TABLE OF CONTENTS Charts and Commentary………………………………………………..Pages 1-2 Market Summary Table………………………………………………..Page 3 Glossary………………………………………………………………...Page 4 272829 3031 23242526 16171819 9101112 678 2023 131415 202122 2345 Th F Sa Saturday, July 1 1 Su M Tu W 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 thereare7salespendinginthe marketoverall,leaving51listingsstill forsale.Theresultingpendingratiois 12.1%(7dividedby58).Soyoumight beaskingyourself,that'sgreat...but whatexactlydoesitmean?I'mglad you asked!
Thependingratioindicatesthesupply &demandofthemarket.Specifically, ahighratiomeansthatlistingsarein demandandquicklygoingtocontract. Alternatively,alowratiomeansthere arenotenoughqualifiedbuyersforthe existing supply.
Takingacloserlook,wenoticethat the$400K-$800Kpricerangehasa relativelylargenumberofcontracts pending sale.
Wealsonoticethatthe$800K-$1.2M pricerangehasarelativelylarge inventoryofpropertiesforsaleat10 listings.Themedianlistprice(or askingprice)forallpropertiesinthis market is $1,800,000.
Atotalof30contractshaveclosedin thelast6monthswithamediansold priceof$1,075,000.Breakingitdown, we notice that the $400K - $800K price rangecontainsahighnumberofsold listings.
Alternatively,atotalof11listingshave failedtosellinthatsameperiodof time.Listingsmayfailtosellformany reasonssuchasbeingpricedtoohigh, havingbeeninadequatelymarketed, thepropertywasinpoorcondition,or perhapstheownerhadsecond thoughtsaboutsellingatthisparticular time.The$1.6M-$2.0Mpricerange hasthehighestnumberofoff-market listings at 3 properties.
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"Current inventory is described as somewhat slow."
0 2 4 6 8 10 12 $0K $400K $800K $1.2M $1.6M $2.0M $2.4M $2.8M $3.2M $3.6M $4.0M $4.4M $4.8M $5.2M $5.6M Properties For Sale Contracts Pending 0 1 2 3 4 5 6 7 9 $0K $400K $800K $1.2M $1.6M $2.0M $2.4M $2.8M $3.2M $3.6M $4.0M $4.4M $4.8M $5.2M $5.6M 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 7/1/2023, RealMarketReports.com Copyright © Windermere Real Estate/Orcas Island Updated 7/1/2023, RealMarketReports.com Copyright © Windermere Real Estate/Orcas Island Saturday, July 1, 2023 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 43 days.
Analysisofsoldpropertiesforthelast sixmonthsrevealsamediansold priceof$1,075,000and44dayson market.Noticethatpropertiesinthe $2.0M-$2.4Mpricerangehavesold quickest over the last six months.
Therecenthistoryofsalescanbe seeninthetwochartsbelow.The mediansoldpriceforthelast30days was$1,375,000withaDOMof33 days.
SincetherecentDOMislessthanthe medianDOMforthelast6months,it isapositiveindicatorfordemand.Itis alwaysimportanttorealizethatreal estatemarketscanfluctuatedueto many factors, including shifting interest rates,theeconomy,orseasonal changes.
Ratiosaresimplewaystoexpressthe differencebetweentwovaluessuchas listpriceandsoldprice.Inourcase, wetypicallyusethelist-to-saleratioto determinethepercentageofthefinal listpricethatthebuyerultimatelypaid. Itisaverycommonmethodtohelp buyersdecidehowmuchtoofferona property.
Analysisoftheabsorptionrate indicatesaninventoryof10.2months basedonthelast6monthsofsales. Thisestimateisoftenusedto determinehowlongitwouldtaketo selloffthecurrentinventoryof propertiesifallconditionsremained thesame.Itissignificanttomention thatthisestimatedoesnottakeinto considerationanyadditionalproperties thatwillcomeontothemarketinthe future.
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"Themedianlist-to-salesratio for this area is 93.5%."
