VACANT LAND VACANT LAND
Let's take a look
attherealestatemarket.Currently thereis1salependinginthemarket overall,leaving25listingsstillforsale. Theresultingpendingratiois3.8%(1 dividedby26).Soyoumightbe askingyourself,that'sgreat...butwhat exactlydoesitmean?I'mgladyou asked!
Thependingratioindicatesthesupply &demandofthemarket.Specifically, ahighratiomeansthatlistingsarein demandandquicklygoingtocontract. Alternatively,alowratiomeansthere arenotenoughqualifiedbuyersforthe existing supply.
"Current inventory is described as somewhat slow."
Takingacloserlook,wenoticethat thesinglependinglistingisfoundin the $400K - $500K price range.
Wealsonoticethatthe$300K-$400K pricerangehasarelativelylarge inventoryofpropertiesforsaleat7 listings.Themedianlistprice(or askingprice)forallpropertiesinthis market is $479,000.
Atotalof9contractshaveclosedin thelast6monthswithamediansold priceof$302,500.Breakingitdown, we notice that the $400K - $500K price rangecontainsthehighestnumberof sold listings.
Alternatively,atotalof14listingshave failedtosellinthatsameperiodof time.Listingsmayfailtosellformany reasonssuchasbeingpricedtoohigh, havingbeeninadequatelymarketed, thepropertywasinpoorcondition,or perhapstheownerhadsecond thoughtsaboutsellingatthisparticular time.The$300K-$400Kpricerange hasthehighestnumberofoff-market listings at 6 properties.
VACANT
VACANT LAND REAL ESTATE MARKET REPORT
LAND
0 1 2 3 4 5 6 7 8 $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 6 $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 5/5/2024, RealMarketReports.com Copyright © Windermere Real Estate/Orcas Island Updated 5/5/2024, RealMarketReports.com Copyright © Windermere Real Estate/Orcas Island Sunday, May 5, 2024 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 36 days.
Analysisofsoldpropertiesforthelast sixmonthsrevealsamediansold priceof$302,500and40dayson market.Noticethatpropertiesinthe $300K-$400Kpricerangehavesold quickest over the last six months.
Movingon,wecanseetherecent historyofsalesinthetwocharts below.Themediansoldpriceforthe last30dayswas$275,000with462 daysonmarket.Sincetherecent DOMisgreaterthanthemedianDOM forthelast6months,itisanegative indicatorfordemand.Itisalways importanttorealizethatrealestate marketscanfluctuateduetomany factors,includingshiftinginterest rates,theeconomy,orseasonal changes.
"Themedianlist-to-salesratio for this area is 93.1%."
Ratiosaresimplewaystoexpressthe differencebetweentwovaluessuchas listpriceandsoldprice.Inourcase, wetypicallyusethelist-to-saleratioto determinethepercentageofthefinal listpricethatthebuyerultimatelypaid. Itisaverycommonmethodtohelp buyersdecidehowmuchtoofferona property.
Analysisoftheabsorptionrate indicatesaninventoryof16.7months basedonthelast6monthsofsales. Thisestimateisoftenusedto determinehowlongitwouldtaketo selloffthecurrentinventoryof propertiesifallconditionsremained thesame.Itissignificanttomention thatthisestimatedoesnottakeinto considerationanyadditionalproperties thatwillcomeontothemarketinthe future.
VACANT LAND VACANT LAND REAL ESTATE MARKET REPORT
VACANT LAND VACANT LAND
0 100 200 300 400 500 600 700 $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 $450K DecJanFebMarAprMay 0 100 200 300 400 500 DecJanFebMarAprMay
Vacant Land
Median Days on Market (DOM)
Vacant Land
Median Days on Market (Sold)
Vacant Land
2 Real Market Reports www.RealMarketReports.com Updated 5/5/2024, RealMarketReports.com Copyright © Windermere Real Estate/Orcas Island Copyright © Windermere Real Estate/Orcas Island Updated 5/5/2024, RealMarketReports.com Copyright © Windermere Real Estate/Orcas Island Updated 5/5/2024, RealMarketReports.com Sunday, May 5, 2024 Market Dashboard Windermere Real Estate/Orcas Island
Median Sold Prices
Sunday, May 5, 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 Date Range (Off-Market & Sold) = 11/05/2023 to 05/05/2024 Data believed to be accurate but not guaranteed. 4 3 12 21 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 $302,50093% $297,27889% MarketMedians 36479,000 $ 40335,000 $ $325,000 149 MarketAverages 156495,396 $ MarketTotals 2514% 101339,333 $ $332,222 0 00 $1,400,000+ 0 151,350,000 $ 0 $1,350,000 00 $1,300,000$1,399,999 1 15 0 00 $1,200,000$1,299,999 0 0 00 $1,100,000$1,199,999 0 0 00 $1,000,000$1,099,999 0 0 00 $900,000$999,999 0 0 00 $800,000$899,999 0 205767,500 $ 0 135657,000 $ 0 $566,250 0 32575,000 $ 76662,000 $ 0 115 2 $308,750 95% $479,000 1 33% $347,129 0 6 $400,000$499,999 2 650 $335,000 $300,000$399,999 7 31 27 0 3 107% $250,000 294250,000 $ $222,500237,500 $ 107% $200,000$299,999 4 236 Price Range Num # $100,000$199,999 1 20199,000 $ 0 Days on Market Current List Price A = Average Value M = Median Value N/A = Not Available 25 ACTIVE [1] ListSale Ratio Est. Mos. LowHigh 14 OFF-MARKET (last 6 mos) [3] ABSORPTION RATE (months of inventory) Num # Num # Num # 9 SOLD/CLOSED (last 6 months) [4] Days on Market Original List Price Final List Price Sold/ Closed Price MARKET SUMMARY TABLE 1 PENDING [2] $0$99,999 0 Pend Ratio 000 111292,000 $ $287,500156,500 $ 54% $292,000287,500 $ $156,500 54% 20199,000 $ 111 2 294 290260,000 $ 12 $255,000 $222,500237,500 $ 14325,000 $ $325,000308,750 $ 95% $325,000325,000 $ 25425,000 $ $440,000 14 $425,000425,000 $ 100% 3 22 650479,000 $ 1 $423,333 96% $440,000 0 1 $767,500 $700,000$799,999 2 205 $500,000$599,999 4 $600,000$699,999 4 16.7 0 1 1 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
Real Market Reports www.RealMarketReports.com 4
2024 Glossary Windermere Real Estate/Orcas Island
Sunday, May 5,
