Windermere Real Estate/Methow Valley
MARKET REPORT
(509) 997-6562 TWISP (509) 996-6562 MAZAMA WINDERMEREMETHOW.COM
YEAR END
2021
TOTAL MARKET HIGHLIGHTS
Welcome to our End-of-Year Market Report On behalf of our team of dedicated professionals at Windermere Real Estate/Methow Valley, we are pleased to present our comprehensive Market Report for 2021. Our market report accounts for sales in our market, providing a comprehensive overview and deeper insight in to the market. As the #1 Brokerage in the Valley in transaction volume we monitor real estate data daily, closely watching trends that shape our real estate market. Our goal is to empower our clients with the most up-to-date information as they navigate Methow Valley real estate opportunities. Experience the Windermere difference by working with the Methow Valley’s truly local, leading real estate experts. We are a team of trusted advisors working collaboratively to leverage our collective knowledge and expertise to deliver fundamentally different service. For us, nothing matters more than creating a legacy of excellence that honors and celebrates our people and the exceptional place we call home. Please do not hesitate to contact our experienced team of professionals for more information specific to your area.
TOTAL SALES BY SEGMENT
248
2
54%
COMMERCIAL
TOTAL # OF SALES
COMMERCIAL/BUSINESS OPP.
1%
113
VACANT LAND
45%
133
SINGLE FAMILY
TOTAL SALES BY AREA
of sales in 2021 are down 21% while the median sales price went up 39%. Pending listings are significantly down, if this trend continues it will result in fewer transactions in 2022. Total sales included 248
transactions producing $222M in total dollar volume. Overall active listings at the time of this report are down 18%, confirming the lack of available inventory and increased demand will continue into 2022.
WINTHROP
38%
TWISP
24%
The Methow Valley Market
According to the data collected from the Northwest Multiple Listing Service (MLS) along with proprietary off-market data, the overall Total Sales Volume for 2021 increased 12% over last year, and 59% over 2019. The number
MAZAMA
22%
VACANT LAND
The year-end numbers are IN and they clearly illustrate that the Methow Valley real estate market was in no position to slow down in 2021. The Methow Valley simply has the desirable lifestyle attributes of freedom, recreation and open space that continues to draw attention and interest.
SINGLE FAMILY
CARLTON
5%
METHOW
11%
CURRENT MLS INVENTORY
10
ACTIVE SINGLE FAMILY HOMES
18
ACTIVE VACANT LAND
5
ACTIVE COMMERCIAL
*Cover | List Price: $2,500,000 | Mazama *All statistics are supplied by sources that have been deemed reliable but are not guaranteed. The statistics used in this report are from the Northwest Multiple Listing Service (NWMLS). *Statistics are cumulative. This report does not go into detail on every segment of the market, but is intended to offer an overview of general market conditions.
2021 YEAR END 2019 Data
DECREASE IN INVENTORY
Not surprisingly, the luxury segment continues to grow. The “Luxury” segment of the market increased 107%. This includes properties selling above $800K, where last year it was $600K. This year’s average luxury sales price was $1,252,000. While sales over the $1M were a rarity only a few years ago, in the last 2 years there have been 19 reported. Historically, a luxury listing would take years to find the right buyer, now the days on market have reduced significantly, an average of 71 days. With such an active market and significantly low interest rates, most buyers are still paying cash to stay competitive and financing post-closing.
$6M $4M
Dec
Nov
Oct
$0
Sep
$2M
Aug
49% 42% -56% -56% -37%
2021 LUXURY PROPERTIES
$8M
Jun
*List Price
$10M
May
*List Price
$12M
Apr
-37%
-23% 14%
$14M
Mar
# of Transactions 113 Total Dollar Volume Minimum Price Sold $30,000 Maximum Price Sold $1,850,000 Average Sale Price $212,290 Median Sale Price $163,000 Average Days on the Market 97 2021 # Pending Transactions 4 Current Inventory 18
SOLD l List Price: $3,600,000
$16M
Feb
single-family homes availability, building becomes the only viable option driving up the Vacant Land sales. With land parcels becoming scarcer, the average price rose 49% in 2021 vs. 2020. This trend may continue with only small and lower priced lots available. Larger lots are predicted to continue to appreciate at a rapid pace. Total land transactions decreased 23% compared to 2020. 29% of the sales occurred between $0-$100K, 38% of sales were $100K - $200K and 33% were $200K-$400K.
2021 Data
$18M
Jan
Vacant land inventory is down 37% from this time last year. With significant lack of
2020 Data
Jul
2021 VACANT LAND
Sales Volume 2019 to 2021
2021 SINGLE FAMILY Single Family Home prices continue to rise, Year-Over-Year 2021 vs. 2020, setting another
* The highest priced home sale was located on East Chewuch Road, Winthrop, WA, listed and marketed by Windermere Real Estate/ Methow Valley.
-33%
DECREASE IN INVENTORY
all-time record. Total dollar volume in the Single Family Home segment is up 18%. With limited inventory it is not surprising that the average sales price increased. This year concluded with a notable 40% increase in the average sales price and 16% decrease in the number of homes sold. The majority of home sales sold occurred in the $400K - $600K segment and 23% of home sales were above $800K, increasing the median price
to $525,000. Inventory is still trending down, limiting buyer choices.
# of Transactions 133 Total Dollar Volume Minimum Price Sold $110,000 Maximum Price Sold $3,600,000 Average Sale Price $646,848 Median Sale Price $525,000 Average Days on the Market 49 2020 # Pending Transactions 5 Current Inventory 10
-16% 18% *List Price *List Price
40% 25% -30% -44% -33%
Windermere Real Estate – The Methow Valley’s leading real estate company – WindermereMethow.com
313 E. Hwy 20, Box 1088 Twisp, WA 98856 509-997-6562 methowinfo@windermere.com WindermereMethow.com
THINKING OF SELLING YOUR HOME? NOW IS A GOOD TIME TO SELL! 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.
The Methow Valley’s Leading Real Estate Company
Let the power of Windermere Real Estate and the latest online technology work for you to get your home sold quickly.
INVENTORY STORY The Methow Valley will always have a high
demand for real estate and chronic lack of inventory. While the supply of real
Our Locations
-18%
DECREASE IN INVENTORY
estate becomes scarcer with each passing year, the interest in calling the Methow “home” inherently continue to rise. The growing demand is enhanced by the natural beauty, tax-friendly climate, casual Western ambiance and superb year-round recreational lifestyle.
313 E. Methow Valley Hwy. PO Box 1088 Twisp, WA 98856 (509) 997-6562 methowinfo@windermere.com WindermereMethow.com 42 Lost River Rd. Mazama, WA 98862 (509) 996-6562
Properties for sale January 2022, is 33 listings, inventory is down 18% compared to last year at 40 listings, and 64% fewer properties for sale now, than 5 years ago.
R E A L E S TAT E
(509) 997-6562
WINDERMEREMETHOW.COM