April 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 272829 30 23242526 16171819 9101112 678 2023 131415 202122 2 345 Th F Sa Sunday, April 2 1 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 thereare9salespendinginthe marketoverall,leaving18listingsstill forsale.Theresultingpendingratiois 33.3%(9dividedby27).Soyoumight beaskingyourself,that'sgreat...but whatexactlydoesitmean?I'mglad you asked!

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

Takingacloserlook,wenoticethat the$800K-$1.2Mpricerangehasa relativelylargenumberofcontracts pending sale.

Wealsonoticethatthe$400K-$800K pricerangehasarelativelylarge inventoryofpropertiesforsaleat5 listings.Themedianlistprice(or askingprice)forallpropertiesinthis market is $1,297,500.

Atotalof27contractshaveclosedin thelast6monthswithamediansold priceof$960,000.Breakingitdown, wenoticethatthe$800K-$1.2Mprice rangecontainsthehighestnumberof sold listings.

Alternatively,atotalof18listingshave failedtosellinthatsameperiodof time.Listingsmayfailtosellformany reasonssuchasbeingpricedtoohigh, havingbeeninadequatelymarketed, thepropertywasinpoorcondition,or perhapstheownerhadsecond thoughtsaboutsellingatthisparticular time.The$2.0M-$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 $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 4/2/2023, RealMarketReports.com Copyright © Windermere Real Estate/Orcas Island Updated 4/2/2023, RealMarketReports.com Copyright © Windermere Real Estate/Orcas Island Sunday, April 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 160 days.

Analysisofsoldpropertiesforthelast sixmonthsrevealsamediansold priceof$960,000and57dayson market.Noticethatpropertiesinthe $3.2M-$3.6Mpricerangehavesold quickest over the last six months.

Therecenthistoryofsalescanbe seeninthetwochartsbelow.The mediansoldpriceforthelast30days was$1,322,500withaDOMof81 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 indicatesaninventoryof4.0months basedonthelast6monthsofsales. Thisestimateisoftenusedto determinehowlongitwouldtaketo selloffthecurrentinventoryof propertiesifallconditionsremained thesame.Itissignificanttomention thatthisestimatedoesnottakeinto considerationanyadditionalproperties thatwillcomeontothemarketinthe future.

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"Themedianlist-to-salesratio for this area is 97.2%."

0 100 200 300 400 500 600 700 800 $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 NovDecJanFebMarApr 0 20 40 60 80 100 NovDecJanFebMarApr

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

2 Real Market Reports www.RealMarketReports.com Updated 4/2/2023, RealMarketReports.com Copyright © Windermere Real Estate/Orcas Island Copyright © Windermere Real Estate/Orcas Island Updated 4/2/2023, RealMarketReports.com Copyright © Windermere Real Estate/Orcas Island Updated 4/2/2023, RealMarketReports.com Sunday, April 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 M A M A M A M A M A M A M A A M M Date Range (Off-Market & Sold) = 10/02/2022 to 04/02/2023 Data believed to be accurate but not guaranteed. 4 1 5 1 $2,000,000$2,399,999 1 $2,400,000$2,799,999 0 $2,800,000$3,199,999 00 $3,300,000 0 470 4703,300,000 $ $2,900,000 $2,900,000 93% 0 3191,944,500 $ 4 97% $1,350,0001,350,000 $ 9 $962,750952,104 $ 491,347,800 $ $1,347,8001,303,300 $ 166750,000 $ 55 10 73 22925,000 $ 0 8 $925,000 97% $689,500652,000 $ $625,000 96% 58659,250 $ $625,750605,875 $ 0 00 MARKET SUMMARY TABLE 9 PENDING [2] $0$399,999 0 Pend Ratio Num # Num # Num # 27 SOLD/CLOSED (last 6 months) [4] Days on Market Original List Price Final List Price Sold/ Closed Price 18 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 # $400,000$799,999 5 187745,600 $ 1 17% $800,000$1,199,999 1 22 3 75% 3 99% $1,030,050 60969,000 $ $961,134956,921 $ 100% $1,295,000 $1,200,000$1,599,999 5 109 92 $1,600,000$1,999,999 2 319 5 $1,300,000 96% $1,944,500 1 33% $1,338,000 2 29% 2 0 8 50% 0 $2,287,000 1 82,287,000 $ $2,700,000 93% $2,700,000 0 $3,200,000$3,599,999 0 303,600,000 $ $3,600,000 0 1 $3,450,000 96% 303,600,000 $ $3,600,0003,450,000 $ 96% 1 $3,600,000$3,999,999 0 3073,400,000 $ $3,850,000 1 N/A 0 $3,700,000 96% 3073,400,000 $ $3,850,0003,700,000 $ 96% 1 $4,000,000$4,399,999 1 2084,000,000 $ 00 2084,000,000 $ 0 $4,400,000$4,799,999 1 904,500,000 $ 0 1 904,500,000 $ 0 $4,800,000$5,199,999 0000 $5,200,000$5,599,999 1 6735,500,000 $ 00 6735,500,000 $ 0 $5,600,000+ 1 2 2 $6,288,000 0 1 $6,288,000 $6,025,000 76% 1 83 838,300,000 $ $6,025,000 76% $8,300,0007,900,000 $ 86 $1,515,3151,466,902 $ $7,900,000 1827 MarketAverages 173 $2,100,389 MarketTotals 18933% $1,363,248 93% MarketMedians 160 $1,297,500 57988,000 $ $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 $960,000 97% 3.8 0.6 6 N/A 6 N/A N/A 3 Real Market Reports www.RealMarketReports.com Sunday, April 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.

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