CONDOMINIUMS CONDOMINIUMS
TABLE OF CONTENTS Charts and Commentary………………………………………………..Pages 1-2 Market Summary Table………………………………………………..Page 3 Glossary………………………………………………………………...Page 4 Su M Tu W Th F Sa Sunday, May 5 234 1 5 67891011 2024 161718 232425 12131415 19202122 3031 26272829
REAL ESTATE MARKET REPORT Windermere Real Estate/Orcas Island PO Box Box 310 217 Main Street, Eastsound WA 98245 www.orcas-island.com orcas@windermere.com 360.376.8000 @windermereorcas @WindermereOrcas Real Market Reports www.RealMarketReports.com
CONDOMINIUMS CONDOMINIUMS
Let's take a look
attherealestatemarket.Currently thereare0salespendinginthe marketoverall,leaving4listingsstill forsale.Forthisreason,themarket pendingratiocannotbedetermined. Soyoumightbeaskingyourself,that's great...butwhatexactlydoesitmean?
I'm glad you asked!
Thependingratioindicatesthesupply &demandofthemarket.Specifically, ahighratiomeansthatlistingsarein demandandquicklygoingtocontract. Alternatively,alowratiomeansthere arenotenoughqualifiedbuyersforthe existing supply.
"The pending ratio cannot be determined at this time."
Unfortunately,wecannotdrawany conclusionssincetherearen'tany contracts pending right now.
However,weseethatthe$200K$250Kpricerangehasarelatively largeinventoryofpropertiesforsaleat 2listings.Themedianlistprice(or askingprice)forallpropertiesinthis market is $272,250.
Only1contracthasclosedthelast6 monthswithasoldpriceof$550,000. Breakingitdown,wenoticethatthe singlesoldlistingfallsinthe$550K$600K price range.
Alternatively,atotalof2listingshave failedtosellinthatsameperiodof time.Listingsmayfailtosellformany reasonssuchasbeingpricedtoohigh, havingbeeninadequatelymarketed, thepropertywasinpoorcondition,or perhapstheownerhadsecond thoughtsaboutsellingatthisparticular time.The$350K-$400Kpricerange hasthehighestnumberofoff-market listings at 2 properties.
REAL ESTATE MARKET REPORT
0 1 1 2 2 3 $0K $50K $100K $150K $200K $250K $300K $350K $400K $450K $500K $550K $600K $650K $700K Properties For Sale Contracts Pending 0 1 2 $0K $50K $100K $150K $200K $250K $300K $350K $400K $450K $500K $550K $600K $650K $700K Sold Off-Market
Condominiums
Number of Listings For Sale vs. Pending Contract
Condominiums
Num Sold vs. Off-Market (Last 6 mos.)
1 Real Market Reports www.RealMarketReports.com Updated 5/5/2024, RealMarketReports.com Copyright © Windermere Real Estate/Orcas Island Updated 5/5/2024, RealMarketReports.com Copyright © Windermere Real Estate/Orcas Island Sunday, May 5, 2024 Market Dashboard Windermere Real Estate/Orcas Island
CONDOMINIUMS CONDOMINIUMS
Lookingatthecharttotheright,you mightbewonderingwhyaveragedays onmarket(DOM)isimportant.Thisis ausefulmeasurementbecauseitcan helpustodeterminewhetherweare inabuyer'smarket(indicatedbyhigh DOM),oraseller'smarket(indicated bylowDOM).Activelistings (propertiesforsale)havebeenonthe market for a median time of 72 days.
Analysisofsoldpropertiesforthelast sixmonthsrevealsamediansold priceof$550,000and60dayson market.Noticethe$550K-$600K price range in the chart.
Movingon,wecanseetherecent historyofsalesinthetwocharts below.Althoughnopropertieshave soldhereinthepast30days,there hasstillbeensomeactivityinthelast 6months.Itisalwaysimportantto realizethatrealestatemarketscan fluctuateduetomanyfactors, includingshiftinginterestrates,the economy, or seasonal changes.
"Themedianlist-to-salesratio for this area is 100.0%."
Ratiosaresimplewaystoexpressthe differencebetweentwovaluessuchas listpriceandsoldprice.Inourcase, wetypicallyusethelist-to-saleratioto determinethepercentageofthefinal listpricethatthebuyerultimatelypaid. Itisaverycommonmethodtohelp buyersdecidehowmuchtoofferona property.
Analysisoftheabsorptionrate indicatesaninventoryof24.0months basedonthelast6monthsofsales. Thisestimateisoftenusedto determinehowlongitwouldtaketo selloffthecurrentinventoryof propertiesifallconditionsremained thesame.Itissignificanttomention thatthisestimatedoesnottakeinto considerationanyadditionalproperties thatwillcomeontothemarketinthe future.
