REAL ESTATE MARKET REPORT
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Sunday, July 3
2022
TABLE OF CONTENTS Charts and Commentary ……………………………………………….. Market Summary Table ……………………………………………….. Glossary ………………………………………………………………...
Windermere Real Estate/Orcas Island PO Box Box 310 18 Haven Road, Eastsound WA 98245 www.orcas-island.com orcas@windermere.com 360.376.8000
@WindermereOrcas @windermereorcas
Real Market Reports www.RealMarketReports.com
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REAL ESTATE MARKET REPORT
VACANT LAND Sunday, July 3, 2022
Windermere Real Estate/Orcas Island
Let's take a look
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.
at the real estate market. Currently there are 3 sales pending in the market overall, leaving 21 listings still for sale. The resulting pending ratio is 12.5% (3 divided by 24). So you might be asking yourself, that's great... but what exactly does it mean? I'm glad you asked!
"Current inventory is described as somewhat slow."
Taking a closer look, we notice that the $200K - $300K 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 5 listings. The median list price (or asking price) for all properties in this market is $395,000.
Number of Listings For Sale vs. Pending Contract
Properties For Sale Contracts Pending
Vacant Land
6
Updated 7/3/2022, RealMarketReports.com Copyright © Windermere Real Estate/Orcas Island
5 4 3 2 1
Num Sold vs. Off-Market (Last 6 mos.)
Sold Off-Market
Vacant Land
5
Updated 7/3/2022, RealMarketReports.com Copyright © Windermere Real Estate/Orcas Island
4 3 2 1
Real Market Reports www.RealMarketReports.com
1
$1.4M
$1.3M
$1.2M
$1.1M
$1.0M
$900K
$800K
$700K
$600K
$500K
$400K
$300K
$200K
$100K
$0K
0
$1.4M
$1.3M
$1.2M
$1.1M
$1.0M
$900K
$800K
$700K
$600K
$500K
$400K
$300K
$200K
$100K
$0K
0
A total of 15 contracts have closed in the last 6 months with a median sold price of $398,000. Breaking it down, we notice that the $200K - $300K price range contains the highest number of sold listings. Alternatively, a total of 7 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 $500K - $600K price range has the highest number of off-market listings at 3 properties.
Market Dashboard
REAL ESTATE MARKET REPORT
VACANT LAND Sunday, July 3, 2022
Windermere Real Estate/Orcas Island
Moving on, we can see the recent history of sales in the two charts below. Although no properties have sold here in the past 30 days, there has still been some activity in the last 6 months. 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.
Vacant Land
500
Updated 7/3/2022, RealMarketReports.com Copyright © Windermere Real Estate/Orcas Island
450 400 350 300 250 200 150 100 50
"The median list-to-sales ratio for this area is 100.0%." 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.
Median Sold Prices
Feb
Apr
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May
$1.4M
$1.3M
$1.2M
$1.1M
Median Days on Market (Sold) Vacant Land 450 400 350 300 250 200 150 100 50 0
Copyright © Windermere Real Estate/Orcas Island Updated 7/3/2022, RealMarketReports.com
Mar
$1.0M
Analysis of the absorption rate indicates an inventory of 8.4 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.
Vacant Land $450K $400K $350K $300K $250K $200K $150K $100K $50K $0K
$900K
$800K
$700K
$600K
$500K
$400K
$300K
$200K
0 $100K
Analysis of sold properties for the last six months reveals a median sold price of $398,000 and 30 days on market. Notice that properties in the $600K - $700K price range have sold quickest over the last six months.
Median Days on Market (DOM)
Sold For Sale
$0K
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 81 days.
Jun
Jul
2
Copyright © Windermere Real Estate/Orcas Island Updated 7/3/2022, RealMarketReports.com
Feb
Mar
Apr
May
Jun
Jul
Market Dashboard
REAL ESTATE MARKET REPORT
VACANT LAND Sunday, July 3, 2022
Windermere Real Estate/Orcas Island
3
MARKET SUMMARY TABLE A = Average Value M = Median Value N/A = Not Available
Price Range
21
7
PENDING [2]
15
ACTIVE [1]
Days on Market
Current List Price
Low
High
Num #
$0
$99,999
0
$100,000
$199,999
2
$200,000
$299,999
5
$300,000
$399,999
4
$400,000
$499,999
2
$500,000
$599,999
2
$600,000
$699,999
3
$700,000
$799,999
1
$800,000
$899,999
0
0
0
1
$900,000
$999,999
0
0
0
0
$1,000,000
$1,099,999
0
0
0
0
$1,100,000
$1,199,999
0
0
0
0
$1,200,000
$1,299,999
0
0
0
0
$1,300,000
$1,399,999
0
0
0
0
$1,400,000
+
2
0
0
0
Market Totals
21
7
15
A
84
$ 197,000
M
84
$ 197,000
A
109
$ 263,000
M
47
$ 270,000
A
183
$ 372,500
M
66
$ 375,000
A
36
$ 488,500
M
36
$ 488,500
A
254
$ 572,500
M
254
$ 572,500
A
437
$ 625,000
M
437
$ 625,000
A
29
$ 715,850
M
29
$ 715,850
A
171
$ 2,800,000
M
171
$ 2,800,000
OFF-MARKET (last 6 mos) [3]
Num #
Pend Ratio
Num #
Num #
0
0
0
0
0
1
1
5
2
3
0
0
1
0
3
2
0
0
1
1
1
1
17%
1
20%
1
3
50%
13%
ABSORPTION RATE (months of inventory)
SOLD/CLOSED (last 6 months) [4]
Days on Market
Original List Price
Final List Price
Sold/ Closed Price
ListSale Ratio
A
16
$ 198,000
$ 198,000
$ 198,000 100%
M
16
$ 198,000
$ 198,000
$ 198,000 100%
A
168
$ 227,800
$ 227,800
$ 229,100 101%
M
139
$ 229,000
$ 229,000
$ 225,000
98%
A
118
$ 411,000
$ 391,000
$ 376,000
96%
M
4
$ 398,000
$ 398,000
$ 398,000 100%
A
30
$ 500,000
$ 500,000
$ 435,000
87%
M
30
$ 500,000
$ 500,000
$ 435,000
87%
A
16
$ 525,000
$ 525,000
$ 500,000
95%
M
16
$ 525,000
$ 525,000
$ 500,000
95%
A
14
$ 610,000
$ 610,000
$ 650,000 107%
M
14
$ 610,000
$ 610,000
$ 650,000 107%
A
137
$ 750,000
$ 725,000
$ 700,000
97%
M
137
$ 750,000
$ 725,000
$ 700,000
97%
A
84
$ 950,000
$ 980,000
$ 835,000
85%
M
84
$ 950,000
$ 980,000
$ 835,000
85%
12 6 8 12 6 18 6 N/A
8.4
Market Averages
176
$ 643,421
100
$ 428,667
$ 425,000
$ 406,100 96%
Market Medians
81
$ 395,000
30
$ 398,000
$ 398,000
$ 398,000 100%
Date Range (Off-Market & Sold) = 01/02/2022 to 07/03/2022 Data believed to be accurate but not guaranteed.
Est. Mos.
Favors Sellers
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
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3
Market Summary Table
REAL ESTATE MARKET REPORT
VACANT LAND Sunday, July 3, 2022
Windermere 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 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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Glossary
