Windermere Omak/Okanogan Real Estate 2019 Omak Market Report

YEAR END

2019

OKANOGAN VALLEY REAL ESTATE / MARKET REPORT

Windermere Real Estate Okanogan Valley THE LEADING REAL ESTATE COMPANY

On behalf of our team of dedicated professionals at Windermere Real Estate/ Omak-Okanogan, we are pleased to present our comprehensive Market Report for 2019.

As the leading brokerage in the Okanogan 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

473

67%

142

COMMERCIAL/MULTI-FAMILY/FARM

3%

316

SALES DISTRIBUTION BY PRICE UNDER $100K

38%

SINGLE FAMILY TRANSACTIONS

$100K – $200K

34%

VACANT LAND TRANSACTIONS

$200K – $400K

25%

$400K – $750K

3%

THE MARKET REPORT Windermere is proud to report the greater Okanogan Valley market continues to be stable even with a 3% increase

in number of sales in 2019 along with a 4% increase in the average sales price. The overall

473

year-over-year sales statistics for the Valley continue to show a modest cooling off verses the banner year of 2018. Total sales included 473 transactions producing $148M in total dollar volume. Windermere is proud to report an increase in overall sales volume in the Okanogan Valley. Windermere/

$156,756

AVERAGE SALE PRICE 4% increase compared to 2018

Omak-Okanogan remains a leading brokerage with one of

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

VACANT LAND

30%

TOTAL TRANSACTIONS

SINGLE FAMILY

the highest market shares for the past two consecutive years.

This increase indicates Windermere’s growing market share

-8%

DECREASE IN INVENTORY

TOTAL TRANSACTIONS 3% increase compared to 2018

$132,000

MEDIAN SALE PRICE 2% decrease compared to 2018

as our team strives to represent the most buyers and sellers of any brokerage.

*Cover: Views above Lower Conconully Reservoir by photographer Eli Smith

*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 142 Total Dollar Volume Minimum Price Sold $10,000 Maximum Price Sold $1,950,000 Average Sale Price $65,315 Median Sale Price $35,350 Average Days on the Market 335 2020 # Pending Transactions 17 Current Inventory 250

11% 9% *List Price

2018 Data

SOLD l List Price: $575,000

2019 Data

$8M

*List Price

-2% -10% 52% 13% -11%

$6M

$4M

2019 VACANT LAND Total land transactions increased

2017 Data

2019 LUXURY PROPERTIES

11% compared to

2018. The most transactions occurred in the $0-$50K

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

segment at 68%. Only 18% of sales were $50K - $100K, 11% were $100K to $200K, and 3% were above $200K. Vacant land inventory is down 11% from this time last year.

the $400K mark. This year sales posted a 27% increase in average sales

$2M

price while the number of transactions was 9 compared to 10

last year. This year luxury sales included 9 home sales, only 1 home

sold above $1M, compared no home sales last year. This year there was a decrease of 15% for the number of days on market (CDOM) translating

# of Transactions 316 Total Dollar Volume Minimum Price Sold $11,000 Maximum Price Sold $955,000 Average Sale Price $191,120 Median Sale Price $165,000 Average Days on the Market 96 2020 # Pending Transactions 33 Current Inventory 131

0% 6% *List Price *List Price

5% 5% -18% -8% -10%

Dec

Nov

Oct

Sep

Jul

Aug

Jun

Apr

May

Mar

to 37 days less on the market than 2018.

Jan

$0

Feb

HIGHEST HOME SALE $955,000 *List Price LOWEST HOME SALE $11,000 *List Price

Sales Volume 2017 to 2019 2019 SINGLE FAMILY The greater Okanogan Valley market for single family homes remains steady with an all-

-10%

DECREASE IN INVENTORY

time low inventory. This year concluded with nearly the same number of homes sold, and a 5% increase in the average and median sales price over 2018. The majority of home sales occurred in the $100K - $200K segment and 3% home sales above $400K, making the median price $165,000 for

2019 Valley wide. The median price also grew by 5% 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.

540 Riverside Ave., Box 3817 Omak, WA 98841 509-826-5906 omak@windermere.com WindermereOmak.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 Okanogan Valley will always have a high

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

Visit Us Online:

WindermereOmak.com Windermere Community Service Day, June 2019

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

-8%

DECREASE IN INVENTORY

estate becomes scarcer with each passing year, the interest in calling the Okanogan Valley “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 463 listings, inventory is down 8% compared to last year at 493 listings, a whopping 34% fewer properties for sale now, than 5 years ago.

Our Locations

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

Spring clean-up at Okanogan County Dispute Resolution Center

www.WindermereOmak.com | (509) 826-5906 | omak@windermere.com

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