Windermere Methow Valley Real Estate 2018 Market Report

METHOW VALLEY REAL ESTATE

MARKET REPORT

YEAR END

2018

Windermere Real Estate Methow Valley THE VALLEY’S LARGEST REAL ESTATE COMPANY

As the largest and most dynamic real estate company, Windermere Real Estate/Methow Valley provides marketing and services that honor this remarkable destination. We are committed to being the leading real estate brand in Okanogan County. By staying on top of market trends and continually striving to offer cutting edge marketing and advertising services we deliver extraordinary experiences to clients and exceed their expectations.

As a market leader in the Methow Valley, we believe the success of our company is based on the value that we provide for our clients, community and agents. It is the value driven philosophy that has helped guide the successful growth of our organization. There is no real estate company that provides more exposure for listings or more choices for buyers.

COVER PHOTO BEAR CREEK ESTATE ON 20 ACRES Picturesque mtn. views, custom contemporary 3 BD, 3 BA, 2,414 sq. ft., master suite, patio/screened porch, clear fir details, concrete counters, radiant floors, attached garage, 3rd guest suite. One of a kind! $925,000 windermere.com/mls/1377519

MARKET HIGHLIGHTS

SALES DISTRIBUTION BY SEGMENT

261

55%

COMMERCIAL/BUSINESS OPP.

3%

141

SINGLE FAMILY TRANSACTIONS

SALES DISTRIBUTION BY PRICE UNDER $100K

22%

$100K – $200K

18%

VACANT LAND TRANSACTIONS

41% 12%

HIGHEST HOME SALE $3,830,000 *List Price LOWEST HOME SALE $98,000 *List Price

SINGLE FAMILY

VACANT LAND

42%

TOTAL TRANSACTIONS

112

2018 YEAR END

$200K – $400K

$400K – $600K

7%

$600K+

2018 VACANT LAND In comparison to last year, the number of land

sales increased 32%. Nonetheless, average and median sales prices soared, up 26% and 47% respectively. Most transactions occurred in the $0 to $100,000 segment, making up about 47% of sales. Only 39% of sales were in the $100,000 to $200,000 segment and 17% were over $200,000. Once again, inventory continues to decrease, down 28%.

# of Transactions 112 Total Dollar Volume Minimum Price Sold $19,000 Maximum Price Sold $600,000 Average Sale Price $133,089 Median Sale Price $110,000 Average Days on the Market 343 # Pending Transactions 2019 11 Inventory 2019 100

*The statistics used in this report are from the Northwest Multiple Listing Service (NWMLS). * This report does not go into detail on every segment of the market, but is intended to offer an overview of general market conditions. *All statistics are supplied by sources that have been deemed reliable but are not guaranteed. *Statistics are cumulative.

32% 66% *List Price *List Price

26% 47% 19% 83% -24%

2018 YEAR END 261 $295,803

AVERAGE SALE PRICE 10% increase compared to 2017

-22%

TOTAL NUMBER OF TRANSACTIONS 17% increase compared to 2017

$240,000

MEDIAN SALE PRICE 9% increase compared to 2017

DECREASE IN INVENTORY

THE MARKET REPORT The real estate market in the Methow Valley continues strong with 17%

more sales and a 9% increase in the median sale price compared to 2017. Rising SOLD l 328 Acres l List Price: $3,830,000

prices have caused supply of properties under $200,000 to dwindle, which is apparent in the 22% decrease in inventory.

The majority of transactions took place in the $200,000

to $400,000 segment, accounting for 41% of the

sales for 2018. This segment also had the largest increase

in transactions up 27% compared to a year ago. Mazama continues its reign with the most

by far.

sales of any area,

Lower inventory has contributed to the 5% decrease

in the average amount of days a property is on the market.

# of Transactions 141 Total Dollar Volume Minimum Price Sold $98,000 Maximum Price Sold $3,830,000 Average Sale Price $421,663 Median Sale Price $325,000 Average Days on the Market 154 # Pending Transactions 2019 11 Inventory 2019 56

6% 28% *List Price *List Price

21% 3% -7% 57% 10%

2018 LUXURY PROPERTIES 2018 has been a remarkable year for luxury properties in the Methow Valley. The number of transactions sold over $1 million increased 600% compared to last year. For the first time ever, there were six transactions above $1 million; most of these sales were riverfront and occurred in various neighborhoods throughout the valley. The highest sale for 2018 was the historical Wagner Ranch along the Chewuch River. Consisting of 328 acres, 1.5 miles of riverfront, two residences, equestrian facilities, and several developable parcels. *Listed and sold through Windermere Real Estate.

2018 SINGLE FAMILY The single family home segment of the Methow Valley’s real estate market was tremendous in 2018. The number of transactions increased 6% with average and median sales prices increasing 21% and 3%, respectively. The town of Mazama, where the majority of the home sales occurred experienced a 20%

jump in average sale price. Most of the single

family home sales occurred in the $200,0000-$400,000 segment, however, about 32% of single family homes sold for over $400,000. Single family inventory remains steady with the same number of homes available as last year; 68 homes on the market at year end. The average number of days on the market decreased 7%.

THINKING OF SELLING?

313 E. Hwy 20, Box 1088 Twisp, WA 98856 509-997-6562 methow@windermere.com WindermereMethow.com

WOULD YOU LIKE TO KNOW THE VALUE OF YOUR PROPERTY?

The market is changing constantly. If you have been thinking of selling, contact us to discuss what your property is worth today.

Visit Us Online:

WindermereMethow.com Work with

Windermere

Our Locations

help support your community

313 E. Methow Valley Hwy. PO Box 1088 Twisp, WA 98856 (509) 997-6562 42 Lost River Rd. Mazama, WA 98862 (509) 996-6562

Windermere Community Service Day, June 2018

www.WindermereMethow.com | (509) 997-6562 | methow@windermere.com

540 Riverside Ave. PO Box 3817 Omak, WA 98841 (509) 826-5906