VACANT LAND VACANT LAND
Let's take a look
attherealestatemarket.Currently thereare4salespendinginthe marketoverall,leaving30listingsstill forsale.Theresultingpendingratiois 11.8%(4dividedby34).Soyoumight beaskingyourself,that'sgreat...but whatexactlydoesitmean?I'mglad you asked!
Thependingratioindicatesthesupply &demandofthemarket.Specifically, ahighratiomeansthatlistingsarein demandandquicklygoingtocontract. Alternatively,alowratiomeansthere arenotenoughqualifiedbuyersforthe existing supply.
"Current inventory is described as somewhat slow."
Takingacloserlook,wenoticethat the$300K-$400Kpricerangehasa relativelylargenumberofcontracts pending sale.
Wealsonoticethatthe$200K-$300K pricerangehasarelativelylarge inventoryofpropertiesforsaleat6 listings.Themedianlistprice(or askingprice)forallpropertiesinthis market is $412,500.
Atotalof7contractshaveclosedin thelast6monthswithamediansold priceof$315,000.Breakingitdown, we notice that the $400K - $500K price rangecontainsthehighestnumberof sold listings.
Alternatively,atotalof13listingshave failedtosellinthatsameperiodof time.Listingsmayfailtosellformany reasonssuchasbeingpricedtoohigh, havingbeeninadequatelymarketed, thepropertywasinpoorcondition,or perhapstheownerhadsecond thoughtsaboutsellingatthisparticular time.The$300K-$400Kpricerange hasthehighestnumberofoff-market listings at 5 properties.
VACANT LAND REAL ESTATE MARKET REPORT
VACANT LAND
0 1 2 3 4 5 6 7 $0K $100K $200K $300K $400K $500K $600K $700K $800K $900K $1.0M $1.1M $1.2M $1.3M $1.4M Properties For Sale Contracts Pending 0 1 2 3 4 5 $0K $100K $200K $300K $400K $500K $600K $700K $800K $900K $1.0M $1.1M $1.2M $1.3M $1.4M Sold Off-Market
Vacant Land
Number of Listings For Sale vs. Pending Contract
Vacant Land
Num Sold vs. Off-Market (Last 6 mos.)
1 Real Market Reports www.RealMarketReports.com Updated 6/1/2024, RealMarketReports.com Copyright © Windermere Real Estate/Orcas Island Updated 6/1/2024, RealMarketReports.com Copyright © Windermere Real Estate/Orcas Island Saturday, June 1, 2024 Market Dashboard Windermere Real Estate/Orcas Island
Saturday, June 1, 2024
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 56 days.
Analysisofsoldpropertiesforthelast sixmonthsrevealsamediansold priceof$315,000and40dayson market.Noticethatpropertiesinthe $300K-$400Kpricerangehavesold quickest over the last six months.
Therecenthistoryofsalescanbe seeninthetwochartsbelow.The mediansoldpriceforthelast30days was $445,000 with a DOM of 64 days.
SincetherecentDOMisgreaterthan themedianDOMforthelast6months, itisanegativeindicatorfordemand.It isalwaysimportanttorealizethatreal estatemarketscanfluctuatedueto many factors, including shifting interest rates,theeconomy,orseasonal changes.
"Themedianlist-to-salesratio for this area is 79.7%."
Ratiosaresimplewaystoexpressthe differencebetweentwovaluessuchas listpriceandsoldprice.Inourcase, wetypicallyusethelist-to-saleratioto determinethepercentageofthefinal listpricethatthebuyerultimatelypaid. Itisaverycommonmethodtohelp buyersdecidehowmuchtoofferona property.
Analysisoftheabsorptionrate indicatesaninventoryof25.7months basedonthelast6monthsofsales. Thisestimateisoftenusedto determinehowlongitwouldtaketo selloffthecurrentinventoryof propertiesifallconditionsremained thesame.Itissignificanttomention thatthisestimatedoesnottakeinto considerationanyadditionalproperties thatwillcomeontothemarketinthe future.
