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 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 thereare2salespendinginthe marketoverall,leaving36listingsstill forsale.Theresultingpendingratiois 5.3%(2dividedby38).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 inventoryofpropertiesforsaleat8 listings.Themedianlistprice(or askingprice)forallpropertiesinthis market is $1,550,000.
Atotalof24contractshaveclosedin thelast6monthswithamediansold priceof$1,055,000.Breakingitdown, wenoticethatthe$900K-$1.2Mprice rangecontainsthehighestnumberof sold listings.
Alternatively,atotalof24listingshave failedtosellinthatsameperiodof time.Listingsmayfailtosellformany reasonssuchasbeingpricedtoohigh, havingbeeninadequatelymarketed, thepropertywasinpoorcondition,or perhapstheownerhadsecond thoughtsaboutsellingatthisparticular time.The$600K-$900Kpricerange hasthehighestnumberofoff-market listings at 5 properties.
RESIDENTIAL PROPERTY RESIDENTIAL PROPERTY REAL ESTATE MARKET REPORT
0 1 2 3 4 5 6 7 8 9 $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 $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 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
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 49 days.
Analysisofsoldpropertiesforthelast sixmonthsrevealsamediansold priceof$1,055,000and75dayson market.Noticethatpropertiesinthe $2.1M-$2.4Mpricerangehavesold quickest over the last six months.
Therecenthistoryofsalescanbe seeninthetwochartsbelow.The mediansoldpriceforthelast30days was$1,060,000withaDOMof104 days.
SincetherecentDOMisgreaterthan themedianDOMforthelast6months, itisanegativeindicatorfordemand.It isalwaysimportanttorealizethatreal 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 indicatesaninventoryof9.0months basedonthelast6monthsofsales. Thisestimateisoftenusedto determinehowlongitwouldtaketo selloffthecurrentinventoryof propertiesifallconditionsremained thesame.Itissignificanttomention thatthisestimatedoesnottakeinto considerationanyadditionalproperties thatwillcomeontothemarketinthe future.
RESIDENTIAL PROPERTY RESIDENTIAL PROPERTY REAL ESTATE MARKET REPORT
0 50 100 150 200 250 300 350 400 $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 DecJanFebMarAprMay 0 20 40 60 80 100 120 DecJanFebMarAprMay
Residential Property
Median Days on Market (DOM)
Residential Property
Median Days on Market (Sold)
Residential Property
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
Market Dashboard Windermere Real Estate/Orcas Island
Median Sold Prices
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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 M A A M M A A M M A M A A M M A M A A M M Date Range (Off-Market & Sold) = 11/05/2023 to 05/05/2024 Data believed to be accurate but not guaranteed. 18 6 12 7.5 12 6 4 9.6 3 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 $1,055,000 92% $1,374,697 89% Market Medians49 $1,550,000 75 $1,300,0001,150,000 $ 2424 Market Averages114 $1,883,383 Market Totals3625% 89 $1,671,1041,552,688 $ $5,873,0004,700,000 $ 80% 1 141 1415,873,000 $ $4,700,000 80% $5,873,0005,873,000 $ $5,280,000 03 $5,390,000 $4,200,000+ 3 105 29 323,998,000 $ 0 $3,998,000 00 $3,900,000$4,199,999 1 32 00 1 $3,600,000$3,899,999 0 $3,500,000 91% 1663,425,000 $ 473,850,000 $ $3,850,0003,500,000 $ 91% 1 473,850,000 $ $3,850,000 $3,425,000 02 $3,300,000$3,599,999 2 166 863,250,000 $ 0 $3,250,000 00 $3,000,000$3,299,999 1 86 000 $2,700,000$2,999,999 0 $2,500,000 67% 3222,495,000 $ 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 1 322 $2,250,000 100% 3472,100,000 $ 52,250,000 $ $2,250,0002,250,000 $ 100% 1 341,932,160 $ 0 $1,681,250 0 2581,687,500 $ 361,950,000 $ 2 126 224 $1,662,500 1261,772,500 $ $1,662,500 6 $1,025,000 91% $1,349,800 0 $948,333 1 25% 3
5 69 $950,000 $900,000$1,199,999 3 26 15 1 11% 5 94% $830,800 86799,000 $ $798,600777,400 $ 97%
8 118 Price Range Num # $300,000$599,999 2 124561,500 $ 0 Days on Market Current List Price A = Average Value M = Median Value N/A = Not Available 36 ACTIVE [1] ListSale Ratio Est. Mos. LowHigh 24 OFF-MARKET (last 6 mos) [3] ABSORPTION RATE (months of inventory) Num # Num # Num # 24 SOLD/CLOSED (last 6 months) [4] Days on Market Original List Price Final List Price Sold/ Closed Price MARKET SUMMARY TABLE 2 PENDING [2] $0$299,999 0 Pend Ratio 000 76584,833 $ $549,500534,167 $ 97% $495,000495,000 $ $532,500 108% 124561,500 $ 6 5 85 108782,000 $ 13 $770,750 $795,000750,000 $ 951,367,500 $ $1,105,0001,013,038 $ 92% $1,272,5001,127,500 $ 1181,637,500 $ $1,468,750 95 $1,500,0001,250,000 $ 83% 4 109 471,385,000 $ 4 $1,287,500 88% 98% 98% $2,250,000 $1,681,250 $1,772,5001,697,500 $ $1,697,500 0 52,250,000 $ 3 $2,100,000 $2,100,000$2,399,999 1 347
9 0 0 2 3 Real Market Reports www.RealMarketReports.com
$1,200,000$1,499,999
$600,000$899,999
$1,500,000$1,799,999 4 $1,800,000$2,099,999 5
Market Summary Table
Island Favors Sellers Favors Buyers
Windermere Real Estate/Orcas
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, May 5, 2024 Glossary Windermere Real Estate/Orcas Island
