October 2022 Residential Property Reports

Page 5

Box Box

Real Estate/Orcas Island

Main Street, Eastsound WA

orcas@windermere.com

TABLE OF CONTENTS Charts and Commentary………………………………………………..Pages 1-2 Market Summary Table………………………………………………..Page 3 Glossary………………………………………………………………...Page 4 272829 3031 23242526 16171819 9101112 678 2022131415 202122 2 345 Th F Sa Sunday, October 21 Su M Tu W RESIDENTIAL PROPERTYRESIDENTIAL PROPERTY REAL ESTATE MARKET REPORT Windermere
PO
310 217
98245 www.orcas-island.com
360.376.8000 @windermereorcas @WindermereOrcas Real Market Reports www.RealMarketReports.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.

REPORT
0 1 2 3 4 5 6 7 8 $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 14 16 18 $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.) Let's take a look 1Real Market Reports www.RealMarketReports.com Updated 10/2/2022, RealMarketReports.com Copyright © Windermere Real Estate/Orcas Island Updated 10/2/2022, RealMarketReports.com Copyright © Windermere Real Estate/Orcas Island Sunday, October 2, 2022 Market Dashboard Windermere Real Estate/Orcas Island

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.

REPORT
0 20 40 60 80 100 120 140 160 180 $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 $1400K $1600K MayJunJulAugSepOct 0 10 20 30 40 50 60 MayJunJulAugSepOct Residential Property Median Days on Market (DOM) Residential Property Median Days on Market (Sold) Residential Property Median Sold Prices 2Real Market Reports www.RealMarketReports.com Updated 10/2/2022, RealMarketReports.com Copyright © Windermere Real Estate/Orcas Island Copyright © Windermere Real Estate/Orcas Island Updated 10/2/2022, RealMarketReports.com Copyright © Windermere Real Estate/Orcas Island Updated 10/2/2022, RealMarketReports.com Sunday, October 2, 2022 Market Dashboard Windermere Real Estate/Orcas Island

$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

27524,000 $ 10 12 36 106800,000 $ 15 $784,857
1
00 MARKET SUMMARY TABLE 14 PENDING [2] $0$299,999 0 Pend Ratio Num # Num # Num # 49 SOLD/CLOSED (last 6 months) [4] Days on Market Original List Price Final List Price Sold/ Closed Price 13 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 33 ACTIVE [1] ListSale Ratio Est. LowHighMos. Price Range Num # 100% $300,000$599,999 2 27524,000 $ 0
7 117 4 36% 4
2 83 83
$ 0
383,100,000 $
50
00
503,500,000 $
$3,600,000$3,899,999 0 2 N/A 00 $3,900,000$4,199,999 0000 $4,200,000+ 3 277 313 $4,733,333 1 25% 0 $4,500,000 $6,350,000 80% 1 82 827,900,000 $ $6,350,000 80%$7,900,0007,900,000 $ 33 $1,381,6731,345,388 $ $7,900,000 1349 MarketAverages 123 $1,860,152 MarketTotals 331430% $1,278,378 95% MarketMedians 92 $1,650,000 11969,000 $ $969,000 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 99% N/A 2.4 3.5 0.7 4.5 24 12 30 18 3 N/A 6 3Real Market Reports www.RealMarketReports.com Sunday, October 2, 2022 Market Summary Table Windermere Real Estate/Orcas Island Favors Sellers Favors Buyers

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.

RESIDENTIAL
RESIDENTIAL PROPERTY REAL ESTATE MARKET REPORT
Real Market Reports www.RealMarketReports.com 4 Sunday, October 2, 2022 Glossary Windermere Real Estate/Orcas Island

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