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.
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