October 2022 Residential Property Reports

Box Box

Real Estate/Orcas Island

Main Street, Eastsound WA

orcas@windermere.com

REAL ESTATE MARKET

RESIDENTIAL

PROPERTYRESIDENTIAL PROPERTY

attherealestatemarket.Currently thereare14salespendinginthe marketoverall,leaving33listingsstill forsale.Theresultingpendingratiois 29.8%(14dividedby47).Soyou mightbeaskingyourself,that'sgreat... butwhatexactlydoesitmean?I'm glad you asked!

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

"Current inventory is described as mildly active."

Takingacloserlook,wenoticethat the$600K-$900Kpricerangehasa relativelylargenumberofcontracts pending sale.

Wealsonoticethatthe$600K-$900K pricerangehasarelativelylarge inventoryofpropertiesforsaleat7 listings.Themedianlistprice(or askingprice)forallpropertiesinthis market is $1,650,000.

Atotalof49contractshaveclosedin thelast6monthswithamediansold priceof$960,000.Breakingitdown, wenoticethatthe$900K-$1.2Mprice rangecontainsthehighestnumberof sold listings.

Alternatively,atotalof13listingshave failedtosellinthatsameperiodof time.Listingsmayfailtosellformany reasonssuchasbeingpricedtoohigh, havingbeeninadequatelymarketed, thepropertywasinpoorcondition,or perhapstheownerhadsecond thoughtsaboutsellingatthisparticular time.The$600K-$900Kpricerange hasthehighestnumberofoff-market listings at 4 properties.

REAL ESTATE MARKET

RESIDENTIAL

PROPERTYRESIDENTIAL PROPERTY

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 92 days.

Analysisofsoldpropertiesforthelast sixmonthsrevealsamediansold priceof$960,000and11dayson market.Noticethatpropertiesinthe $0K-$300Kpricerangehavesold quickest over the last six months.

Therecenthistoryofsalescanbe seeninthetwochartsbelow.The mediansoldpriceforthelast30days was $850,000 with a DOM of 30 days.

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

"Themedianlist-to-salesratio for this area is 99.1%."

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.

$600,000$899,999

6175,000 $ 6175,000 $

$175,000175,000 $ 100% $175,000175,000 $

99% $549,000515,000 $ $495,000 96% 35535,800 $ $518,800513,000 $

$762,000790,000 $ 301,077,235 $ $1,015,4711,017,235 $

4 $1,200,000$1,499,999 3 62

$1,800,000$2,099,999

$2,228,000$2,100,000$2,399,999

1

100% $1,048,000995,000 $ 71,337,500 $ $1,319,750 11 $1,337,5001,302,500 $ 97%

$1,072,500 3 60% 2 1 2799 $1,500,000 271,800,000 $ $1,500,000 1331,934,750 $ 0

4 9

$1,319,750 $1,800,0001,800,000 $ $1,800,000 1132,400,000 $ $2,225,000

$1,296,250 98% 83% $2,225,000 83% 89%

5 168 0 17 $980,000 98% $1,331,333 3 50%

113

$2,400,0002 $2,200,000

62,200,000 $

$1,631,250 0 1081,625,000 $ 1281,925,000 $ $1,981,250 89% $1,981,250 $2,200,000 100% 1172,200,000 $ 62,200,000 $ $2,200,0002,200,000 $ 100% 1

$2,400,000$2,699,999 1 171 102,650,000 $ $2,650,000$2,500,000 0 1 $2,575,000 97% 1712,500,000 $ 102,650,000 $ $2,650,0002,575,000 $ 97% 2 $2,700,000$2,999,999 0 83,025,000 $ $3,025,0001 N/A 1 $2,831,000 94% 83,025,000 $ $3,025,0002,831,000 $ 94% 2 $3,000,000$3,299,999 1 383,100,000

0 $3,300,000$3,599,999 1

521,349,000 $ 863,800,000 $ $3,800,000$3,500,000

1

$3,570,000 94%

863,800,000 $ $3,800,0003,570,000 $ 94% 1

RESIDENTIAL PROPERTYRESIDENTIAL 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 A M M A M A M A A M M A A M M Date Range (Off-Market & Sold) = 04/03/2022 to 10/02/2022 Data believed to be accurate but not guaranteed. 4 2 0 0 $1,500,000$1,799,999 4 104% $783,833 14772,500 $ $759,417752,333 $ 99% $1,072,500$900,000$1,199,999

PROPERTY

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.