May 2023 Residential Property Reports by Windermere Real Estate/Orcas Island

TABLE OF CONTENTS Charts and Commentary………………………………………………..Pages 1-2 Market Summary Table………………………………………………..Page 3 Glossary………………………………………………………………...Page 4 28293031 21222324 14151617 111213 2023 181920 252627 78910 1 23 Th F Sa Monday, May 1 456 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 thereare10salespendinginthe marketoverall,leaving25listingsstill forsale.Theresultingpendingratiois 28.6%(10dividedby35).Soyou mightbeaskingyourself,that'sgreat... butwhatexactlydoesitmean?I'm glad you asked!

Thependingratioindicatesthesupply &demandofthemarket.Specifically, ahighratiomeansthatlistingsarein demandandquicklygoingtocontract. Alternatively,alowratiomeansthere arenotenoughqualifiedbuyersforthe existing supply.

Takingacloserlook,wenoticethat the$400K-$800Kpricerangehasa relativelylargenumberofcontracts pending sale.

Wealsonoticethatthe$1.6M-$2.0M pricerangehasarelativelylarge inventoryofpropertiesforsaleat6 listings.Themedianlistprice(or askingprice)forallpropertiesinthis market is $1,725,000.

Atotalof26contractshaveclosedin thelast6monthswithamediansold priceof$955,000.Breakingitdown, wenoticethatthe$800K-$1.2Mprice rangecontainsthehighestnumberof sold listings.

Alternatively,atotalof15listingshave failedtosellinthatsameperiodof time.Listingsmayfailtosellformany reasonssuchasbeingpricedtoohigh, havingbeeninadequatelymarketed, thepropertywasinpoorcondition,or perhapstheownerhadsecond thoughtsaboutsellingatthisparticular time.The$1.6M-$2.0Mpricerange hasthehighestnumberofoff-market listings at 4 properties.

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"Current inventory is described as mildly active."

0 1 2 3 4 5 6 7 $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 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 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 5/1/2023, RealMarketReports.com Copyright © Windermere Real Estate/Orcas Island Updated 5/1/2023, RealMarketReports.com Copyright © Windermere Real Estate/Orcas Island Monday, May 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 47 days.

Analysisofsoldpropertiesforthelast sixmonthsrevealsamediansold priceof$955,000and65dayson market.Noticethatpropertiesinthe $3.2M-$3.6Mpricerangehavesold quickest over the last six months.

Therecenthistoryofsalescanbe seeninthetwochartsbelow.The mediansoldpriceforthelast30days was$1,099,500withaDOMof91 days.

SincetherecentDOMisgreaterthan themedianDOMforthelast6months, itisanegativeindicatorfordemand.It isalwaysimportanttorealizethatreal estatemarketscanfluctuatedueto many factors, including shifting interest rates,theeconomy,orseasonal changes.

Ratiosaresimplewaystoexpressthe differencebetweentwovaluessuchas listpriceandsoldprice.Inourcase, wetypicallyusethelist-to-saleratioto determinethepercentageofthefinal listpricethatthebuyerultimatelypaid. Itisaverycommonmethodtohelp buyersdecidehowmuchtoofferona property.

Analysisoftheabsorptionrate indicatesaninventoryof5.8months basedonthelast6monthsofsales. Thisestimateisoftenusedto determinehowlongitwouldtaketo selloffthecurrentinventoryof propertiesifallconditionsremained thesame.Itissignificanttomention thatthisestimatedoesnottakeinto considerationanyadditionalproperties thatwillcomeontothemarketinthe future.

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"Themedianlist-to-salesratio for this area is 96.2%."

0 50 100 150 200 250 300 350 400 450 500 $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 DecJanFebMarAprMay 0 20 40 60 80 100 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 5/1/2023, RealMarketReports.com Copyright © Windermere Real Estate/Orcas Island Copyright © Windermere Real Estate/Orcas Island Updated 5/1/2023, RealMarketReports.com Copyright © Windermere Real Estate/Orcas Island Updated 5/1/2023, RealMarketReports.com Monday, May 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 M A A M M A M A A M M A M A M A M A M Date Range (Off-Market & Sold) = 10/31/2022 to 05/01/2023 Data believed to be accurate but not guaranteed. 5.8 1 3 1 $2,000,000$2,399,999 0 $2,400,000$2,799,999 1 $2,800,000$3,199,999 00 $3,300,000 0 470 4703,300,000 $ $2,900,000 $2,900,000 93% 0 201,920,000 $ 4 97% $1,395,0001,395,000 $ 29 $956,500934,604 $ 731,419,143 $ $1,389,8571,342,175 $ 190762,500 $ 61 10 89 28975,000 $ 06 $973,333 95% $694,000612,500 $ $582,500 95% 64656,000 $ $623,333594,500 $ 000 MARKET SUMMARY TABLE 10 PENDING [2] $0$399,999 0 Pend Ratio Num # Num # Num # 26 SOLD/CLOSED (last 6 months) [4] Days on Market Original List Price Final List Price Sold/ Closed Price 15 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 25 ACTIVE [1] ListSale Ratio Est. Mos. LowHigh Price Range Num # $400,000$799,999 4 219759,750 $ 3 43% $800,000$1,199,999 3 82 2 40% 2 98% $1,049,300 85969,000 $ $970,200932,421 $ 96% $1,295,000 $1,200,000$1,599,999 4 113 85 $1,600,000$1,999,999 6 128 7 $1,300,000 93% $1,872,333 1 14% $1,297,500 02 0 N/A 112,500,000 $ 0 2 112,500,000 $ $2,700,000 93% $2,700,000 0 $3,200,000$3,599,999 0 303,600,000 $ $3,600,000 01 $3,450,000 96% 303,600,000 $ $3,600,0003,450,000 $ 96% 1 $3,600,000$3,999,999 2 13 3073,400,000 $ $3,850,000 $3,968,500 1 33% 0 $3,700,000 96% 133,968,500 $ 3073,400,000 $ $3,850,0003,700,000 $ 96% 1 $4,000,000$4,399,999 1 2384,000,000 $ 00 2384,000,000 $ 0 $4,400,000$4,799,999 1 1204,500,000 $ 01 1204,500,000 $ 0 $4,800,000$5,199,999 0000 $5,200,000$5,599,999 2 3645,400,000 $ 00 3645,400,000 $ 0 $5,600,000+ 1 5 5 $5,873,000 1 50% 1 $5,873,000 0 99 $1,333,1921,289,269 $ 1526 Market Averages139 $2,319,720 Market Totals251029% $1,236,017 96% Market Medians47 $1,725,000 65 $1,070,000 992,500 $ 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 955,000 $96% 4 1.8 3.4 6 N/A 12 3 Real Market Reports www.RealMarketReports.com Monday, May 1, 2023 Market Summary Table

Favors Sellers Favors Buyers

Windermere Real Estate/Orcas Island

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 Monday, May 1, 2023 Glossary Windermere Real Estate/Orcas Island