Windermere Omak/Okanogan Real Estate 2018 Omak Market Report

OKANOGAN VALLEY REAL ESTATE

MARKET REPORT

YEAR END

2018

Windermere Real Estate Okanogan Valley THE VALLEY’S LEADING REAL ESTATE COMPANY

As the largest and most dynamic real estate company, Windermere Real Estate/OmakOkanogan provides marketing and services

MARKET HIGHLIGHTS

2018 YEAR END SALES DISTRIBUTION BY SEGMENT

459

69%

VACANT LAND

28%

TOTAL TRANSACTIONS

SINGLE FAMILY

COMMERCIAL/MULTI-FAMILY

3%

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.

128

315

SALES DISTRIBUTION BY PRICE

39%

SINGLE FAMILY TRANSACTIONS

35%

VACANT LAND TRANSACTIONS

23%

As a market leader in the Okanogan 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

HIGHEST HOME SALE $795,000 *List Price LOWEST HOME SALE $27,500 *List Price

3%

UNDER $100K

$100K – $200K

$200K – $400K

$400K – $750K

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 By Photographer Delene Monetta, Winthrop, WA Pastoral Vistas NW Omak, WA

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

sales decreased 6%. Nonetheless, average and median sales prices soared, up 35% and 13% respectively. Most transactions occurred in the $0 to $50,000 segment, making up about 60% of sales. Only 26% of sales were in the $50,000 to $100,000 segment, 9% in the $100,000 to $200,000, and 9% were over $200,000. Once again, inventory continues to decrease, down 6%.

# of Transactions 128 Total Dollar Volume Minimum Price Sold $5,000 Maximum Price Sold $549,000

-6% 27% *List Price *List Price

Average Sale Price $66,535 35% Median Sale Price $39,450 13% Average Days on the Market 220 -2% # Pending Transactions 2019 15 150% Inventory 2019 28 -6%

*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.

2018 YEAR END 459 $150,688

AVERAGE SALE PRICE 8% increase compared to 2017

2%

TOTAL NUMBER OF TRANSACTIONS 5% increase compared to 2017

$135,000

MEDIAN SALE PRICE 13% increase compared to 2017

INCREASE IN INVENTORY

THE MARKET REPORT The real estate market in the Okanogan Valley continues strong with 5%

more sales and a 13% increase in the median sale price compared to a year ago. Rising

prices have caused supply of properties under $100,000 to

SOLD l MLS# 1119272 l List Price: $685,000

dwindle, which is apparent in the 4% decrease in transactions in this price range. Desipite this decrease the majority of transactions took place in the $100,000

and below

segment, accounting for 39% of the sales in 2018. Omak

2018 LUXURY PROPERTIES

by far. Inventory is up slightly by 2% and the average

The luxury market continues to improve this past year with an

continues its reign with the most

sales of any area,

amount of days a property is on the market has decreased to 186 days, down 23% respectively.

# of Transactions 315 Total Dollar Volume Minimum Price Sold $27,500 Maximum Price Sold $795,000 Average Sale Price $181,309 Median Sale Price $157,000 Average Days on the Market 117 # Pending Transactions 2019 36 Inventory 2019 145

7% 10% *List Price *List Price

3% 1% -25% 125% -10%

increase in sales above $400,000. 2018 is up 10% over 2017 and up 50% over 2016.

Luxury Market History 15 10 5 0

2015

2016

2017

2018

2018 SINGLE FAMILY The single family home segment of the Okanogan Valley’s real estate market was tremendous in 2018. The number of transactions increased 7% with average and median sales prices increasing slightly 3% and 1%, respectively. The town of Omak, where the majority of the home sales occurred experienced a 13% jump in average sale price. Most of the single family home sales occurred in the $100,000-$200,000 segment, however, about 30% of single family homes sold for over $200,000.

Inventory continues to decrease, down about 2%, which has contributed to the 25% decrease in the average number of days it takes to sell a home.

THINKING OF SELLING?

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

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

We Sell More

We Are More Experienced

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 Okanogan Valley’s “top producers”. EXPERIENCE: Over 186 years of collective local knowledge in the Okanogan Valley. SERVICE: Knowledgeable in all markets; residential, commercial, investment properties, resort and recreation, ranches and conservation easements.

We Are Sophisticated Marketers

OBJECTIVE, ACCURATE & PERSONALIZED ADVICE VISIT THE ALL NEW

WindermereOmak.com

www.WindermereOmak.com | (509) 826-5906 | omak@windermere.com

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