Windermere Omak/Okanogan Real Estate 2017 Omak Market Report

YEAR-END OKANOGAN 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. The total number of transactions increased by 11%, and

median prices of single family homes

increased by 15%. The Omak community had the most home sales in 2017 representing over 30% of total homes sold.

Properties in the $0 to $100,000 price range were the most

popular representing

nearly 43% of total transactions.

Active listings declined -9% compared to last year which caused an even more competitive environment for buyers. With

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

As the largest and most dynamic real estate company, Windermere Real

Estate/Omak-Okanogan 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 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 this 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.

113 properties under contract in 2018, the start to the new year is expected to follow much of the same pattern of 2017.

Windermere Real Estate/Omak-Okanogan represented 113 transactions, representing 26% of the sales in 2017.

Let us represent you!

COVER PHOTO

By Photographer Eli Smith, Riverside, WA Tiffany Mountain North of Omak, WA

*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

$525,000 LOWEST HOME SALE

$21,000 6%

AVERAGE HOME SALE PRICE

-9%

DECREASE IN INVENTORY

438

136

VACANT LAND TRANSACTIONS

295

TRANSACTIONS 2017

SINGLE FAMILY TRANSACTIONS

173

AVG DAYS ON MARKET

OVERALL MARKET 2017 was a big year for the Okanogan Valley real estate market. The Northwest Multiple Listing Service reported $61,054,185 in total sales during 2017, a 17% increase in the prior year’s total dollar volume of $52,383,219 (2016).

Overall there were 438 transactions in 2017, compared to 396 in 2016, an 11% increase. The total number of transactions between $100k-$200k increased 11% and properties sold at an average of 173 days on market (26 days faster), compared to 199 days on market in 2016.

SINGLE FAMILY

3%

MEDIAN HOME SALE PRICE

17%

TOTAL DOLLAR VOLUME

11%

TOTAL TRANSACTIONS

Measured by dollars, last year’s sales of single family homes were valued at nearly $52 million. Compared to 2016, that dollar volume represents a gain of nearly 16%. Last year’s completed sales included 295 single family homes. The areawide median price for last year’s sales of single family homes was $155,000, improving on the previous year’s figure of $150,000 in 2016, (up 3%).

The average single family sales price increased 6% to $175,860. The majority of single family home transactions were in the $100,000-$200,000 price range, (about 46%). The area with the most single family home transactions was Omak, and the average sale price for this area was $160,389. The shortage of inventory varied greatly by area and price range. Single family inventory decreased -9% compared to a year ago.

VACANT LAND Vacant land sales increased in the Okanogan Valley in 2017. The MLS reported $6,732,400 in closed sales during 2017 increasing from the prior year’s volume of $5,027,400, for a total increase of nearly 34%. Total vacant land sales consisted of 136 transactions, an increase from 120 sales in 2016. Sales consisted of 88 sales $0 - $50,000, 36 sales $50,000 $100,000, 10 sales $100,000 - $200,000, and 2 sales $200,000 - $400,000. The average days on market was 226 days, compared to 291 days in 2016, representing a 22% decrease of days on market. The area with the most vacant land sales was Oroville, and the average price for this area was $56,464.

LUXURY PROPERTIES The luxury segment of the market surged during this past year with an increase in the number of luxury transactions.

There were 9 single family home sales priced at $400,000 or more, up 80% from the 2016 total of 5 luxury sales. Luxury inventory decreased significantly about -14%.

SELLERS

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

PROVIDES

OBJECTIVE, ACCURATE & PERSONALIZED ADVICE VISIT THE ALL NEW

www.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