TABLE OF CONTENTS Charts and Commentary………………………………………………..Pages 1-2 Market Summary Table………………………………………………..Page 3 Glossary………………………………………………………………...Page 4 282930 24252627 17181920 10111213 789 2023 141516 212223 3 456 Th F Sa Sunday, September 3 12 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 thereare13salespendinginthe marketoverall,leaving48listingsstill forsale.Theresultingpendingratiois 21.3%(13dividedby61).Soyou mightbeaskingyourself,that'sgreat... butwhatexactlydoesitmean?I'm glad you asked!
Thependingratioindicatesthesupply &demandofthemarket.Specifically, ahighratiomeansthatlistingsarein demandandquicklygoingtocontract. Alternatively,alowratiomeansthere arenotenoughqualifiedbuyersforthe existing supply.
Takingacloserlook,wenoticethat the$800K-$1.2Mpricerangehasa relativelylargenumberofcontracts pending sale.
Wealsonoticethatthe$1.6M-$2.0M pricerangehasarelativelylarge inventoryofpropertiesforsaleat10 listings.Themedianlistprice(or askingprice)forallpropertiesinthis market is $1,912,500.
Atotalof32contractshaveclosedin thelast6monthswithamediansold priceof$1,224,500.Breakingitdown, wenoticethatthe$800K-$1.2Mprice rangecontainsahighnumberofsold listings.
Alternatively,atotalof11listingshave failedtosellinthatsameperiodof time.Listingsmayfailtosellformany reasonssuchasbeingpricedtoohigh, havingbeeninadequatelymarketed, thepropertywasinpoorcondition,or perhapstheownerhadsecond thoughtsaboutsellingatthisparticular time.The$800K-$1.2Mpricerange hasthehighestnumberofoff-market listings at 6 properties.
RESIDENTIAL PROPERTY RESIDENTIAL PROPERTY REAL ESTATE MARKET REPORT
"Current inventory is described as mildly active."
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 10 $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 9/3/2023, RealMarketReports.com Copyright © Windermere Real Estate/Orcas Island Updated 9/3/2023, RealMarketReports.com Copyright © Windermere Real Estate/Orcas Island Sunday, September 3, 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 80 days.
Analysisofsoldpropertiesforthelast sixmonthsrevealsamediansold priceof$1,224,500and34dayson market.Noticethatpropertiesinthe $2.0M-$2.4Mpricerangehavesold quickest over the last six months.
Therecenthistoryofsalescanbe seeninthetwochartsbelow.The mediansoldpriceforthelast30days was$1,150,000withaDOMof36 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 indicatesaninventoryof9.0months basedonthelast6monthsofsales. Thisestimateisoftenusedto determinehowlongitwouldtaketo selloffthecurrentinventoryof propertiesifallconditionsremained thesame.Itissignificanttomention thatthisestimatedoesnottakeinto considerationanyadditionalproperties thatwillcomeontothemarketinthe future.
RESIDENTIAL PROPERTY RESIDENTIAL PROPERTY REAL ESTATE MARKET REPORT
"Themedianlist-to-salesratio for this area is 102.0%."
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 $1800K AprMayJunJulAugSep 0 20 40 60 80 100 120 140 AprMayJunJulAugSep
Residential Property
Median Days on Market (DOM)
Residential Property
Median Days on Market (Sold)
Residential Property
2 Real Market Reports www.RealMarketReports.com Updated 9/3/2023, RealMarketReports.com Copyright © Windermere Real Estate/Orcas Island Copyright © Windermere Real Estate/Orcas Island Updated 9/3/2023, RealMarketReports.com Copyright © Windermere Real Estate/Orcas Island Updated 9/3/2023, RealMarketReports.com Sunday, September 3, 2023 Market Dashboard Windermere Real Estate/Orcas Island
Median Sold Prices
RESIDENTIAL PROPERTY RESIDENTIAL PROPERTY REAL ESTATE MARKET REPORT A 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 A M M A M A M A M A A M M Date Range (Off-Market & Sold) = 03/05/2023 to 09/03/2023 Data believed to be accurate but not guaranteed. 9 2 0 0 $2,000,000$2,399,999 6 $2,400,000$2,799,999 2 $2,800,000$3,199,999 00 $2,950,000 1 236 $2,150,000 $2,433,3332,345,667 $ $2,287,000 2362,950,000 $ $2,750,000 $1,900,000 97% 96% $2,750,000 98% 96% 1 244 1091,837,500 $ 2 101% $1,395,0001,395,000 $ 2442,150,000 $ $1,950,000 4 $1,950,0001,900,000 $ 97% $925,000925,000 $ 471,383,889 $ $1,361,1111,374,747 $ 67775,000 $ 69 9 68 621,060,000 $ 06 $1,068,750 95% $762,500718,500 $ $698,500 97% 91774,000 $ $724,667687,500 $ 00 $350,000 0 MARKET SUMMARY TABLE 13 PENDING [2] $0$399,999 1 8 8 Pend Ratio $350,000 Num # Num # Num # 32 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 48 ACTIVE [1] ListSale Ratio Est. Mos. LowHigh Price Range Num # $400,000$799,999 5 68771,000 $ 3 38% $800,000$1,199,999 4 60 4 50% 6 100% $1,040,000 36925,000 $ $970,444945,000 $ 97% $1,450,000 $1,200,000$1,599,999 8 79 68 $1,600,000$1,999,999 10 142 9 $1,345,000 96% $1,863,700 1 9% $1,451,875 2 20% 0 3 27 85 $2,241,667 222,500,000 $ $2,250,000 692,567,500 $ 0 $2,215,833 0 802,200,000 $ 692,567,500 $ $2,650,000 96% $2,650,000 0 $3,200,000$3,599,999 1 106 663,400,000 $ $3,400,000 $3,400,000 00 $3,250,000 96% 1063,400,000 $ 663,400,000 $ $3,400,0003,250,000 $ 96% 1 $3,600,000$3,999,999 4 1483,884,250 $ 3 43% 0 993,925,000 $ 0 $4,000,000$4,399,999 0000 $4,400,000$4,799,999 2 1324,575,000 $ 01 1324,575,000 $ 0 $4,800,000$5,199,999 0000 $5,200,000$5,599,999 3 855,396,667 $ 01 755,390,000 $ 0 $5,600,000+ 2 107 107 $5,836,500 00 $5,836,500 $6,000,000 95% 1 30 306,288,000 $ $6,000,000 95% $6,288,0006,288,000 $ 77 $1,609,2811,547,094 $ $6,288,000 1132 Market Averages98 $2,356,500 Market Totals481321% $1,505,554 97% Market Medians80 $1,912,500 34 $1,247,5001,200,000 $ 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 $1,224,500 102% 5 2.7 5.3 60 12 6 12 6 3 Real Market Reports www.RealMarketReports.com Sunday, September 3, 2023 Market Summary Table
Estate/Orcas Island Favors Sellers Favors Buyers
Windermere Real
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 Sunday, September 3, 2023 Glossary Windermere Real Estate/Orcas Island
