February 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 262728 19202122 12131415 91011 2023 161718 232425 5678 1 Th F Sa Saturday, February 4 23 4 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,leaving18listingsstill forsale.Theresultingpendingratiois 28.0%(7dividedby25).Soyoumight beaskingyourself,that'sgreat...but whatexactlydoesitmean?I'mglad you asked!

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

Takingacloserlook,wenoticethat the$900K-$1.2Mpricerangehasa relativelylargenumberofcontracts pending sale.

Wealsonoticethatthe$600K-$900K pricerangehasarelativelylarge inventoryofpropertiesforsaleat6 listings.Themedianlistprice(or askingprice)forallpropertiesinthis market is $1,347,500.

Atotalof37contractshaveclosedin thelast6monthswithamediansold priceof$970,000.Breakingitdown, wenoticethatthe$900K-$1.2Mprice rangecontainsthehighestnumberof sold listings.

Alternatively,atotalof21listingshave failedtosellinthatsameperiodof time.Listingsmayfailtosellformany reasonssuchasbeingpricedtoohigh, havingbeeninadequatelymarketed, thepropertywasinpoorcondition,or perhapstheownerhadsecond thoughtsaboutsellingatthisparticular time.The$2.1M-$2.4Mpricerange hasthehighestnumberofoff-market listings at 5 properties.

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"Current inventory is described as mildly active."

0 1 2 3 4 5 6 7 $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 2 4 6 8 10 12 $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 2/4/2023, RealMarketReports.com Copyright © Windermere Real Estate/Orcas Island Updated 2/4/2023, RealMarketReports.com Copyright © Windermere Real Estate/Orcas Island Saturday, February 4, 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 142 days.

Analysisofsoldpropertiesforthelast sixmonthsrevealsamediansold priceof$970,000and32dayson market.Noticethatpropertiesinthe $2.4M-$2.7Mpricerangehavesold quickest over the last six months.

Therecenthistoryofsalescanbe seeninthetwochartsbelow.The mediansoldpriceforthelast30days was $768,000 with a DOM of 52 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 indicatesaninventoryof2.9months basedonthelast6monthsofsales. Thisestimateisoftenusedto determinehowlongitwouldtaketo selloffthecurrentinventoryof propertiesifallconditionsremained thesame.Itissignificanttomention thatthisestimatedoesnottakeinto considerationanyadditionalproperties thatwillcomeontothemarketinthe future.

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"Themedianlist-to-salesratio for this area is 98.2%."

0 50 100 150 200 250 300 350 $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 $200K $400K $600K $800K $1000K $1200K SepOctNovDecJanFeb 0 10 20 30 40 50 60 70 SepOctNovDecJanFeb

Residential Property Median Days on Market (DOM) Residential Property Median Days on Market (Sold) Residential Property

2 Real Market Reports www.RealMarketReports.com Updated 2/4/2023, RealMarketReports.com Copyright © Windermere Real Estate/Orcas Island Copyright © Windermere Real Estate/Orcas Island Updated 2/4/2023, RealMarketReports.com Copyright © Windermere Real Estate/Orcas Island Updated 2/4/2023, RealMarketReports.com Saturday, February 4, 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 M A M A M A A M M Date Range (Off-Market & Sold) = 08/06/2022 to 02/04/2023 Data believed to be accurate but not guaranteed. 2.9 1 3 5 $1,500,000$1,799,999 0 $1,800,000$2,099,999 4 $2,100,000$2,399,999 00 $2,200,000 3 42 $1,308,167 422,200,000 $ $2,200,000 $1,279,417 98% $2,200,000 93% 6 24 1481,347,500 $ 1 99% $1,095,000995,000 $ 111,349,500 $ $1,308,167 35 $1,349,5001,285,750 $ 95% $769,500746,500 $ 551,128,409 $ $1,027,2131,016,564 $ 52 10 45 115793,500 $ 05 $802,000 96% $550,000515,000 $ $499,000 97% 37529,400 $ $510,600489,800 $ 000 MARKET SUMMARY TABLE 7 PENDING [2] $0$299,999 0 Pend Ratio Num # Num # Num # 37 SOLD/CLOSED (last 6 months) [4] Days on Market Original List Price Final List Price Sold/ Closed Price 21 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 18 ACTIVE [1] ListSale Ratio Est. Mos. LowHigh Price Range Num # $300,000$599,999 00 $600,000$899,999 6 145 1 14% 4 97% $770,600 23779,000 $ $753,800736,600 $ 98% $925,000 $900,000$1,199,999 1 90 90 $1,200,000$1,499,999 4 134 11 $1,000,000 101% $1,346,250 1 20% $925,000 2 67% 0 0 2341,934,750 $ 0 0 2161,925,000 $ $2,037,500 93% $2,037,500 0 $2,400,000$2,699,999 0 132,500,000 $ $2,500,000 00 $2,550,000 102% 132,500,000 $ $2,500,0002,550,000 $ 102% 1 $2,700,000$2,999,999 01 N/A 00 $3,000,000$3,299,999 0020 $3,300,000$3,599,999 0 863,800,000 $ $3,800,000 01 $3,570,000 94% 863,800,000 $ $3,800,0003,570,000 $ 94% 1 $3,600,000$3,899,999 0 3073,400,000 $ $3,850,000 2 N/A 0 $3,700,000 96% 3073,400,000 $ $3,850,0003,700,000 $ 96% 1 $3,900,000$4,199,999 0000 $4,200,000+ 3 268 152 $4,733,333 02 $4,500,000 $6,025,000 76% 1 83 838,300,000 $ $6,025,000 76% $8,300,0007,900,000 $ 52 $1,373,3651,337,550 $ $7,900,000 2137 Market Averages180 $1,836,722 Market Totals18728% $1,258,276 94% Market Medians142 $1,347,500 32990,000$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 970,000 $98% N/A 3.6 0.5 4 24 N/A 18 N/A N/A 3 Real Market Reports www.RealMarketReports.com Saturday, February 4, 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.

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Real Market Reports www.RealMarketReports.com 4 Saturday, February 4, 2023 Glossary Windermere Real Estate/Orcas Island