MARKETREPORT Overview of the OKANOGAN Valley Real Estate Market | 2015
R E A L E S TAT E Omak-Okanogan
OKANOGAN Valley’s premier real estate Company
Quick Facts
Okanogan Valley Real Estate Market Report 2015
344
Total Number of Transactions 2015
9%
Decrease in Inventory
Increase from 2014
AVERAGE SALE PRICE
4%
14 % 3%
Total Dollar Volume Increased
MEDIAN SALE PRICE
3%
34%
increase in sales $100K-$200K
66%
decrease in sales over $400K
INTRODUCTION On behalf of our team of dedicated professionals at Windermere Real Estate/Omak-Okanogan, we are pleased to present the 2015 market report for the Okanogan Valley area.
MARKET OVERVIEW BY SEGMENT Single Family Home Segment Northwest Multiple Listing Service reported $39,420,635 total sales during 2015, outgaining the prior year’s volume of $38,125,368 (2014) in total transactions for a 3% increase. Measured by dollars, last year’s sales of single family homes were valued at more than $33 million. Compared to 2014, that dollar volume represents a gain of over 10%. Last year’s completed sales included 234 single family homes. The area-wide median price for last year’s sales of single family homes was $131,000, improving on the previous year’s figure of $127,100 in 2014, (up 3%). The single family segment of the market remained healthy with notable gains when compared to this time last year. The number of transactions increased over 14%. The majority of single family home transactions were in the $140,000-$160,000 price range, a 61% increase. The area with the most single family home transactions was Omak. The average sale price for this area was $156,928. The shortage of inventory varied greatly by area and price range, however, single family inventory decreased 14% compared to a year ago. Brokers scrambled to replenish inventory throughout 2015. The market appears to be positioned for continued growth throughout 2016.
www.windermereomak.com | (509) 826-5906 | 540 Riverside Ave., Omak, WA 98841
Vacant Land Segment The vacant land segment of the market shows a decrease in sales. The MLS reported $4,345,724 closed sales during 2015 decreasing from the prior year’s volume of $5,458,075 (2014) transactions for a 20% decrease. Total vacant land sales consisted of 96 transactions, consisting of 68 sales $0 - $50,000, 22 sales $50,000-$100,000 and 6 sales $100,000-$200,000. The average days on market was 284 days. The area with the most vacant land sales was Aeneas Valley. The average price for this area was $27,100.
SALES DISTRIBUTION BY TYPE Farm & Ranch
1%
SALES DISTRIBUTION BY PRICE Over $600K
Farm & Ranch
1%
0%
$200K-$400K
$200K-$400K Residential
Vacant Land
32%
Multi-Family
1%
28%
64%
Commercial
$100K-$200K
30%
Multi-Family
2%
1%
2014
Under $100K
68%
Vacant Land
Residential
14%
15%
Commercial
3%
2015
$400K-$600K
2%
2014
53%
$100K-$200K
Under $100K
49%
36%
$400K-$600K
1%
2015
LUXURY MARKET SPOTLIGHT The luxury segment of the market decreased during this past year. Sales reported 2 transactions of single family homes priced at $400,000 or more, down 66% from the 2014 total of 6 luxury sales. Omak’s highestpriced single family home that sold in 2015 was $410,000. Record Home Sale (2006):
$1.7M
Average Sale Price Above $400K:
$539,578
Number of Home Sales Above $400K: 58 SOLD l 677797 l List Price: $445,000 * The statistics used in this report are from the Northwest Multiple Listing Service (MLS). *This report does not go into detail on every segment of the market, but is intended to offer an overview of the general market conditions. Statistics are cumulative. *All statistics are supplied by sources that have been deemed reliable but are not guaranteed.
www.windermereomak.com | (509) 826-5906 | 540 Riverside Ave., Omak, WA 98841
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7/9/15
11:33 PM
Windermere Real Estate / Omak-Okanogan Page 1
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R E A L E S TAT E 540 Riverside Ave.,20, Box 3817 313 E. Hwy Box 1088 WA 98856 Omak,Twisp, WA 98841 Phone:509.997.6562 509-826-5906 www.WindermereMethow.com email: omak@windermere.com email: methow@windermere.com www.WindermereOmak.com
Twisp, WA PERMIT NO. 10
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