January 2019 Vacant Land Market Report - Orcas Island, WA

from January 2019 Vacant Land Market Report - Orcas Island, WA

by Windermere Real Estate/Orcas Island

REAL ESTATE MARKET REPORT

VACANT LAND

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Sunday, January 6

2019

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TABLE OF CONTENTS

Charts and Commentary

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Pages 1-2

Market Summary Table

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Page 3

Glossary

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Page 4

Windermere Real Estate/Orcas Island

PO Box Box 310 18 Haven Rd, Eastsound WA 98245 www.orcas-island.com orcas@windermere.com 360.376.8000

@WindermereOrcas

@windermereorcas

Real Market Reports www.RealMarketReports.com

REAL ESTATE MARKET REPORT

VACANT LAND

Sunday, January 6, 2019Windermere Real Estate/Orcas Island

Let's take a look

at the real estate market. Currently there are 7 sales pending in the market overall, leaving 67 listings still for sale. The resulting pending ratio is 9.5% (7 divided by 74). So you might be asking yourself, that's great... but what exactly does it mean? I'm glad you asked!

The pending ratio indicates the supply & demand of the market. Specifically, a high ratio means that listings are in demand and quickly going to contract. Alternatively, a low ratio means there are not enough qualified buyers for the existing supply.

"Current inventory is described as somewhat slow."

Taking a closer look, we notice that the $100K - $200K price range has a relatively large number of contracts pending sale.

We also notice that the $200K - $300K price range has a relatively large inventory of properties for sale at 19 listings. The median list price (or asking price) for all properties in this market is $295,000.

20 18 16 14 12 10 8 6 4 2 0

Properties For Sale Contracts Pending

Number of Listings For Sale vs. Pending ContractVacant Land

Updated 1/6/2019, RealMarketReports.com

$0K

$100K

$200K

$300K

$400K

$500K

$600K

$700K

$800K

$900K

$1.0M

$1.1M

$1.2M

$1.3M

$1.4M

16 14 12

Sold Off-Market

Num Sold vs. Off-Market (Last 6 mos.)

A total of 36 contracts have closed in the last 6 months with a median sold price of $173,000. Breaking it down, we notice that the $100K - $200K price range contains the highest number of sold listings.

10 8 6 4 2 0

$0K

$100K

$200K

$300K

$400K

$500K

$600K

$700K

$800K

$900K

$1.0M

$1.1M

$1.2M

$1.3M

$1.4M

Alternatively, a total of 27 listings have failed to sell in that same period of time. Listings may fail to sell for many reasons such as being priced too high, having been inadequately marketed, the property was in poor condition, or perhaps the owner had second thoughts about selling at this particular time. The $100K - $200K price range has the highest number of off-market listings at 10 properties.

Real Market Reports www.RealMarketReports.com

1Market Dashboard

REAL ESTATE MARKET REPORT

VACANT LAND

Sunday, January 6, 2019Windermere Real Estate/Orcas Island

Looking at the chart to the right, you might be wondering why average days on market (DOM) is important. This is a useful measurement because it can help us to determine whether we are in a buyer's market (indicated by high DOM), or a seller's market (indicated by low DOM). Active listings (properties for sale) have been on the market for a median time of 296 days.

3500 3000 2500 2000 1500

Sold For Sale

Median Days on Market (DOM)

Analysis of sold properties for the last six months reveals a median sold price of $173,000 and 140 days on market. Notice that properties in the $300K - $400K price range have sold quickest over the last six months.

1000

5000

$0K

$100K

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$700K

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$900K

$1.0M

$1.1M

$1.2M

$1.3M

$1.4M

The recent history of sales can be seen in the two charts below. The median sold price for the last 30 days was $145,500 with a DOM of 347 days.

Since the recent DOM is greater than the median DOM for the last 6 months, it is a negative indicator for demand. It is always important to realize that real estate markets can fluctuate due to many factors, including shifting interest rates, the economy, or seasonal changes.

"The median list-to-sales ratio for this area is 96.4%."

Ratios are simple ways to express the difference between two values such as list price and sold price. In our case, we typically use the list-to-sale ratio to determine the percentage of the final list price that the buyer ultimately paid. It is a very common method to help buyers decide how much to offer on a property.

