Windermere Methow Valley Real Estate 2019 Market Report

YEAR END

2019

METHOW VALLEY REAL ESTATE / MARKET REPORT

Windermere Real Estate Methow Valley THE LEADING REAL ESTATE COMPANY

On behalf of our team of dedicated professionals at Windermere Real Estate/ Methow Valley, we are pleased to present our comprehensive Market Report for 2019. As the leading brokerage in the Methow Valley, we have developed this dynamic report to shed fresh light on the trends that are shaping our real estate market. By staying on top of market trends and continually striving to offer cutting edge marketing and advertising services, we deliver extraordinary experiences to clients and exceed their expectations.

As the market leader we believe the success of our company is based on the value that we provide for our clients, community and agents. It is the value driven philosophy that has helped guide the successful growth of our business. There is no real estate company that provides more exposure for listings or more choices for buyers.

TOTAL MARKET HIGHLIGHTS SALES DISTRIBUTION BY SEGMENT

239

56%

96

COMMERCIAL/BUSINESS OPP.

4%

134

SINGLE FAMILY TRANSACTIONS

SALES DISTRIBUTION BY PRICE

*Cover: SOLD | List Price: $825,000 | Mazama (Edelweiss Community)

UNDER $100K

20%

$100K – $200K

26%

VACANT LAND TRANSACTIONS

$200K – $400K

28%

$400K – $600K

15%

THE MARKET REPORT Windermere is proud to report the greater Methow Valley market continues to be stable even with an 8% drop in number of sales in 2019 along with a 4% decrease in the median sales price. The overall

239

year-over-year sales statistics for the Valley continue to show a modest cooling off verses the banner year of 2018.

Total sales included 239 transactions producing $140M in total dollar volume. Windermere is proud to report that while overall sales volume in the Methow Valley dropped, for sales and earned the highest market share for the past two consecutive years. This increase indicates Windermere’s

$600K+

11%

$292,290

AVERAGE SALE PRICE 1% decrease compared to 2018

Windermere/ Methow Valley remains the leading brokerage

Please do not hesitate to contact our experienced team of professionals for more information specific to your area.

VACANT LAND

40%

TOTAL TRANSACTIONS

SINGLE FAMILY

-35%

DECREASE IN INVENTORY

TOTAL TRANSACTIONS 8.4% decrease compared to 2018

$230,000

MEDIAN SALE PRICE 4% decrease compared to 2018

growing market share as our team proudly represented the most buyers and sellers of any brokerage. *All statistics are supplied by sources that have been deemed reliable but are not guaranteed. The statistics used in this report are from the Northwest Multiple Listing Service (NWMLS). *Statistics are cumulative. This report does not go into detail on every segment of the market, but is intended to offer an overview of general market conditions.

2019 YEAR END # of Transactions 96 -14% Total Dollar Volume -25% Minimum Price Sold $15,900 *List Price Maximum Price Sold $325,000 *List Price Average Sale Price $116,288 -13% Median Sale Price $109,500 0% Average Days on the Market 248 -28% 2020 # Pending Transactions 5 -55% Current Inventory 86 -16%

2017 Data

2018 Data

2019 Data

SOLD l List Price: $1,585,000

$10M

$8M

$6M

2019 VACANT LAND Total land transactions decreased

14% compared

to 2018. 48% of the sales occurred between $0-$100K,

2019 LUXURY PROPERTIES

$4M

The “Luxury” segment of the market, includes properties selling above

42% of sales were $100K - $200K and 10% were above

the $600K mark. This year sales posted a 36% decrease in average

$200K. Vacant land inventory is down 16% from this time last year.

sales price while the number of transactions increased by

63%. This year luxury sales included 26 home sales, only 2 homes

$2M

sold above $1M, compared to last year’s six home sales. This year was a huge decrease of 26% for the number of days on market (CDOM)

# of Transactions 134 Total Dollar Volume Minimum Price Sold $75,000 Maximum Price Sold $1,585,000 Average Sale Price $414,262 Median Sale Price $357,500 Average Days on the Market 117 2020 # Pending Transactions 7 Current Inventory 29

-5% -7% *List Price *List Price

-2% 10% -17% -36% -48%

Dec

Nov

Oct

Sep

Jul

Aug

Jun

Apr

May

Mar

translating to 56 days less on the market than 2018.

Jan

$0

Feb

HIGHEST HOME SALE $1,585,000 *List Price LOWEST HOME SALE $75,000 *List Price

Sales Volume 2017 to 2019

* The highest priced home sale was located in Wilson Ranch, Mazama WA, listed and marketed by Windermere Real Estate/ Methow Valley.

2019 SINGLE FAMILY The greater Methow Valley market for single family homes remains steady with an all-time

-48%

DECREASE IN INVENTORY

low inventory. This year concluded with a 5% drop in the number of homes sold, and a 2% decrease in the average sales price over 2018. The majority of home sales occurred in the $200K - $400K segment and 44% of home sales were above $400K, making the median price $357,500 for 2019

Valley wide. The median price also grew by 10% indicating that the higher-end sector was more active. Once again, the market at the mid-to-low end of the price spectrum is negatively impacted by the lack of inventory.

Windermere Real Estate – The Methow Valley’s leading real estate company.

313 E. Hwy 20, Box 1088 Twisp, WA 98856 509-997-6562 methowinfo@windermere.com WindermereMethow.com

THINKING OF SELLING YOUR HOME? NOW IS A GOOD TIME TO SELL! WOULD YOU LIKE TO KNOW THE VALUE OF YOUR PROPERTY? The market is changing constantly. If you have been thinking of selling, contact us to discuss what your property is worth today. Let us price and position your property for the highest return.

Let the power of Windermere Real Estate and the latest online technology work for you to get your home sold quickly.

INVENTORY STORY Methow Valley will always have a high

demand for real estate and chronic lack of inventory. While the supply of real

Visit Us Online:

WindermereMethow.com Windermere Community Service Day, June 2019

313 E. Methow Valley Hwy. PO Box 1088 Twisp, WA 98856 (509) 997-6562 methowinfo@windermere.com WindermereMethow.com

-35%

DECREASE IN INVENTORY

estate becomes scarcer with each passing year, the interest in calling the Methow “home� inherently continues to rise. The growing demand is enhanced by the natural beauty, tax-friendly climate, casual Western ambiance and superb year-round recreational lifestyle.

Properties for sale December 2019, is 125 listings, inventory is down 35% compared to last year at 191 listings, a whopping 59% fewer properties for sale now, than 5 years ago.

Our Locations

42 Lost River Rd. Mazama, WA 98862 (509) 996-6562

Spring clean-up at Okanogan County Dispute Resolution Center

www.WindermereMethow.com | (509) 997-6562 | methowinfo@windermere.com

540 Riverside Ave. PO Box 3817 Omak, WA 98841 (509) 826-5906 omak@windermere.com WindermereOmak.com