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, March 3 12 3 456789 2024 141516 212223 10111213 17181920 282930 31 24252627 RESIDENTIAL PROPERTY RESIDENTIAL PROPERTY 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
Let's take a look
attherealestatemarket.Currently thereare5salespendinginthe marketoverall,leaving23listingsstill forsale.Theresultingpendingratiois 17.9%(5dividedby28).Soyoumight beaskingyourself,that'sgreat...but whatexactlydoesitmean?I'mglad you asked!
Thependingratioindicatesthesupply &demandofthemarket.Specifically, ahighratiomeansthatlistingsarein demandandquicklygoingtocontract. Alternatively,alowratiomeansthere arenotenoughqualifiedbuyersforthe existing supply.
"Current inventory is described as somewhat slow."
Takingacloserlook,wenoticethat the$600K-$900Kpricerangehasa relativelylargenumberofcontracts pending sale.
Wealsonoticethatthe$600K-$900K pricerangehasarelativelylarge inventoryofpropertiesforsaleat7 listings.Themedianlistprice(or askingprice)forallpropertiesinthis market is $1,499,999.
Atotalof32contractshaveclosedin thelast6monthswithamediansold priceof$1,121,613.Breakingitdown, we notice that the $600K - $900K price rangecontainsahighnumberofsold listings.
Alternatively,atotalof31listingshave failedtosellinthatsameperiodof time.Listingsmayfailtosellformany reasonssuchasbeingpricedtoohigh, havingbeeninadequatelymarketed, thepropertywasinpoorcondition,or perhapstheownerhadsecond thoughtsaboutsellingatthisparticular time.The$4.2M+pricerangehasthe highest number of off-market listings at 6 properties.
RESIDENTIAL PROPERTY RESIDENTIAL PROPERTY REAL ESTATE MARKET REPORT
0 1 2 3 4 5 6 7 8 $0K $300K $600K $900K $1.2M $1.5M $1.8M $2.1M $2.4M $2.7M $3.0M $3.3M $3.6M $3.9M $4.2M Properties For Sale Contracts Pending 0 1 2 3 4 5 6 7 $0K $300K $600K $900K $1.2M $1.5M $1.8M $2.1M $2.4M $2.7M $3.0M $3.3M $3.6M $3.9M $4.2M Sold Off-Market
Residential Property
Number of Listings For Sale vs. Pending Contract
Residential Property
Num Sold vs. Off-Market (Last 6 mos.)
1 Real Market Reports www.RealMarketReports.com Updated 3/3/2024, RealMarketReports.com Copyright © Windermere Real Estate/Orcas Island Updated 3/3/2024, RealMarketReports.com Copyright © Windermere Real Estate/Orcas Island Sunday, March 3, 2024 Market Dashboard Windermere Real Estate/Orcas Island
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 148 days.
Analysisofsoldpropertiesforthelast sixmonthsrevealsamediansold priceof$1,121,613and100dayson market.Noticethatpropertiesinthe $2.1M-$2.4Mpricerangehavesold quickest over the last six months.
Therecenthistoryofsalescanbe seeninthetwochartsbelow.The mediansoldpriceforthelast30days was $775,000 with a DOM of 75 days.
SincetherecentDOMislessthanthe medianDOMforthelast6months,it isapositiveindicatorfordemand.Itis alwaysimportanttorealizethatreal estatemarketscanfluctuatedueto many factors, including shifting interest rates,theeconomy,orseasonal changes.
"Themedianlist-to-salesratio for this area is 91.7%."
Ratiosaresimplewaystoexpressthe differencebetweentwovaluessuchas listpriceandsoldprice.Inourcase, wetypicallyusethelist-to-saleratioto determinethepercentageofthefinal listpricethatthebuyerultimatelypaid. Itisaverycommonmethodtohelp buyersdecidehowmuchtoofferona property.
Analysisoftheabsorptionrate indicatesaninventoryof4.3months basedonthelast6monthsofsales. Thisestimateisoftenusedto determinehowlongitwouldtaketo selloffthecurrentinventoryof propertiesifallconditionsremained thesame.Itissignificanttomention thatthisestimatedoesnottakeinto considerationanyadditionalproperties thatwillcomeontothemarketinthe future.
