Windermere Methow Valley Real Estate 2023 Market Report

2023 Market Report

2023 Real Estate MARKET REPORT

R E A L E S TAT E

Overall Sales Volume By Category

Overall Sales Volume By Area 2022 VS. 2023 2022

UNITS SOLD

2023

$65M

2022 VS. 2023 2022 $50M

96

$60M

$45M

$55M $50M

$40M

$45M

$35M

$40M

$30M

$35M $30M $25M $20M

33

$20M

44

$15M

$15M $10M

13

$5M MAZAMA

WINTHROP

TWISP

23 57 35

$25M

47

38 31

UNITS SOLD

2023

$10M

23 5

CARLTON

80 55

22

<$399K

$400K$599K

31

14 19 10

$5M

14 METHOW

$600K$799K

$800K$999K

>$1M

On behalf of our team of local and dedicated Broker’s at Windermere Real Estate/Methow Valley, we are pleased to present you with the 2023-year end market report.

Our data is compiled from the NW Multiple Listing Service providing a comprehensive overview and deeper insight into the Methow Valley real estate market.

Overall Market

Looking Ahead

The overall market includes all home, vacant land, farm & ranch, condo, and commercial transactions. Overall sales dollar volume decreased 38% over last year, finishing at $74.7M, the lowest since 2019. With mortgage rates at their highest in the last two decades, and limited inventory, buyers were selective and cautious with their purchases.

Looking into 2024, there are 67 active listings valley wide, a modest increase from last years’ 40 active listings. We can expect trends of 2024 to be similar of last year; slightly slower, steady prices, modest uptick in inventory but the real indicator will be interest rates. This will dictate the future of the overall real estate market.

SEARCH ALL LISTINGS:

131

-38%

$74.7m

67

WindermereMethow.com

2023 YEAR END Single Family Homes

Land & Ranches

2022 VS. 2023

2022 VS. 2023

Sales Volume By Area 2022

Sales Volume By Area

UNITS SOLD

2023

2022

$60M

$12M

$55M

$11M

$50M

$10M

$45M

$9M

56

$40M

$8M

$35M

$7M

$30M $25M $20M

UNITS SOLD

2023

29

$6M 39

22 22

24

$15M

$5M $4M

28

$3M

$10M

16

16 9

9

$2M 6

$5M MAZAMA

WINTHROP

TWISP

4

CARLTON

6

2

METHOW

14

13 6

$1M MAZAMA

WINTHROP

TWISP

12 1

CARLTON

METHOW

Single Family Homes

Vacant Land

The number of homes sold decreased by 37% for a total of 82 sales. However, the average price of a single-family home held steady only decreasing 3% to $719,848. Single family homes sold within an average of 99% compared to list price.

Average days it to took to sell a home was 50 days.

Vacant land continues to be scarce with nearly the same amount of inventory as this time last year at 32 properties available for sale. Average days on market to sell land in 2023 was 99 days. The average sales price was $192,232 which equates to properties selling within an average of 95.5% compared to list price. The majority of sales, at 36%, occurred in the $100K-$200K price range, while the $200K-$300K price range came in second at 30% of the vacant land market share.

We hope this report has given you a snapshot of market trends and as always, we would be glad to discuss the details with you. If you are scouting a professional REALTOR to represent you in your next real estate transaction, or a confidential market analysis of your property, please call us. Our knowledge of the valley and the market, make us your Local Real Estate Experts.

SEARCH ALL LISTINGS:

82

-3%

$719,848

50

WindermereMethow.com

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

MAZAMA 42 Lost River Rd. Mazama, WA 98833 509-996-6562

WHY LIST WITH US? For the Seller Our extensive market knowledge will help you to price your property in this ever-changing market, and our marketing expertise will ensure that you sell your property in a timely manner for the highest possible price.

Respecting the unique characteristics of each and every property, we believe that every listing requires a different marketing strategy. We will develop a customized plan for you; market updates, showings, open houses and revised marketing plans are scheduled according to your desired frequency. We are skillful negotiators and will work to make the entire process, from start to finish, as streamlined as possible. We will live up to your high expectations.

• We will provide you with the most accurate, in-depth data in the Methow Valley markets.

• Your property will have the most extensive online presence offered.

NOW, MORE THAN EVER, THE EXPERTISE OF A REAL ESTATE PROFESSIONAL MATTERS IN THE SALE OF YOUR HOME.

The Methow Valley’s Leading Real Estate Company

All in, for you!

R E A L E S TAT E

• We will expose your home to our extensive list of former and current buyers.

• We will conduct open houses to expose your property to other local brokers.

Alexis Port

509-322-5063

• We know what is valued in property and will advise you accordingly.

Owner, Designated Broker

Nicola Zahn

509-997-6562

Owner, Manager

John Aber

Mary Lockman

Bob Monetta Delene Monetta Chris Rogers

Broker

Managing Broker

Managing Broker

206-372-8188

509-322-3008

509-322-2657

509-421-3729

Managing Broker

206-719-6978 Broker

SEARCH ALL LISTINGS: WindermereMethow.com

Amy Scarsella 425-238-9922 Broker