan preapproval letter or proof of your cash funds to close, and connect with a real estate agent to receive the properties that are coming new to the market–so you know about them just as soon as they hit the market. I can help you with that–my Market Watch will be tailored to your property preferences and every day you’ll get the new listings, which might just give you a head-start over your competition. Call me at 920-493-5472, email me here, or start your Door County property search at Door County Listings by Location.
Nationally, many economists are in unison, indicating the housing market will continue to fuel the economy through the end of the year, maintaining this unprecedented strength.
2020 Door County Real Estate Market Statistics by Price Point
The chart below shows the number of sales in price and property type categories. To know where you property might position call me at 920-493-5472, or email me here.