Methow Valley Real Estate 2015 Market Report

MARKETREPORT Overview of the Methow Valley Real Estate Market | 2015

R E A L E S TAT E Methow Valley’s premier real estate Company

Quick Facts

Methow Valley Real Estate Market Report 2015

208

Total Number of Transactions 2015

16%

Decrease in Inventory

Increase from 2014

AVERAGE SALE PRICE

15%

14 % 34%

Total Dollar Volume Increased

MEDIAN SALE PRICE

12%

54%

increase in sales $200K-$400K

80%

increase in sales over $600K

INTRODUCTION On behalf of our team of dedicated professionals at Windermere Real Estate/Methow Valley, we are pleased to present the 2015 market report for the Methow Valley area.

MARKET OVERVIEW BY SEGMENT Single Family, Condominium & Townhome Segment Northwest Multiple Listing Service reported $45,221,817 total sales during 2015, outgaining the prior year’s volume of $33,778,788 (2014) in total transactions for a 34% increase.

Measured by dollars, last year’s sales of single family homes and condominiums/townhouses were valued at more than $37 million. Compared to 2014, that dollar volume represents a gain of nearly 52%.

Last year’s completed sales included 124 single family homes and 4 Condominiums/townhouses. The area-wide median price for last year’s sales of single family homes, condominiums, and townhouses was $250,000, improving on the previous year’s figure of $223,000 in 2014, (up nearly 12%).

The single family segment of the market remained healthy with notable gains when compared to this time last year. The number of transactions increased nearly 41%. The majority of single family home transactions were in the $200,000-$250,000 price range, an increase of 19%. The area with the most single family home transactions was Mazama. The average sale price for this area was $496,000.

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.windermeremethow.com | (509) 997-6562 | 313 East HWY 20, Twisp, WA 98856

Vacant Land Segment The vacant land segment of the market shows a small gain. The MLS reported $7,655,300 closed sales during 2015 outgaining the prior year’s volume of $7,438,338 (2014) transactions for a 2.9% increase. Total vacant land sales consisted of 79 transactions, consisting of 52 sales $0 - $99,000, 19 sales $100,000-$199,000 and 8 sales $200,000$500,000. The average days on market was 320 days. The area with the most vacant land sales was Mazama. The average price for this area was $135,158.

SALES DISTRIBUTION BY TYPE Condo/Townhome

Condo/Townhome

2%

Vacant Land

2%

Residential

45%

SALES DISTRIBUTION BY PRICE

Vacant Land

49%

$400K-$600K

$400K-$600K

4%

Residential

38%

60%

$200K-$400K

7%

Under $100K

Under $100K

27%

36%

27%

$200K-$400K

36%

$100K-$200K

26%

$100K-$200K

30%

Commercial Commercial

0%

Over $600K

Over $600K

3%

4%

2014

2015

4%

2014

2015

LUXURY MARKET SPOTLIGHT The luxury segment of the market surged during this past year with an increase in the number of luxury transactions. Sales reported 9 transactions of single family homes priced at $600,000 or more, up 80% from the 2014 total of 5 luxury sales. Most notably was the increase in transactions over $600,000, which doubled when compared to this time last year. The highestpriced single family home that sold in 2015 was located in Mazama, sale price $865,000.

Record Home Sale (2014):

$2.6M

Average Sale Price Above $600K:

$866,000

Number of Home Sales Above $600K: 48

SOLD l 55037 l List Price: $939,000

* 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.windermeremethow.com | (509) 997-6562 | 313 East HWY 20, Twisp, WA 98856

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7/9/15

Windermere Real Estate / Methow Valley

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R E A L E S TAT E 313 E.313 HwyE.20, Box20, 1088 Hwy Box 1088 WA 98856 Twisp, Twisp, WA 98856 Phone:509.997.6562 509-997-6562 www.WindermereMethow.com email: methow@windermere.com email: methow@windermere.com www.WindermereMethow.com

Twisp, WA PERMIT NO. 10

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