TABLE OF CONTENTS Charts and Commentary………………………………………………..Pages 1-2 Market Summary Table………………………………………………..Page 3 Glossary………………………………………………………………...Page 4 293031 22232425 15161718 121314 2023 192021 262728 891011 1 234 Th F Sa Sunday, October 1 567 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,leaving42listingsstill forsale.Theresultingpendingratiois 23.6%(13dividedby55).Soyou mightbeaskingyourself,that'sgreat... butwhatexactlydoesitmean?I'm glad you asked!
Thependingratioindicatesthesupply &demandofthemarket.Specifically, ahighratiomeansthatlistingsarein demandandquicklygoingtocontract. Alternatively,alowratiomeansthere arenotenoughqualifiedbuyersforthe existing supply.
Takingacloserlook,wenoticethat the$1.6M-$2.0Mpricerangehasa relativelylargenumberofcontracts pending sale.
Wealsonoticethatthe$1.6M-$2.0M pricerangehasarelativelylarge inventoryofpropertiesforsaleat9 listings.Themedianlistprice(or askingprice)forallpropertiesinthis market is $1,800,000.
Atotalof35contractshaveclosedin thelast6monthswithamediansold priceof$1,150,000.Breakingitdown, wenoticethatthe$800K-$1.2Mprice rangecontainsthehighestnumberof sold listings.
Alternatively,atotalof12listingshave failedtosellinthatsameperiodof time.Listingsmayfailtosellformany reasonssuchasbeingpricedtoohigh, havingbeeninadequatelymarketed, thepropertywasinpoorcondition,or perhapstheownerhadsecond thoughtsaboutsellingatthisparticular time.The$800K-$1.2Mpricerange hasthehighestnumberofoff-market listings at 5 properties.
RESIDENTIAL PROPERTY RESIDENTIAL PROPERTY REAL ESTATE MARKET REPORT
"Current inventory is described as mildly active."
0 1 2 3 4 5 6 7 8 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 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 10/1/2023, RealMarketReports.com Copyright © Windermere Real Estate/Orcas Island Updated 10/1/2023, RealMarketReports.com Copyright © Windermere Real Estate/Orcas Island Sunday, October 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 98 days.
Analysisofsoldpropertiesforthelast sixmonthsrevealsamediansold priceof$1,150,000and36dayson market.Noticethatpropertiesinthe $2.4M-$2.8Mpricerangehavesold quickest over the last six months.
Therecenthistoryofsalescanbe seeninthetwochartsbelow.The mediansoldpriceforthelast30days was$932,500withaDOMof119 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 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 100.0%."
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 MayJunJulAugSepOct 0 20 40 60 80 100 120 140 MayJunJulAugSepOct
Residential Property
Median Days on Market (DOM)
Residential Property
Median Days on Market (Sold)
Residential Property
2 Real Market Reports www.RealMarketReports.com Updated 10/1/2023, RealMarketReports.com Copyright © Windermere Real Estate/Orcas Island Copyright © Windermere Real Estate/Orcas Island Updated 10/1/2023, RealMarketReports.com Copyright © Windermere Real Estate/Orcas Island Updated 10/1/2023, RealMarketReports.com Sunday, October 1, 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 M Date Range (Off-Market & Sold) = 04/02/2023 to 10/01/2023 Data believed to be accurate but not guaranteed. 7.2 1 0 0 $2,000,000$2,399,999 5 $2,400,000$2,799,999 1 $2,800,000$3,199,999 00 $2,600,000 1 1 $2,150,000 $2,433,3332,345,667 $ $2,287,000 12,600,000 $ $2,600,000 $1,900,000 97% 96% $2,600,000 98% 100% 1 244 1101,875,000 $ 1 101% $1,347,5001,347,500 $ 2442,150,000 $ $1,950,000 4 $1,950,0001,900,000 $ 97% $1,010,000940,000 $ 371,376,875 $ $1,351,2501,367,216 $ 64760,000 $ 107 10 84 56970,000 $ 09 $1,039,000 95% $775,000722,000 $ $695,000 96% 164779,222 $ $719,556682,667 $ 00 $350,000 1 MARKET SUMMARY TABLE 13 PENDING [2] $0$399,999 1 3 3 Pend Ratio $350,000 Num # Num # Num # 35 SOLD/CLOSED (last 6 months) [4] Days on Market Original List Price Final List Price Sold/ Closed Price 12 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 42 ACTIVE [1] ListSale Ratio Est. Mos. LowHigh Price Range Num # $400,000$799,999 6 58755,833 $ 1 14% $800,000$1,199,999 5 75 2 29% 5 93% $1,100,500 511,137,500 $ $1,010,800973,500 $ 96% $1,395,000 $1,200,000$1,599,999 6 105 96 $1,600,000$1,999,999 9 166 8 $1,341,863 100% $1,860,333 4 31% $1,426,667 3 33% 0 3 27 114 $2,241,667 222,500,000 $ $2,250,000 1052,650,000 $ 0 $2,178,000 0 1142,195,000 $ 1052,650,000 $ $2,600,000 100% $2,600,000 0 $3,200,000$3,599,999 1 134 463,675,000 $ $3,675,000 $3,400,000 00 $3,325,000 90% 1343,400,000 $ 463,675,000 $ $3,675,0003,325,000 $ 90% 2 $3,600,000$3,999,999 3 1823,731,667 $ 2 40% 1 963,700,000 $ 0 $4,000,000$4,399,999 0000 $4,400,000$4,799,999 1 474,650,000 $ 02 474,650,000 $ 0 $4,800,000$5,199,999 0000 $5,200,000$5,599,999 4 1135,397,500 $ 01 1085,395,000 $ 0 $5,600,000+ 01 N/A 0 $6,000,000 95% 1 30 306,288,000 $ $6,000,000 95% $6,288,0006,288,000 $ 87 $1,563,4571,503,400 $ $6,288,000 1235 Market Averages112 $2,137,095 Market Totals421324% $1,448,335 96% Market Medians98 $1,800,000 36 $1,200,0001,150,000 $ 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 $1,150,000 100% 4 3 4.5 54 10 6 N/A 3 3 Real Market Reports www.RealMarketReports.com Sunday, October 1, 2023 Market Summary Table
Real Estate/Orcas Island Favors Sellers Favors Buyers
Windermere
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, October 1, 2023 Glossary Windermere Real Estate/Orcas Island