VACANT LAND VACANT LAND REAL ESTATE MARKET REPORT
VACANT LAND VACANT LAND
0 50 100 150 200 250 300 350 400 450 500 $0K $100K $200K $300K $400K $500K $600K $700K $800K $900K $1.0M $1.1M $1.2M $1.3M $1.4M Sold For Sale $0K $100K $200K $300K $400K $500K JanFebMarAprMayJun 0 100 200 300 400 500 JanFebMarAprMayJun
Vacant Land
Median Days on Market (DOM)
Vacant Land
Median Days on Market (Sold)
Vacant Land
2 Real Market Reports www.RealMarketReports.com Updated 6/1/2024, RealMarketReports.com Copyright © Windermere Real Estate/Orcas Island Copyright © Windermere Real Estate/Orcas Island Updated 6/1/2024, RealMarketReports.com Copyright © Windermere Real Estate/Orcas Island Updated 6/1/2024, RealMarketReports.com
Median Sold Prices
Market Dashboard Windermere Real Estate/Orcas Island
Saturday, June 1, 2024
VACANT LAND VACANT LAND VACANT LAND VACANT LAND REAL ESTATE MARKET REPORT A A M M A A M M A A M M A A M M A M A M A M A M A M Date Range (Off-Market & Sold) = 12/02/2023 to 06/01/2024 Data believed to be accurate but not guaranteed. 8 12 36 18 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 $315,00080% $332,21487% MarketMedians 56412,500 $ 40395,000 $ $395,000 137 MarketAverages 152490,563 $ MarketTotals 30412% 99389,143 $ $383,429 0 00 $1,400,000+ 0 431,350,000 $ 0 $1,350,000 00 $1,300,000$1,399,999 1 43 0 00 $1,200,000$1,299,999 0 121,100,000 $ 0 $1,100,000 00 $1,100,000$1,199,999 1 12 0 00 $1,000,000$1,099,999 0 0 00 $900,000$999,999 0 0 00 $800,000$899,999 0 233767,500 $ 0 163657,000 $ 0 $563,750 0 60575,000 $ 104662,000 $ 0 143 2 $308,750 95% $445,750 0 $352,317 4 40% 5 $400,000$499,999 4 344 $349,950 $300,000$399,999 6 41 52 0 3 93% $335,000 462335,000 $ $295,000275,000 $ 93% $200,000$299,999 6 188 Price Range Num # $100,000$199,999 2 33197,000 $ 0 Days on Market Current List Price A = Average Value M = Median Value N/A = Not Available 30 ACTIVE [1] ListSale Ratio Est. Mos. LowHigh 13 OFF-MARKET (last 6 mos) [3] ABSORPTION RATE (months of inventory) Num # Num # Num # 7 SOLD/CLOSED (last 6 months) [4] Days on Market Original List Price Final List Price Sold/ Closed Price MARKET SUMMARY TABLE 4 PENDING [2] $0$99,999 0 Pend Ratio 000 98395,000 $ $395,000143,000 $ 36% $395,000395,000 $ $143,000 36% 33197,000 $ 98 1 462 166255,000 $ 11 $259,667 $295,000275,000 $ 14325,000 $ $325,000308,750 $ 95% $325,000325,000 $ 40425,000 $ $448,000 14 $425,000430,000 $ 101% 3 35 344452,000 $ 1 $430,000 96% $448,000 0 0 $767,500 $700,000$799,999 2 233 $500,000$599,999 4 $600,000$699,999 4 25.7 0 1 2 3 Real Market Reports www.RealMarketReports.com
Market Summary Table Windermere Real Estate/Orcas Island Favors Sellers Favors Buyers
VACANT LAND VACANT LAND VACANT LAND VACANT LAND
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.
REAL ESTATE MARKET REPORT
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Glossary Windermere Real Estate/Orcas Island
Saturday, June 1, 2024
