Windermere Methow Valley Real Estate 2017 Market Report

YEAR-END METHOW VALLEY REAL ESTATE / MARKET REPORT

R E A L E S TAT E

The Market Report Persistent demand and lean supply drove

prices upward in 2017. Even though the number of transactions remained steady, median prices of single family homes

increased by 17%. The upper Methow

Valley saw a slight decrease compared to last year due to low inventory. Properties in the $200,000 to $400,000 price range were the most

popular representing about

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.

38% of total transactions.

As a market leader in the Methow Valley, we believe the success of our

Active listings declined -26% compared

agents. It is this value driven philosophy that has helped guide the successful

to last year which caused an even more competitive environment for buyers. With 59 properties under contract in 2018, the start to the new year is expected to follow much of the same pattern of 2017.

COVER PHOTO A MAGNIFICENT ESTATE NESTLED ON 40 ACRES unparalleled privacy, breathtaking views, lodge style, log timbers, impressive fireplace, custom stone and cherry finishes, extensive patios. A feel of grandeur. windermere.com/mls/977653

company is based on the value that we provide for our clients, community and growth of our organization. There is no real estate company that provides more exposure for listings or more choices for buyers.

Windermere Real Estate/Methow Valley represented and closed the most expensive residential transaction in 2017.

Sale Price: $950,000 l 1021454

*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.

2017 YEAR-END

MARKET HIGHLIGHTS

HIGHEST HOME SALE

$950,000 LOWEST HOME SALE

$30,000 -4%

AVERAGE HOME SALE PRICE

-26%

DECREASE IN INVENTORY

224

85

VACANT LAND TRANSACTIONS

133

TRANSACTIONS 2017

SINGLE FAMILY TRANSACTIONS

205

AVG DAYS ON MARKET

OVERALL MARKET 2017 was a strong year for the Methow Valley real estate market. The Northwest Multiple Listing Service reported $60,483,076 in total sales during 2017, a -3% decrease in the prior year’s total dollar volume of $62,200,116, (2016).

Overall there were 224 transactions in 2017, compared to 246 in 2016, a -9% decrease. The total number of transactions between $200k-$400k increased 5% and properties sold at an average of 205 days on market (77 days faster), compared to 282 days on market in 2016.

SINGLE FAMILY

17%

MEDIAN HOME SALE PRICE

-3%

TOTAL DOLLAR VOLUME

-9%

TOTAL TRANSACTIONS

Measured by dollars, last year’s sales of single family homes were valued at more than $46 million. Compared to 2016, that dollar volume represents a gain of 2.6%. Last year’s completed sales included 133 single family homes. The areawide median price for last year’s sales of single family homes was $317,000, improving on the previous year’s figure of $270,000 in 2016, (up over 17%).

The average single family sales price decreased -4% to $349,702. The majority of single family home transactions were in the $200,000-$250,000 price range, (about 19.55%). The area with the most single family home transactions was Mazama, and the average sale price for this area was $489,000. The shortage of inventory varied greatly by area and price range, however, single family inventory decreased -26% compared to a year ago.

VACANT LAND Measured by dollars, last year’s Vacant land sales in the Methow Valley slowed in 2017. The MLS reported $8,962,725 in closed sales during 2017 falling from the prior year’s volume of $10,839,048, for a total decrease of -17%. Total vacant land sales consisted of 85 transactions, a decrease from 114 sales in 2016. Sales consisted of 53 sales $0 - $99,000, 20 sales $100,000-$199,000 and 12 sales $200,000-$399,000. Most notably the average days on market was 287 days, compared to 432 days in 2016, representing a 33% decrease of days on market. The area with the most vacant land sales was Mazama, and the average price for this area was $111,396.

LUXURY PROPERTIES The luxury segment of the market remained steady this year with 14 sales recorded at a sales price of $600,000 or more.

Luxury inventory decreased significantly since 2016, approximately 35%. For the fourth consecutive year the highest single family home sale was sold by Windermere Real Estate/Methow Valley. This year the highest sale was a riverfront single family home in Mazama, at a sales price of $950,000.

SELLERS

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

THINKING OF SELLING?

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.

SELL QUICKER AND FOR MORE MONEY WHO YOU WORK WITH MATTERS! They Sell Quicker

They Sell More

They Are More They Are Experienced Sophisticated Marketers WHY WINDERMERE REAL ESTATE? 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. RESULTS: WRE has participated in the successful listing and/or sale of over 380 properties in the last three years, Windermere Real Estate is Methow Valley’s “top producers”. EXPERIENCE: Over 186 years of collective local knowledge in the Methow Valley. SERVICE: Knowledgeable in all markets; residential, commercial, investment properties, resort and recreation, ranches and conservation easements.

PROVIDES

OBJECTIVE, ACCURATE & PERSONALIZED ADVICE VISIT THE ALL NEW

www.WindermereMethow.com

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

Our Locations 313 E. Methow Valley Hwy. PO Box 1088 Twisp, WA 98856 (509) 997-6562 42 Lost River Rd. Mazama, WA 98862 (509) 996-6562 540 Riverside Ave. PO Box 3817 Omak, WA 98841 (509) 826-5906