While the Nation and State’s housing markets begin their turnaround in 2009, Northeast Wisconsin continues to struggle to right itself.
Nationwide, the housing market began to slowly gain momentum with each passing quarter, ending the year up an encouraging 4.9% over 2008. The state of Wisconsin mirrored this growth with a drastic swing of being down 22.6% in the 1st quarter of 2009 to being up 25.6% in the 4th quarter. This meant an overall flat year for home sales in the state.
In Door County the average price of a home sold in the 4th quarter of 2009 decreased by 21.7%, with a 14.7% decrease for the overall year. Number of homes sold in Door County increased 8.3% in the 4th quarter of 2009 and experienced an overall drop of 7.4% when comparing 2008 to 2009.
The $8000 tax incentive to first time homebuyers that had such a positive affect on most of the United State’s home sales in the 4th quarter of 2009, has not had as large of an impact on resort areas such as Door County.
“We’ve also had people taking advantage of the first time homebuyers credit,” comments Bob Starr, President of the Door County Board of REALTORS®. “But in an area that is so heavily influenced by second home sales, that segment of the market continues to struggle.”
On the other hand, Kewaunee looks as if they, along with the rest of the state, are reaping the benefits of the tax credit. In the 4th quarter of 2009, there were 46 homes sold as compared to 21 homes sold in the 4th quarter of 2008 – a 119% increase. Overall, Kewaunee County’s home market seemed to stabilize in 2009 with a 2% increase in median home price from $99,500 in 2008 to $101,500 in 2009 and a 4.3% drop in total home sales from 140 in 2008 to 134 in 2009.
The Door County Board of REALTORS® would also like to remind the public that the extension of the $8000 first time home buyers tax credit and the $6500 tax credit for existing home owners remain active through the end of April. For detailed information on these credits visit www.wisconsinhomebuyers.org.
For a complete listing of all homes for sale in Door and Kewaunee counties visit www.dcbr.org or call the Sturgeon Bay office at 920.743.9651 for assistance with selecting a REALTOR®. The Door County Board of REALTORS® was established in 1962 and currently serves 232 members and affiliates with combined real estate listings of $588,907,903.