REAL ESTATE MARKET REPORT
VACANT LAND Su
M
Tu
W
Th
F
Sa
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
Wednesday, October 4
2017
TABLE OF CONTENTS Charts and Commentary ……………………………………………….. Market Summary Table ……………………………………………….. Glossary ………………………………………………………………...
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
Pages 1-2 Page 3 Page 4
REAL ESTATE MARKET REPORT
VACANT LAND Wednesday, October 4, 2017
Let's take a look
Windermere Real Estate/Orcas Island
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 8 sales pending in the market overall, leaving 104 listings still for sale. The resulting pending ratio is 7.1% (8 divided by 112). 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 $150K - $200K price range has a relatively large number of contracts pending sale. We also notice that the $100K - $150K price range has a relatively large inventory of properties for sale at 16 listings. The median list price (or asking price) for all properties in this market is $262,500.
Number of Listings For Sale vs. Pending Contract
Properties For Sale Contracts Pending
Vacant Land
18
Updated 10/4/2017, RealMarketReports.com Copyright Š Windermere Real Estate/Orcas Island
16 14 12 10 8 6 4 2
Num Sold vs. Off-Market (Last 6 mos.)
Sold Off-Market
Vacant Land
10
Updated 10/4/2017, RealMarketReports.com Copyright Š Windermere Real Estate/Orcas Island
9 7 6 5 4 3 2 1
Real Market Reports www.RealMarketReports.com
1
$700K
$650K
$600K
$550K
$500K
$450K
$400K
$350K
$300K
$250K
$200K
$150K
$100K
$50K
$0K
0
$700K
$650K
$600K
$550K
$500K
$450K
$400K
$350K
$300K
$250K
$200K
$150K
$100K
$50K
$0K
0
A total of 37 contracts have closed in the last 6 months with a median sold price of $170,000. Breaking it down, we notice that the $50K - $100K price range contains the highest number of sold listings. Alternatively, a total of 18 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 - $150K price range has the highest number of off-market listings at 7 properties.
Market Dashboard
REAL ESTATE MARKET REPORT
VACANT LAND Wednesday, October 4, 2017
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 230 days.
Windermere Real Estate/Orcas Island
Median Days on Market (DOM)
Sold For Sale
Vacant Land
1600
Updated 10/4/2017, RealMarketReports.com Copyright © Windermere Real Estate/Orcas Island
1400 1200 1000 800 600
Analysis of sold properties for the last six months reveals a median sold price of $170,000 and 93 days on market. Notice that properties in the $250K - $300K price range have sold quickest over the last six months.
400 200
The recent history of sales can be seen in the two charts below. The median sold price for the last 30 days was $350,000 with a DOM of 74 days.
"The median list-to-sales ratio for this area is 87.2%."
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
May
Jul
Real Market Reports www.RealMarketReports.com
Aug
$700K
$650K
$600K
$550K
Median Days on Market (Sold) Vacant Land 400 350 300 250 200 150 100 50 0
Copyright © Windermere Real Estate/Orcas Island Updated 10/4/2017, RealMarketReports.com
Jun
$500K
Analysis of the absorption rate indicates an inventory of 16.9 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 $400K $350K $300K $250K $200K $150K $100K $50K $0K
$450K
$400K
$350K
$300K
$250K
$200K
$150K
$100K
$50K
$0K
0
Sep
Oct
2
Copyright © Windermere Real Estate/Orcas Island Updated 10/4/2017, RealMarketReports.com
May
Jun
Jul
Aug
Sep
Oct
Market Dashboard
REAL ESTATE MARKET REPORT
VACANT LAND Wednesday, October 4, 2017
Windermere Real Estate/Orcas Island
8
MARKET SUMMARY TABLE A = Average Value M = Median Value N/A = Not Available
Price Range
104
Low
High
Num #
$0
$49,999
1
$50,000
$99,999
8
$100,000
$149,999
16
$150,000
$199,999
14
$200,000
$249,999
11
$250,000
$299,999
10
$300,000
$349,999
10
$350,000
$399,999
8
$400,000
$449,999
3
$450,000
$499,999
5
$500,000
$549,999
3
$550,000
$599,999
3
$600,000
$649,999
0
$650,000
$699,999
3
$700,000
+
9
Market Totals
18
PENDING [2]
37
ACTIVE [1]
Days on Market
Current List Price
A
117
$
44,500
M
117
$
44,500
A
573
$
76,625
M
568
$
77,000
A
433
$ 133,184
M
182
$ 136,500
A
405
$ 176,993
M
437
$ 175,000
A
358
$ 230,423
M
127
$ 229,000
A
322
$ 280,600
M
191
$ 282,500
A
353
$ 336,400
M
242
$ 335,000
A
377
$ 380,863
M
208
$ 387,450
A
464
$ 423,333
M
574
$ 425,000
A
372
$ 477,000
M
501
$ 495,000
A
894
$ 516,667
M
444
$ 525,000
A
1140
$ 585,000
M
922
$ 595,000
A
252
$ 665,000
M
152
$ 650,000
A
962
$ 1,091,444
M
574
$ 995,000
104
OFF-MARKET (last 6 mos) [3]
Num #
Pend Ratio
Num #
Num #
0
0
1
9
7
7
2
6
1
5
2
2
2
0
0
4
0
1
0
0
1
0
0
1
0
2
0
0
0
1
1
0
0
0
18
37
0 1
11%
0 2
13%
1
8%
1
9%
0 1
11%
1
25%
1
25%
0 8
7%
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
462
$
95,378
$
84,711
$
74,611
88%
M
93
$
89,000
$
85,000
$
72,500
85%
A
109
$ 138,857
$ 138,857
$ 130,993
94%
M
21
$ 135,000
$ 135,000
$ 133,000
99%
A
601
$ 228,000
$ 199,500
$ 170,000
85%
M
196
$ 192,000
$ 195,000
$ 172,500
88%
A
1443
$ 337,000
$ 239,800
$ 215,000
90%
M
1416
$ 390,000
$ 225,000
$ 220,000
98%
A
4
$ 279,500
$ 279,500
$ 269,000
96%
M
4
$ 279,500
$ 279,500
$ 269,000
96%
A
175
$ 381,250
$ 381,250
$ 362,500
95%
M
96
$ 382,500
$ 382,500
$ 362,500
95%
A
57
$ 439,000
$ 439,000
$ 425,000
97%
M
57
$ 439,000
$ 439,000
$ 425,000
97%
A
317
$ 495,000
$ 495,000
$ 480,000
97%
M
317
$ 495,000
$ 495,000
$ 480,000
97%
A
615
$ 550,000
$ 550,000
$ 515,000
94%
M
615
$ 550,000
$ 550,000
$ 515,000
94%
A
34
$ 600,000
$ 600,000
$ 615,000 103%
M
34
$ 600,000
$ 600,000
$ 615,000 103%
5.3 13.7 14 13.2 30
12 18 30 18
N/A
16.9
Market Averages
479
$ 344,191
472
$ 244,632
$ 224,281
$ 208,282 93%
Market Medians
230
$ 262,500
93
$ 195,000
$ 195,000
$ 170,000 87%
Date Range (Off-Market & Sold) = 04/05/2017 to 10/04/2017 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
Real Market Reports www.RealMarketReports.com
3
Market Summary Table
REAL ESTATE MARKET REPORT
VACANT LAND Wednesday, October 4, 2017
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.
Real Market Reports www.RealMarketReports.com
4
Glossary