Windermere Methow Valley Real Estate 2020 Market Report

Windermere Real Estate/Methow Valley

MARKET REPORT

Year End 2020

(509) 997-6562 TWISP (509) 996-6562 MAZAMA WINDERMEREMETHOW.COM

YEAR END

2020

TOTAL MARKET HIGHLIGHTS

Welcome to our End-of-Year Market Report On behalf of our team of dedicated professionals at Windermere Real Estate/Methow Valley, we are pleased to present our comprehensive Market Report for 2020. Our report accounts for all sales in our market, providing a comprehensive overview and deeper insight into the market.

As the #1 Brokerage in the Valley in transaction volume we monitor real estate data daily, closely watching trends that shape our real estate market.

Our goal is to empower our clients with the most up-to-date information as they navigate Methow Valley real estate opportunities.

Experience the Windermere difference by working with the Methow Valley’s truly local, leading real estate experts. We are a team of trusted advisors working collaboratively to leverage our collective knowledge and expertise to deliver fundamentally different service. For us, nothing matters more than creating a legacy of excellence that honors and celebrates our people and the exceptional place we call home.

Please do not hesitate to contact our experienced team of professionals for more information specific to your area. *Cover | List Price: $1,600,000 | Stud Horse Mountain

SALES DISTRIBUTION BY SEGMENT

312

51%

TOTAL TRANSACTIONS

147

VACANT LAND

47%

158

COMMERCIAL/BUSINESS OPP.

2%

SALES DISTRIBUTION BY PRICE

SINGLE FAMILY TRANSACTIONS

The popularity of living in the Methow Valley has never been greater. The trend that started in the second quarter of 2020, the exodus from the cities to locations with the open space and safety, ramped up substantially pushing demand for local real estate to new heights.

According to the data collected from the Northwest Multiple Listing Service (MLS) along with proprietary off-market data, the overall Total Sales Volume for 2020 increased 40% over 2019, and 29% over 2018. A 30% increase in the number

of sales in 2020 along with a 10% increase in the median sales price. Total sales included 312 transactions

producing $198M in total dollar volume. Overall active listings at the time of this report are down 58%, confirming the lack of available inventory and increased demand will continue into 2021. As the pandemic continues to impact ways of life, it is clear that many people are discovering the incredible qualityof-life the Methow Valley affords its residents.

UNDER $100K

21%

VACANT LAND TRANSACTIONS

The Methow Valley Real Estate Market – A Record Breaking Year

SINGLE FAMILY

$100K – $200K

21%

$200K – $400K

27%

$400K – $600K

16%

$600K+

15%

312 $317,782

AVERAGE SALE PRICE 9% increase compared to 2019

-58%

DECREASE IN INVENTORY

TOTAL TRANSACTIONS 30% increase compared to 2019

$251,750

MEDIAN SALE PRICE 10% increase compared to 2019

*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.

2020 YEAR END # of Transactions 147 53% Total Dollar Volume 88% Minimum Price Sold $20,000 *List Price Maximum Price Sold $725,000 *List Price Average Sale Price $142,895 23% Median Sale Price $114,500 4% Average Days on the Market 220 -11% 2020 # Pending Transactions 9 80% Current Inventory 27 -69%

2018 Data

2019 Data

2020 Data

SOLD l List Price: $1,575,000

$14M $12M

$10M

$8M

2020 VACANT LAND Total land transactions increased

53% compared

to 2019. 42% of the sales occurred between $0-$100K,

2020 LUXURY PROPERTIES

$6M

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

40% of sales were $100K - $200K and 18% were above $200K. Vacant land inventory is down 69% from this time last year.

the $600K mark. This year sales posted nearly the same average sales price at $779,325 while the number of transactions increased

$4M

by 63%. This year luxury sales included 40 home sales, four homes sold above $1M, compared to last years’ two home sales. 2020 saw

$2M

# of Transactions 158 Total Dollar Volume Minimum Price Sold $55,000 Maximum Price Sold $1,575,000 Average Sale Price $461,731 Median Sale Price $420,000 Average Days on the Market 70 2020 # Pending Transactions 10 Current Inventory 15

18% 32% *List Price *List Price

11% 17% -40% 43% -48%

Dec

Nov

Oct

Sep

Jul

Aug

Jun

Apr

May

Mar

$0

Jan

(CDOM) translating to 89 days less on the market than 2019.

Feb

HIGHEST HOME SALE $1,575,000 *List Price LOWEST HOME SALE $55,000 *List Price

another impressive decrease of 56% for the number of days on market

Sales Volume 2018 to 2020

* The highest priced home sale was located on Wolf Creek Road, Mazama WA, listed and marketed by Windermere Real Estate/Methow Valley.

2020 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 an 18% increase in the number of homes sold, and an 11% increase in the average sales price over 2019. The majority of home sales occurred in the $200K - $400K segment and 54% of home sales were above $400K, making the median price $420,000 for 2020

Valley wide. The median price also grew by 17% 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.

The Methow Valley’s Leading Real Estate Company

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

-58%

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.

Our Locations 313 E. Methow Valley Hwy. PO Box 1088 Twisp, WA 98856 (509) 997-6562 methowinfo@windermere.com WindermereMethow.com 42 Lost River Rd. Mazama, WA 98862 (509) 996-6562

Properties for sale January 2021, is 45 listings, inventory is down 58% compared to last year at 108 listings, nearly 50% fewer properties for sale now, than 5 years ago.

R E A L E S TAT E

(509) 997-6562

WINDERMEREMETHOW.COM