November 2022 Vacant Land Reports

REAL ESTATE MARKET REPORT

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Sunday, November 6

2022

TABLE OF CONTENTS Charts and Commentary ……………………………………………….. Market Summary Table ……………………………………………….. Glossary ………………………………………………………………...

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

Pages 1-2 Page 3 Page 4

REAL ESTATE MARKET REPORT

VACANT LAND Sunday, November 6, 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 4 sales pending in the market overall, leaving 18 listings still for sale. The resulting pending ratio is 18.2% (4 divided by 22). 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 $100K - $200K price range has a relatively large number of contracts pending sale. We also notice that the $300K - $400K price range has a relatively large inventory of properties for sale at 4 listings. The median list price (or asking price) for all properties in this market is $412,500.

Number of Listings For Sale vs. Pending Contract

Properties For Sale Contracts Pending

Vacant Land

5

4 4 3 3 2 2 1 1

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

Sold Off-Market

Vacant Land

5

4 3 2 1

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$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 13 contracts have closed in the last 6 months with a median sold price of $330,000. Breaking it down, we notice that the $300K - $400K price range contains the highest number of sold listings. Alternatively, a total of 5 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 $200K - $300K price range has the highest number of off-market listings at 3 properties.

Market Dashboard

REAL ESTATE MARKET REPORT

VACANT LAND Sunday, November 6, 2022

Windermere 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 179 days.

Median Days on Market (DOM)

Sold For Sale

Vacant Land

600

500 400 300 200

Analysis of sold properties for the last six months reveals a median sold price of $330,000 and 23 days on market. Notice that properties in the $100K - $200K price range have sold quickest over the last six months.

100

The recent history of sales can be seen in the two charts below. The median sold price for the last 30 days was $272,500 with a DOM of 9 days.

"The median list-to-sales ratio for this area is 101.5%."

Since the recent DOM is less than the median DOM for the last 6 months, it is a positive 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.

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

$1.4M

$1.3M

$1.2M

$1.1M

$1.0M

Analysis of the absorption rate indicates an inventory of 8.3 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.

Median Days on Market (Sold)

Vacant Land

$600K

140

$500K

120 100

$400K

80

$300K

60

$200K

40

$100K

$0K Jun

$900K

$800K

$700K

$600K

$500K

$400K

$300K

$200K

$100K

$0K

0

Jul

Aug

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Sep

Oct

20 0

Nov

2

Jun

Jul

Aug

Sep

Oct

Nov

Market Dashboard

REAL ESTATE MARKET REPORT

VACANT LAND Sunday, November 6, 2022

4

MARKET SUMMARY TABLE A = Average Value M = Median Value N/A = Not Available

Price Range

Windermere Real Estate/Orcas Island

18

5

PENDING [2]

13

ACTIVE [1]

Days on Market

Current List Price

Low

High

Num #

$0

$99,999

0

Num #

Pend Ratio

Num #

0

$100,000

$199,999

3

0

1

$200,000

$299,999

2

3

2

$300,000

$399,999

4

0

5

$400,000

$499,999

4

0

2

$500,000

$599,999

1

0

1

$600,000

$699,999

3

0

$700,000

$799,999

0

1

$800,000

$899,999

0

1

$900,000

$999,999

0

$1,000,000

$1,099,999

0

$1,100,000

$1,199,999

0

$1,200,000

$1,299,999

0

$1,300,000

$1,399,999

0

$1,400,000

+

1

Market Totals

18

0 A

210

$ 197,667

M

208

$ 199,000

A

173

$ 272,000

M

173

$ 272,000

A

272

$ 361,250

M

152

$ 362,500

A

148

$ 464,500

M

105

$ 464,500

A

40

$ 549,000

M

40

$ 549,000

A

564

$ 625,000

M

564

$ 625,000

A

184

$ 2,400,000

M

184

$ 2,400,000

OFF-MARKET (last 6 mos) [3]

1

25%

0 1

1

20%

25%

1

50%

1

0

4

18%

5

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

13

$ 150,000

$ 145,000

97%

M

13

$ 150,000

$ 145,000

97%

A

230

$ 295,000

$ 262,500

$ 245,000

93%

M

230

$ 295,000

$ 262,500

$ 245,000

93%

A

89

$ 379,000

$ 342,000

$ 334,500

98%

M

8

$ 325,000

$ 327,500 101%

A

14

$ 415,000

$ 440,000 106%

M

14

$ 415,000

$ 440,000 106%

A

13

$ 565,000

$ 500,000

88%

M

13

$ 565,000

$ 500,000

88%

A

223

$ 850,000

$ 759,000

$ 740,000

97%

M

223

$ 850,000

$ 759,000

$ 740,000

97%

A

84

$ 950,000

$ 980,000

$ 835,000

85%

M

84

$ 950,000

$ 980,000

$ 835,000

85%

18 6 4.8 12 6

N/A N/A

8.3

Market Averages

254

$ 514,667

97

$ 448,462

$ 424,538

$ 404,808 95%

Market Medians

179

$ 412,500

23

$ 350,000

$ 325,000

$ 330,000 102%

Date Range (Off-Market & Sold) = 05/08/2022 to 11/06/2022 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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Market Summary Table

REAL ESTATE MARKET REPORT

VACANT LAND Sunday, November 6, 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

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