MARKETREPORT Overview of the Methow Valley Real Estate Market | 2016
R E A L E S TAT E Methow Valley’s premier real estate Company
MARKET HIGHLIGHTS
YEAR-END 2016 OVERALL MARKET
18%
246
TRANSACTIONS 2016
122
INCREASE FROM 2015
TOTAL DOLLAR VOLUME
37%
114
SINGLE FAMILY TRANSACTIONS
282
VACANT LAND TRANSACTIONS
5%
SINGLE FAMILY/CONDO INVENTORY
AVG DAYS ON MARKET
HIGHEST HOME SALE LOWEST HOME SALE
$3,325,000 $81,500
AVERAGE SALE PRICE
MEDIAN SALE PRICE
SINGLE FAMILY CONDO
SINGLE FAMILY CONDO
25%
8%
TOTAL TRANSACTIONS
8%
$200K – $400K
SINGLE FAMILY
56%
OVER $600K
INTRODUCTION On behalf of our team of dedicated professionals at Windermere Real Estate/Methow Valley, we are pleased to present this market report for the 2016 year-end. In this report you will find information on the market segments making up the Methow Valley area. As a market leader we have developed a more dynamic report that sheds fresh light on the insights and trends that are shaping our real estate market. 2016 was a big year for the Methow Valley real estate market. Average and median home sale prices increased and sold at an average of 282 days on market.
MARKET OVERVIEW BY SEGMENT
Single Family, Condominium & Townhome Segment Northwest Multiple Listing Service reported $62,200,116 total sales during 2016, outgaining the prior year’s volume of $45,221,817 (2015) in total transactions for a 37% increase. Measured by dollars, last year’s sales of single family homes and condominiums/townhouses were valued at more than $45 million. Compared to 2015, that dollar volume represents a gain of nearly 22%. Last year’s completed sales included 122 single family homes and 3 condominiums/townhouses. The area-wide median price for last year’s sales of single family homes, condominiums, and townhouses was $270,000, improving on the previous year’s figure of $250,000 in 2015, (up nearly 8%). The overall market trends continued strong in 2016. The average and median sales prices increased with a 25% and 8% gain respectively. The majority of transactions took place in the $200,000 - $250,000 price range. The area with the most single family home transactions was Twisp. The average sales price for this area was $202,890. The shortage of inventory varied greatly by area and price range, however, single family inventory is up 5% compared to a year ago. Brokers continued to replenish inventory throughout 2016. The market appears to be positioned for continued growth throughout 2017.
WindermereMethow.com | (509) 997-6562 | 313 East HWY 20, Twisp, WA 98856
Vacant Land Segment The vacant land segment of the market shows a 39% gain. The MLS reported $10,839,048 in closed sales during 2016 outgaining the prior year’s volume of $7,655,300 (2015). Total vacant land sales consisted of 114 transactions, consisting of 74 sales $0 - $99,000, 27 sales $100,000-$199,000 and 13 sales $200,000-$400,000. The average days on market was 432 days. The area with the most vacant land sales was Mazama, the average price for this area was $94,518.
SALES DISTRIBUTED BY SEGMENT
SALES DISTRIBUTED BY PRICE
SINGLE FAMILY
50%
VACANT LAND
46%
31%
1%
CONDO/TOWNHOME
1%
FARM & RANCH
$100K – $200K
22%
COMMERCIAL
2%
UNDER $100K
32% 9% 6%
$200K – $400K
$400K – $600K
OVER $600K
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 14 transactions of single family homes priced at $600,000 or more, up 56% from the 2015 total of 9 luxury sales. Luxury inventory increased significantly, about 35%. The highest sale of the year was a single family home/ranch in Twisp and was marketed and sold by Windermere Real Estate/Methow Valley. Average Sale Price Above $600K:
$947,000
Highest Home Sale (2016):
$3.325M
Total Home Sales Above $600K:
62
SOLD l 881806 l List Price: $3,900,000
* 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.
WindermereMethow.com | (509) 997-6562 | 313 East HWY 20, Twisp, WA 98856
313 E. Hwy 20, Box 1088 Twisp, WA 98856 Phone: 509-997-6562 email: methow@windermere.com www.WindermereMethow.com
Thinking of Selling?
Here’s the Reason to List Your Property with Windermere Real Estate / Methow Valley
F T I S AC A
TI
GU
A
RA
D
ON
S
JUST SOLD...
NTEE
Why Windermere Real Estate? SERVICE: Knowledgeable in all markets; residential, commercial, investment properties, resort and recreation, ranches and conservation easements. EXPERIENCE: Over 180 years of collective local knowledge in the Methow Valley. RESULTS: WRE has participated in the successful listing and/or sale of over 286 properties in the last three years, Windermere Real Estate is Methow Valley’s “top producers”. MARKET DOMINANCE: We have an extensive on-line advertising campaign and naturally rank in the top for popularity. As Windermere Real Estate, our clients benefit from the marketing strength of the Windermere brand which is the largest marketing network of any independent real estate brokerage.
What’s the Value of Your Property?
Call us to discuss what your property is worth today.
VISIT OUR WEBSITE: www.WindermereMethow.com (509) 997-6562
Our website is specifically designed to work across all your devices.