Windermere Omak/Okanogan Real Estate 2016 Omak Market Report

MARKETREPORT Overview of the OKANOGAN Valley Real Estate Market | 2016

R E A L E S TAT E OKANOGAN Valley’s premier real estate Company

MARKET HIGHLIGHTS

YEAR-END 2016 OVERALL MARKET

15%

394

INCREASE FROM 2015

TRANSACTIONS 2016

266

TOTAL DOLLAR VOLUME

32%

120

SINGLE FAMILY TRANSACTIONS

199

VACANT LAND TRANSACTIONS

22%

DECREASE IN SINGLE FAMILY/CONDO INVENTORY

AVG DAYS ON MARKET

HIGHEST HOME SALE LOWEST HOME SALE

$720,000 $32,000

AVERAGE SALE PRICE

MEDIAN SALE PRICE

SINGLE FAMILY CONDO

SINGLE FAMILY CONDO

17%

15%

TOTAL TRANSACTIONS

7%

$100K – $200K

SINGLE FAMILY

150% OVER $400K

INTRODUCTION On behalf of our team of dedicated professionals at Windermere Real Estate/Omak-Okanogan, 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 Okanogan 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 Okanogan Valley real estate market. Average and median home sale prices increased and sold at an average of 199 days on market.

MARKET OVERVIEW BY SEGMENT

Single Family, Condominium & Townhome Segment Northwest Multiple Listing Service reported $52,092,112 total sales during 2016, outgaining the prior year’s volume of $39,420,635 (2015) in total transactions for a 32% increase.

Measured by dollars, last year’s sales of single family homes and condominiums/townhouses were valued at more than $44 million. Compared to 2015, that dollar volume represents a gain of nearly 33%.

Last year’s completed sales included 266 single family homes. The area-wide median price for last year’s sales of single family homes was $150,000, improving on the previous year’s figure of $131,000 in 2015 (up 15%).

The overall market trends continued strong in 2016. The average and median sales prices increased with a 17% and 15% gain respectively. The majority of transactions took place in the $140,000 - $160,000 price range. The area with the most single family home transactions was Omak. The average sales price for this area was $158,253.

The shortage of inventory varied greatly by area and price range, however, single family inventory decreased 22% compared to a year ago. Brokers continued to replenish inventory throughout 2016. The market appears to be positioned for continued growth throughout 2017.

WindermereOmak.com | (509) 826-5906 | 540 Riverside Ave., Omak, WA 98841

Vacant Land Segment The vacant land segment of the market shows a 16% gain. The MLS reported $5,027,400 in closed sales during 2016 outgaining the prior year’s volume of $4,345,724 (2015). Total vacant land sales consisted of 120 transactions, consisting of 93 sales $0 - $50,000, 20 sales $50,000-$100,000, 6 sales $100,000-$200,000, and one sale for $425,000. The average days on market was 291 days. The area with the most vacant land sales was Aeneas Valley, the average price for this area was $49,156.

SALES DISTRIBUTED BY SEGMENT

68% 30%

SALES DISTRIBUTED BY PRICE

SINGLE FAMILY

44%

VACANT LAND

1%

COMMERCIAL

1%

MULTI-FAMILY

34% 19%

UNDER $100K

$100K – $200K

$200K – $400K

2%

$400K – $600K

1%

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 5 transactions of single family homes priced at $400,000 or more, up 150% from the 2015 total of 2 luxury sales. Luxury inventory increased significantly, about 42%. The highest sale in Omak was a single family home marketed and sold by Windermere Real Estate/ Omak-Okanogan.

Average Sale Price Above $400K:

$513,700

Highest Home Sale (2006):

$1.7M

Total Home Sales Above $400K:

64

SOLD l 883324 l List Price: $440,000

* 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.

WindermereOmak.com | (509) 826-5906 | 540 Riverside Ave., Omak, WA 98841

540 Riverside Ave., Box 3817 Omak, WA 98841 Phone: 509-826-5906 email: omak@windermere.com www.WindermereOmak.com

Thinking of Selling?

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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 Okanogan Valley. RESULTS: WRE has participated in the successful listing and/or sale of over 275 properties in the last three years, Windermere Real Estate is Okanogan 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.

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