REAL ESTATE MARKET REPORT
0 50 100 150 200 250 300 350 400 450 500 $0K $50K $100K $150K $200K $250K $300K $350K $400K $450K $500K $550K $600K $650K $700K Sold For Sale $0K $100K $200K $300K $400K $500K $600K DecJanFebMarAprMay 0 10 20 30 40 50 60 70 DecJanFebMarAprMay
Condominiums
Median Days on Market (DOM)
Condominiums
Median Days on Market (Sold)
Condominiums
2 Real Market Reports www.RealMarketReports.com Updated 5/5/2024, RealMarketReports.com Copyright © Windermere Real Estate/Orcas Island Copyright © Windermere Real Estate/Orcas Island Updated 5/5/2024, RealMarketReports.com Copyright © Windermere Real Estate/Orcas Island Updated 5/5/2024, RealMarketReports.com
2024 Market Dashboard Windermere Real Estate/Orcas Island
Median Sold Prices
Sunday, May 5,
CONDOMINIUMS CONDOMINIUMS
Sunday, May 5, 2024
REAL ESTATE MARKET REPORT A M A M A M A M Date Range (Off-Market & Sold) = 11/05/2023 to 05/05/2024 Data believed to be accurate but not guaranteed. N/A Status = [1] Active; [2] Contingent, Pending, Pending Feasibility, Pending Inspection, Pending Short Sale, Pending BU Requested; [3] Cancelled, Temp. Off Mrkt., Expired, Sale Fail Release; [4] Sold Area = 901 - Orcas PropertyType = Single Family PropertySubType = Condominium $550,000 100% $550,000 100% MarketMedians 72272,250 $ 60550,000 $ $550,000 21 MarketAverages 153278,375 $ MarketTotals 40 60550,000 $ $550,000 0 00 $700,000+ 0 0 00 $650,000$699,999 0 0 00 $600,000$649,999 0 $550,000 100% 60550,000 $ $550,000550,000 $ 100% 1 60550,000 $ $550,000 00 $550,000$599,999 0 0 00 $500,000$549,999 0 0 00 $450,000$499,999 0 0 00 $400,000$449,999 0 433359,000 $ 0 82319,500 $ 0 0 82319,500 $ 0 0 $217,500 0 00 $200,000$249,999 2 49 $150,000$199,999 0 00 $100,000$149,999 0 Price Range Num # $50,000$99,999 00 Days on Market Current List Price A = Average Value M = Median Value N/A = Not Available 4 ACTIVE [1] ListSale Ratio Est. Mos. LowHigh 2 OFF-MARKET (last 6 mos) [3] ABSORPTION RATE (months of inventory) Num # Num # Num # 1 SOLD/CLOSED (last 6 months) [4] Days on Market Original List Price Final List Price Sold/ Closed Price MARKET SUMMARY TABLE 0 PENDING [2] $0$49,999 0 Pend Ratio 000 0 00 0 49217,500 $ 0 0 0 $359,000 $350,000$399,999 1 433
0
1 24 0 0 2 3 Real Market Reports www.RealMarketReports.com
$250,000$299,999
$300,000$349,999
Market Summary Table
Real Estate/Orcas Island Favors Sellers Favors Buyers
Windermere
CONDOMINIUMS CONDOMINIUMS
1. PROPERTIES FOR SALE (ACTIVE)
a. Number Active: The number of listings for sale which are currently being marketed but do not yet have a purchase agreement.
b. Days on Market (DOM): The marketing period of currently active listings. This does not account for some listings which have had a previous listing period, but were re-entered as a new listing.
c. Current List Price: The price that a property seller is currently asking.
2. CONTRACTS PENDING
a. Number Pending: The number of current listings for which a contract has been signed but has not yet closed.
b. Pending Ratio: Sometimes called a “list-to-pending ratio”. This is a measure of how fast properties are going under contract vs. how fast they are being listed.
Pending Ratio = P (Number of Pending Listings) A+P (Number of Active + Pending) (P) represents properties that buyers have chosen (A+P) represents the entire pool from which they have chosen
3. OFF-MARKET
a. Number Off-Market: The number of listing agreements that have failed to close in the last 6 months. Some owners may choose to re-offer their property for sale
4. PROPERTIES SOLD (CLOSED CONTRACT)
a. Number Sold: The number of properties that have gone to a closing in the last 6 months.
b. Days on Market (DOM): The marketing time it has taken properties to sell in the last 6 months.
c. Original List Price: The price at which a sold property was originally marketed.
d. Final List Price: The price at which a sold property was marketed just prior to selling.
e. Sold/Closed Price: The price for which a property sold.
f. List to Sales Ratio: The percentage of the list price that the buyer ultimately paid for the property.
List to Sales Ratio = Sold Price
Final List Price
5. ABSORPTION RATE / MONTHS OF INVENTORY
a. Absorption Rate / Months of Inventory: An estimate of how fast listings are currently selling measured in months. For example, if 100 properties sell per month and there are 800 properties for sale - there is an 8 month supply of inventory before counting the additional properties that will come on the market.
REAL ESTATE MARKET REPORT
Real Market Reports www.RealMarketReports.com 4 Sunday,
2024 Glossary Windermere Real Estate/Orcas Island
May 5,