Analysis of the absorption rate indicates an inventory of 11.2 months based on the last 6 months of sales. This estimate is often used to determine how long it would take to sell off the current inventory of properties if all conditions remained the same. It is significant to mention that this estimate does not take into consideration any additional properties that will come onto the market in the future.

$350K$300K$250K$200K$150K$100K$50K$0K

Median Sold PricesVacant Land

Aug Sep Oct Nov Dec Jan

700600500400300200100

Median Days on Market (Sold)Vacant Land

Aug Sep Oct Nov Dec Jan

Real Market Reports www.RealMarketReports.com

2Market Dashboard

REAL ESTATE MARKET REPORT

VACANT LAND

Sunday, January 6, 2019Windermere Real Estate/Orcas Island

MARKET SUMMARY TABLE 7 PENDING [2]

A = Average Value M = Median Value N/A = Not Available

Low

Price RangeHigh

Num #

$0 $99,999 4

$100,000 $199,999 15

$200,000 $299,999 19

$300,000 $399,999 9

$400,000 $499,999 7

$500,000 $599,999 7

$600,000 $699,999 1

$700,000 $799,999 1

$800,000 $899,999 1

67 ACTIVE [1]

AMAMAMAMAMAMAMAMAM

Days on Market

354379417 $ 157,833

4 21% 10 15

158 $ 165,000

M 146

439270 $ 252,500440277615598 $ 450,000796 $ 556,286

A 780 $ 629,667 $ 575,000 $ 541,667

AMAMAM

85 $ 628,000

M 603 $ 749,500 $ 672,000 $ 660,750 98%

1032

$$$

Current List Price

86,75092,000

259,066

350,222345,000453,429

170 $ 550,00085 $ 628,000

795,0001032 $ 795,0003203 $ 850,0003203 $ 850,000

Num #

1 20%

Pend Ratio

Num #

1 5% 4

0 5

1 13%

0 0

$900,000 $999,999 0 0 0 0

27 OFF-MARKET (last 6 mos) [3] ABSORPTION RATE (months of inventory)

Num #

36 SOLD/CLOSED (last 6 months) [4]

Days on Market

285 $ 75,500110 $ 75,000343 $ 154,910 $ 148,263 $ 137,633

278

78671

603

Original List Price

$ 350,000 $ 350,000$

425,000671 $ 425,000

749,500

$ 72,500 $ 67,700 93%$ 75,000 $ 71,000

$ 274,900 $ 240,000222 $ 356,600 $ 355,400 $ 336,000

Final List Price

435,000

672,000

Sold/ Closed Price

List- Sale Ratio

95%

93%$ 139,000 $ 139,000 $ 134,000 96%$

359,780212 $ 299,000

$ 265,780 $ 239,600 90%87%95%$ 330,000 94%$ 425,000 98%

$ 435,000 $ 425,000 98%94%

46 $ 650,000 $ 550,000 $ 550,000 100%$

660,75098%

Est. Mos.

4.8

22.8

10.8

$1,000,000 $1,099,999 1

M51 $ 1,095,000

51 $ 1,095,0000 0

$1,100,000 $1,199,999 0 0 1 0

$1,200,000 $1,299,999 1

M3203 $ 1,200,000

3203 $ 1,200,0000 0

$1,300,000 $1,399,999 0 0 0 0

$1,400,000 + 1

Date Range (Off-Market & Sold) = 07/08/2018 to 01/06/2019 Data believed to be accurate but not guaranteed.

15691569

$ 1,699,000$ 1,699,000

Market Averages 582 $ 360,056

0 1Market Totals 67 7 9%

027 36

369 $ 280,446 $ 255,454

Market Medians 296 $ 295,000

140 $ 212,000 $ 179,475

Favors Sellers

$ 240,347 94%$ 173,000 96%

Favors Buyers

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 = Vacant Land

11.2

Real Market Reports www.RealMarketReports.com

3Market Summary Table

REAL ESTATE MARKET REPORT

VACANT LAND

Sunday, January 6, 2019Windermere Real Estate/Orcas Island

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 PENDINGa. 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.

Real Market Reports www.RealMarketReports.com

4Glossary

This article is from:

January 2019 Vacant Land Market Report - Orcas Island, WA