TABLE OF CONTENTS Charts and Commentary………………………………………………..Pages 1-2 Market Summary Table………………………………………………..Page 3 Glossary………………………………………………………………...Page 4 282930 24252627 17181920 10111213 789 2023 141516 212223 3 456 Th F Sa Sunday, September 3 12 Su M Tu W VACANT LAND VACANT LAND VACANT LAND VACANT LAND REAL ESTATE MARKET REPORT 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
Let's take a look
attherealestatemarket.Currently thereis1salependinginthemarket overall,leaving29listingsstillforsale. Theresultingpendingratiois3.3%(1 dividedby30).Soyoumightbe askingyourself,that'sgreat...butwhat exactlydoesitmean?I'mgladyou asked!
Thependingratioindicatesthesupply &demandofthemarket.Specifically, ahighratiomeansthatlistingsarein demandandquicklygoingtocontract. Alternatively,alowratiomeansthere arenotenoughqualifiedbuyersforthe existing supply.
Takingacloserlook,wenoticethat thesinglependinglistingisfoundin the $300K - $400K price range.
Wealsonoticethatthe$200K-$300K pricerangehasarelativelylarge inventoryofpropertiesforsaleat8 listings.Themedianlistprice(or askingprice)forallpropertiesinthis market is $375,000.
Number of Listings For Sale vs. Pending Contract
Num Sold vs. Off-Market (Last 6 mos.)
Atotalof12contractshaveclosedin thelast6monthswithamediansold priceof$300,000.Breakingitdown, we notice that the $300K - $400K price rangecontainsthehighestnumberof sold listings.
Alternatively,atotalof8listingshave failedtosellinthatsameperiodof time.Listingsmayfailtosellformany reasonssuchasbeingpricedtoohigh, havingbeeninadequatelymarketed, thepropertywasinpoorcondition,or perhapstheownerhadsecond thoughtsaboutsellingatthisparticular time.The$300K-$400Kpricerange hasahighnumberofoff-market listings at 3 properties.
VACANT LAND VACANT LAND VACANT LAND VACANT LAND REAL ESTATE MARKET REPORT
"Current inventory is described as somewhat slow."
0 1 2 3 4 5 6 7 8 9 $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
Vacant Land
1 Real Market Reports www.RealMarketReports.com Updated 9/3/2023, RealMarketReports.com Copyright © Windermere Real Estate/Orcas Island Updated 9/3/2023, RealMarketReports.com Copyright © Windermere Real Estate/Orcas Island Sunday, September 3, 2023 Market Dashboard Windermere Real Estate/Orcas Island
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 110 days.
Analysisofsoldpropertiesforthelast sixmonthsrevealsamediansold priceof$300,000and11dayson market.Noticethatpropertiesinthe $400K-$500Kpricerangehavesold quickest over the last six months.
Therecenthistoryofsalescanbe seeninthetwochartsbelow.The mediansoldpriceforthelast30days was$272,500withaDOMof128 days.
SincetherecentDOMisgreaterthan themedianDOMforthelast6months, itisanegativeindicatorfordemand.It isalwaysimportanttorealizethatreal estatemarketscanfluctuatedueto many factors, including shifting interest rates,theeconomy,orseasonal changes.
Ratiosaresimplewaystoexpressthe differencebetweentwovaluessuchas listpriceandsoldprice.Inourcase, wetypicallyusethelist-to-saleratioto determinethepercentageofthefinal listpricethatthebuyerultimatelypaid. Itisaverycommonmethodtohelp buyersdecidehowmuchtoofferona property.
Analysisoftheabsorptionrate indicatesaninventoryof14.5months basedonthelast6monthsofsales. Thisestimateisoftenusedto determinehowlongitwouldtaketo selloffthecurrentinventoryof propertiesifallconditionsremained thesame.Itissignificanttomention thatthisestimatedoesnottakeinto considerationanyadditionalproperties thatwillcomeontothemarketinthe future.
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"Themedianlist-to-salesratio for this area is 92.3%."
0 50 100 150 200 250 300 350 400 $0K $100K $200K $300K $400K $500K $600K $700K $800K $900K $1.0M $1.1M $1.2M $1.3M $1.4M Sold For Sale $0K $50K $100K $150K $200K $250K $300K $350K $400K AprMayJunJulAugSep (100) 0 100 200 300 400 500 600 700 AprMayJunJulAugSep
Vacant Land
Median Days on Market (DOM)
Vacant Land
Median Days on Market (Sold)
Vacant Land
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Median Sold Prices
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 Date Range (Off-Market & Sold) = 03/05/2023 to 09/03/2023 Data believed to be accurate but not guaranteed. 14.5 0 1 0 $500,000$599,999 1 $600,000$699,999 3 $740,000 $700,000$799,999 1 86 0 3 $437,500 $431,250 99% 2 3 361452,000 $ 1 92% $375,000350,000 $ 3437,500 $ $437,500 235 $437,500431,250 $ 99% $295,000270,000 $ 226401,800 $ $367,800339,000 $ 120180,000 $ 5 3 156 95260,000 $ 0 2 $256,750 100% $190,000190,000 $ $190,000 100% 5190,000 $ $190,000190,000 $ 0 00 MARKET SUMMARY TABLE 1 PENDING [2] $0$99,999 0 Pend Ratio Num # Num # Num # 12 SOLD/CLOSED (last 6 months) [4] Days on Market Original List Price Final List Price Sold/ Closed Price 8 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 29 ACTIVE [1] ListSale Ratio Est. Mos. LowHigh Price Range Num # $100,000$199,999 3 256180,000 $ 0 $200,000$299,999 8 107 00 92% $341,333 128325,000 $ $279,667263,833 $ 94% $375,000 $300,000$399,999 8 193 36 $400,000$499,999 4 288 5 $350,000 100% $452,000 0 $373,125 1 11% 3 0 138 110664,333 $ 0 $565,000 0 138565,000 $ 110650,000 $ 86740,000 $ 0 $800,000$899,999 0000 $900,000$999,999 0000 $1,000,000$1,099,999 0000 $1,100,000$1,199,999 0000 $1,200,000$1,299,999 0000 $1,300,000$1,399,999 0000 $1,400,000+ 1 124 124 $2,150,000 00 $2,150,000 0 135357,333 $ $327,750 812 MarketAverages 172442,586 $ MarketTotals 2913% $310,75095% MarketMedians 110375,000 $ 11362,500 $ $325,000 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 = Vacant Land $300,00092% 9 16 9.6 12 3 Real Market Reports www.RealMarketReports.com Sunday, September 3, 2023 Market Summary Table Windermere Real Estate/Orcas Island Favors Sellers Favors Buyers
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.
VACANT LAND VACANT LAND VACANT LAND VACANT LAND REAL ESTATE MARKET REPORT
Real Market Reports www.RealMarketReports.com 4 Sunday, September 3, 2023 Glossary Windermere Real Estate/Orcas Island
