June 2024 Residential Property Report

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TABLE OF CONTENTS Charts and Commentary………………………………………………..Pages 1-2 Market Summary Table………………………………………………..Page 3 Glossary………………………………………………………………...Page 4 Su M Tu W Th F Sa Saturday, June 1 1 2345678 2024 131415 202122 9101112 16171819 272829 30 23242526 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 thereare6salespendinginthe marketoverall,leaving47listingsstill forsale.Theresultingpendingratiois 11.3%(6dividedby53).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 inventoryofpropertiesforsaleat13 listings.Themedianlistprice(or askingprice)forallpropertiesinthis market is $1,470,000.

Atotalof20contractshaveclosedin thelast6monthswithamediansold priceof$987,500.Breakingitdown, we notice that the $600K - $900K price rangecontainsthehighestnumberof sold listings.

Alternatively,atotalof19listingshave 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 2 4 6 8 10 12 14 $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 6/1/2024, RealMarketReports.com Copyright © Windermere Real Estate/Orcas Island Updated 6/1/2024, RealMarketReports.com Copyright © Windermere Real Estate/Orcas Island Saturday, June 1, 2024 Market Dashboard Windermere Real Estate/Orcas Island

Saturday, June 1, 2024

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 46 days.

Analysisofsoldpropertiesforthelast sixmonthsrevealsamediansold priceof$987,500and75dayson market.Noticethatpropertiesinthe $2.1M-$2.4Mpricerangehavesold quickest over the last six months.

Therecenthistoryofsalescanbe seeninthetwochartsbelow.The mediansoldpriceforthelast30days was $830,000 with a DOM of 90 days.

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

"Themedianlist-to-salesratio for this area is 94.3%."

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

Analysisoftheabsorptionrate indicatesaninventoryof14.1months 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 $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 JanFebMarAprMayJun 0 20 40 60 80 100 120 JanFebMarAprMayJun
Residential Property Median Days on Market (DOM) Residential Property Median Days on Market (Sold) Residential Property
2 Real Market Reports www.RealMarketReports.com Updated 6/1/2024, RealMarketReports.com Copyright © Windermere Real Estate/Orcas Island Copyright © Windermere Real Estate/Orcas Island Updated 6/1/2024, RealMarketReports.com Copyright © Windermere Real Estate/Orcas Island Updated 6/1/2024, RealMarketReports.com
Median Sold Prices
Market Dashboard Windermere Real Estate/Orcas Island

Saturday, June 1, 2024

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 M A M A A M M A M A M Date Range (Off-Market & Sold) = 12/02/2023 to 06/01/2024 Data believed to be accurate but not guaranteed. N/A 18 14 36 6 4 13 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 987,500 $94% $1,212,136 90% Market Medians46 $1,470,000 75 $1,087,5001,047,500 $ 1920 Market Averages97 $1,932,826 Market Totals47611% 91 $1,441,6751,339,825 $ 0 $5,425,600 02 $5,390,000 $4,200,000+ 5 85 38 603,998,000 $ 0 $3,998,000 00 $3,900,000$4,199,999 1 60 00 1 $3,600,000$3,899,999 0 $3,500,000 91% 463,350,000 $ 473,850,000 $ $3,850,0003,500,000 $ 91% 1 473,850,000 $ $3,850,000 $3,382,667 01 $3,300,000$3,599,999 3 137 1143,250,000 $ 0 $3,250,000 00 $3,000,000$3,299,999 1 114 000 $2,700,000$2,999,999 0 $2,500,000 67% 223,750,000 $ $3,750,0002,500,000 $ 67% 1 223,750,000 $ $3,750,000 1 N/A 0 $2,400,000$2,699,999 0 $2,250,000 100% 242,150,000 $ 52,250,000 $ $2,250,0002,250,000 $ 100% 1 14% 1071,930,967 $ 1 $1,689,167 0 361,692,500 $ 581,950,000 $ 1 250 136 $1,740,000 2501,950,000 $ $1,740,000 4 $1,055,000 95% $1,352,000 1 13% $942,500 1 33% 3 $1,200,000$1,499,999 7 75 $942,500 $900,000$1,199,999 2 31 31 2 13% 5 95% $829,833 101812,000 $ $788,000770,333 $ 98% $600,000$899,999 13 91 Price Range Num # $300,000$599,999 2 152561,500 $ 0 Days on Market Current List Price A = Average Value M = Median Value N/A = Not Available 47 ACTIVE [1] ListSale Ratio Est. Mos. LowHigh 19 OFF-MARKET (last 6 mos) [3] ABSORPTION RATE (months of inventory) Num # Num # Num # 20 SOLD/CLOSED (last 6 months) [4] Days on Market Original List Price Final List Price Sold/ Closed Price MARKET SUMMARY TABLE 6 PENDING [2] $0$299,999 0 Pend Ratio 000 76584,833 $ $549,500534,167 $ 97% $495,000495,000 $ $532,500 108% 152561,500 $ 6 6 100 58779,000 $ 13 $767,385 $787,000748,500 $ 741,268,750 $ $1,098,7501,032,056 $ 94% $1,250,0001,110,000 $ 1771,775,000 $ $1,458,333 57 $1,500,0001,250,000 $ 83% 3 126 421,385,000 $ 4 $1,300,000 89% 97% 97% $2,250,000 $1,741,667 $1,950,0001,800,000 $ $1,800,000 0 52,250,000 $ 0 $2,150,000 $2,100,000$2,399,999 1 24 $1,500,000$1,799,999 6 $1,800,000$2,099,999 6 14.1 0 0 2 3 Real Market Reports www.RealMarketReports.com
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
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Glossary Windermere Real Estate/Orcas Island
Saturday, June 1, 2024

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