Methow Valley Real Estate 2015 Omak Market Report

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

Thinking of Selling? Here’s the Reason to List Your Property with 008MEVA0715

7/9/15

11:33 PM

Windermere Real Estate / Omak-Okanogan Page 1

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SERVICE: Knowledgeable in all markets; residential,

commercial, investment properties, resort and recreation, ranches and conservation easements. EXPERIENCE: Over 175 years of collective local knowledge in the Okanogan Valley. RESULTS: WRE has participated in the successful listing and/or sale of over 100

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As Windermere Real Estate, our clients benefit from the marketing strength of the Windermere

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PAID

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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