June 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 2930 25262728 18192021 11121314 8910 2023 151617 222324 4567 Th F Sa Friday, June 2 1 2 3 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,leaving35listingsstill forsale.Theresultingpendingratiois 16.7%(7dividedby42).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$1.6M-$2.0M pricerangehasarelativelylarge inventoryofpropertiesforsaleat7 listings.Themedianlistprice(or askingprice)forallpropertiesinthis market is $1,995,000.

Atotalof29contractshaveclosedin thelast6monthswithamediansold priceof$950,000.Breakingitdown, wenoticethatthe$800K-$1.2Mprice rangecontainsthehighestnumberof sold listings.

Alternatively,atotalof15listingshave failedtosellinthatsameperiodof time.Listingsmayfailtosellformany reasonssuchasbeingpricedtoohigh, havingbeeninadequatelymarketed, thepropertywasinpoorcondition,or perhapstheownerhadsecond thoughtsaboutsellingatthisparticular time.The$800K-$1.2Mpricerange hasahighnumberofoff-market listings at 3 properties.

RESIDENTIAL PROPERTY RESIDENTIAL PROPERTY REAL ESTATE MARKET REPORT

"Current inventory is described as somewhat slow."

0 1 2 3 4 5 6 7 8 $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 6/2/2023, RealMarketReports.com Copyright © Windermere Real Estate/Orcas Island Updated 6/2/2023, RealMarketReports.com Copyright © Windermere Real Estate/Orcas Island Friday, June 2, 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 37 days.

Analysisofsoldpropertiesforthelast sixmonthsrevealsamediansold priceof$950,000and56dayson market.Noticethatpropertiesinthe $2.0M-$2.4Mpricerangehavesold quickest over the last six months.

Therecenthistoryofsalescanbe seeninthetwochartsbelow.The mediansoldpriceforthelast30days was $930,000 with a DOM of 22 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 indicatesaninventoryof7.2months 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 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 JanFebMarAprMayJun 0 20 40 60 80 100 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 6/2/2023, RealMarketReports.com Copyright © Windermere Real Estate/Orcas Island Copyright © Windermere Real Estate/Orcas Island Updated 6/2/2023, RealMarketReports.com Copyright © Windermere Real Estate/Orcas Island Updated 6/2/2023, RealMarketReports.com Friday, June 2, 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 A M M A A M M A M A M A M A M A A M M Date Range (Off-Market & Sold) = 12/02/2022 to 06/02/2023 Data believed to be accurate but not guaranteed. 7.2 1 2 1 $2,000,000$2,399,999 4 $2,400,000$2,799,999 2 $2,800,000$3,199,999 00 $3,300,000 0 470 $2,400,0002,268,500 $ $2,268,500 4703,300,000 $ $2,900,000 97% $2,900,000 97% 93% 0 501,950,000 $ 3 97% $1,395,0001,395,000 $ 61 $925,000925,000 $ 841,430,667 $ $1,396,5001,349,204 $ 124742,500 $ 65 11 82 39937,000 $ 0 7 $933,167 96% $710,000675,000 $ $650,000 96% 75671,000 $ $647,000619,714 $ 0 00 MARKET SUMMARY TABLE 7 PENDING [2] $0$399,999 0 Pend Ratio Num # Num # Num # 29 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 35 ACTIVE [1] ListSale Ratio Est. Mos. LowHigh Price Range Num # $400,000$799,999 2 124742,500 $ 3 60% $800,000$1,199,999 6 67 0 3 100% $1,023,909 64925,000 $ $952,000922,273 $ 97% $1,290,000 $1,200,000$1,599,999 5 104 49 $1,600,000$1,999,999 7 97 6 $1,322,500 95% $1,873,429 1 13% $1,328,000 1 17% 2 2 16 13 $2,200,000 162,400,000 $ $2,200,000 222,600,000 $ 1 $2,192,500 0 102,197,500 $ 222,600,000 $ $2,700,000 93% 33% $2,700,000 0 $3,200,000$3,599,999 1 7 303,600,000 $ $3,600,000 $3,400,000 0 1 $3,450,000 96% 73,400,000 $ 303,600,000 $ $3,600,0003,450,000 $ 96% 1 $3,600,000$3,999,999 3 343,944,000 $ 1 25% 0 373,950,000 $ 0 $4,000,000$4,399,999 1 2704,000,000 $ 00 2704,000,000 $ 0 $4,400,000$4,799,999 2 904,600,000 $ 0 1 904,600,000 $ 0 $4,800,000$5,199,999 0000 $5,200,000$5,599,999 1 565,300,000 $ 0 1 565,300,000 $ 0 $5,600,000+ 1 37 37 $5,873,000 0 1 $5,873,000 $6,000,000 95% 1 30 306,288,000 $ $6,000,000 95% $6,288,0006,288,000 $ 86 $1,466,6211,403,621 $ $6,288,000 1529 MarketAverages 74 $2,297,514 MarketTotals 35717% $1,349,249 96% MarketMedians 37 $1,995,000 56988,000 $ $988,000 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 $950,000 96% 1.7 3.3 5 12 12 6 6 3 Real Market Reports www.RealMarketReports.com Friday, June 2, 2023 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

Real Market Reports www.RealMarketReports.com 4 Friday, June 2, 2023 Glossary Windermere Real Estate/Orcas Island