0 50 100 150 200 250 300 $0K $400K $800K $1.2M $1.6M $2.0M $2.4M $2.8M $3.2M $3.6M $4.0M $4.4M $4.8M $5.2M $5.6M Sold For Sale $0K $200K $400K $600K $800K $1000K $1200K $1400K $1600K FebMarAprMayJunJul 0 20 40 60 80 100 FebMarAprMayJunJul
Residential Property
Median Days on Market (DOM)
Residential Property
Median Days on Market (Sold)
Residential Property
2 Real Market Reports www.RealMarketReports.com Updated 7/1/2023, RealMarketReports.com Copyright © Windermere Real Estate/Orcas Island Copyright © Windermere Real Estate/Orcas Island Updated 7/1/2023, RealMarketReports.com Copyright © Windermere Real Estate/Orcas Island Updated 7/1/2023, RealMarketReports.com Saturday, July 1, 2023 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 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) = 12/31/2022 to 07/01/2023 Data believed to be accurate but not guaranteed. 10.2 2 0 1 $2,000,000$2,399,999 7 $2,400,000$2,799,999 2 $2,800,000$3,199,999 00 $2,950,000 0 236 $2,150,000 $2,400,0002,268,500 $ $2,268,500 2362,950,000 $ $2,750,000 $1,900,000 97% 97% $2,750,000 97% 96% 1 244 741,800,000 $ 3 101% $1,372,0001,372,000 $ 2442,150,000 $ $1,950,000 18 $1,950,0001,900,000 $ 97% $925,000890,000 $ 641,373,000 $ $1,347,3751,355,653 $ 32722,000 $ 69 7 77 45912,000 $ 08 $941,600 96% $752,000702,000 $ $670,500 96% 89736,000 $ $690,875665,625 $ 000 MARKET SUMMARY TABLE 7 PENDING [2] $0$399,999 0 Pend Ratio Num # Num # Num # 30 SOLD/CLOSED (last 6 months) [4] Days on Market Original List Price Final List Price Sold/ Closed Price 11 OFF-MARKET (last 6 mos) [3] ABSORPTION RATE (months of inventory) Days on Market Current List Price A = Average Value M = Median Value N/A = Not Available 51 ACTIVE [1] ListSale Ratio Est. Mos. LowHigh Price Range Num # $400,000$799,999 4 81697,250 $ 2 33% $800,000$1,199,999 10 68 02 96% $969,286 56925,000 $ $927,000895,000 $ 97% $1,350,000 $1,200,000$1,599,999 7 94 35 $1,600,000$1,999,999 9 102 8 $1,322,500 96% $1,843,111 1 10% $1,347,143 2 22% 1 2 16 28 $2,200,000 162,400,000 $ $2,200,000 222,675,000 $ 1 $2,195,714 0 382,200,000 $ 222,675,000 $ $2,650,000 96% 33% $2,650,000 0 $3,200,000$3,599,999 1 36 303,600,000 $ $3,600,000 $3,400,000 01 $3,450,000 96% 363,400,000 $ 303,600,000 $ $3,600,0003,450,000 $ 96% 1 $3,600,000$3,999,999 3 633,944,000 $ 1 25% 0 663,950,000 $ 0 $4,000,000$4,399,999 2 1524,149,000 $ 00 1524,149,000 $ 0 $4,400,000$4,799,999 2 1194,475,000 $ 01 1194,475,000 $ 0 $4,800,000$5,199,999 0000 $5,200,000$5,599,999 2 495,400,000 $ 01 495,400,000 $ 0 $5,600,000+ 2 44 44 $5,836,500 01 $5,836,500 $6,000,000 95% 1 30 306,288,000 $ $6,000,000 95% $6,288,0006,288,000 $ 85 $1,546,5001,489,000 $ $6,288,000 1130 Market Averages74 $2,233,255 Market Totals51712% $1,449,508 97% Market Medians43 $1,800,000 44 $1,200,0001,150,000 $ 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 $1,075,000 93% 3 8.6 5.3 54 21 6 12 6 3 Real Market Reports www.RealMarketReports.com Saturday, July 1, 2023 Market Summary Table
Estate/Orcas Island
Sellers Favors Buyers
Windermere Real
Favors
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.
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Real Market Reports www.RealMarketReports.com 4 Saturday, July 1, 2023 Glossary Windermere Real Estate/Orcas Island