RESIDENTIAL PROPERTY RESIDENTIAL PROPERTY REAL ESTATE MARKET REPORT
0 50 100 150 200 250 300 350 $0K $300K $600K $900K $1.2M $1.5M $1.8M $2.1M $2.4M $2.7M $3.0M $3.3M $3.6M $3.9M $4.2M Sold For Sale $0K $500K $1000K $1500K $2000K OctNovDecJanFebMar 0 20 40 60 80 100 120 140 OctNovDecJanFebMar
Residential Property
Median Days on Market (DOM)
Residential Property
Median Days on Market (Sold)
Residential Property
2 Real Market Reports www.RealMarketReports.com Updated 3/3/2024, RealMarketReports.com Copyright © Windermere Real Estate/Orcas Island Copyright © Windermere Real Estate/Orcas Island Updated 3/3/2024, RealMarketReports.com Copyright © Windermere Real Estate/Orcas Island Updated 3/3/2024, RealMarketReports.com Sunday, March 3, 2024 Market Dashboard Windermere Real Estate/Orcas Island
Median Sold Prices
RESIDENTIAL PROPERTY RESIDENTIAL PROPERTY REAL ESTATE MARKET REPORT A A M M A A M M A M A A M M A A M M A A M M A A M M A A M M A M A M A M A M A A M M Date Range (Off-Market & Sold) = 09/03/2023 to 03/03/2024 Data believed to be accurate but not guaranteed. N/A 6 6 N/A 4.8 6 9 6 2 6 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 = Residential $1,121,613 92% $1,435,429 90% Market Medians148 $1,499,999 100 $1,345,0001,222,500 $ 3132 Market Averages158 $1,702,956 Market Totals23518% 119 $1,717,8281,600,016 $ $5,873,0004,700,000 $ 80% 1 141 1415,873,000 $ $4,700,000 80% $5,873,0005,873,000 $ $5,390,000 06 $5,390,000 $4,200,000+ 1 214 214 $3,950,000 100% 973,950,000 $ $3,950,0003,950,000 $ 100% 1 973,950,000 $ $3,950,000 01 $3,900,000$4,199,999 0 2503,795,000 $ 0 $3,795,000 1 50% 2 $3,600,000$3,899,999 1 250 $3,400,000 86% 263,950,000 $ $3,950,0003,400,000 $ 86% 1 263,950,000 $ $3,950,000 02 $3,300,000$3,599,999 0 233,250,000 $ 0 $3,250,000 00 $3,000,000$3,299,999 1 23 000 $2,700,000$2,999,999 0 $2,500,000 67% 2592,495,000 $ 223,750,000 $ $3,750,0002,500,000 $ 67% 1 223,750,000 $ $3,750,000 $2,495,000 00 $2,400,000$2,699,999 1 259 $2,250,000 100% 2842,150,000 $ 52,250,000 $ $2,250,0002,250,000 $ 100% 1 $1,912,000 97% $1,912,000 1271,915,000 $ 0 $1,611,667 0 2981,600,000 $ 1451,950,000 $ 3 97 290 $1,581,667 1321,675,000 $ $1,585,000 7 $1,000,000 87% $1,358,750 1 20% 02 $1,200,000$1,499,999 4 75 $900,000$1,199,999 0 3 30% 4 94% $862,571 133875,000 $ $812,286772,857 $ 95% $600,000$899,999 7 130 Price Range Num # $300,000$599,999 1 148545,000 $ 0 Days on Market Current List Price A = Average Value M = Median Value N/A = Not Available 23 ACTIVE [1] ListSale Ratio Est. Mos. LowHigh 31 OFF-MARKET (last 6 mos) [3] ABSORPTION RATE (months of inventory) Num # Num # Num # 32 SOLD/CLOSED (last 6 months) [4] Days on Market Original List Price Final List Price Sold/ Closed Price MARKET SUMMARY TABLE 5 PENDING [2] $0$299,999 0 Pend Ratio 000 39551,500 $ $519,500542,167 $ 104% $495,000495,000 $ $532,500 108% 148545,000 $ 6 7 198 101779,000 $ 23 $789,714 $799,000750,000 $ 1551,363,571 $ $1,142,7141,016,889 $ 89% $1,295,0001,150,000 $ 591,500,000 $ $1,434,000 139 $1,500,0001,250,000 $ 83% 5 90 661,367,500 $ 4 $1,282,000 89% 94% $1,974,500 95% 97% $2,250,000 94 $1,604,000 $1,755,0001,688,333 $ $1,675,000 942,337,500 $ $1,974,500 0 52,250,000 $ $2,337,500 4 $2,150,000 $2,100,000$2,399,999 1 284 $1,500,000$1,799,999 3 $1,800,000$2,099,999 3 4.3 2 1 3 3 Real Market Reports www.RealMarketReports.com Sunday, March 3, 2024 Market Summary Table Windermere Real Estate/Orcas Island Favors Sellers Favors Buyers
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.
RESIDENTIAL PROPERTY RESIDENTIAL PROPERTY REAL ESTATE MARKET REPORT
Real Market Reports www.RealMarketReports.com 4 Sunday, March 3, 2024 Glossary Windermere Real Estate/Orcas Island
