TABLE OF CONTENTS Charts and Commentary………………………………………………..Pages 1-2 Market Summary Table………………………………………………..Page 3 Glossary………………………………………………………………...Page 4 Su M Tu W Th F Sa Monday, April 1 456 1 23 78910111213 2024 181920 252627 14151617 21222324 282930 RESIDENTIAL PROPERTY RESIDENTIAL PROPERTY REAL ESTATE MARKET REPORT Windermere Real Estate/Orcas Island PO Box Box 310 217 Main Street, Eastsound WA 98245 www.orcas-island.com orcas@windermere.com 360.376.8000 @windermereorcas @WindermereOrcas Real Market Reports www.RealMarketReports.com
Let's take a look
attherealestatemarket.Currently thereis1salependinginthemarket overall,leaving27listingsstillforsale. Theresultingpendingratiois3.6%(1 dividedby28).Soyoumightbe askingyourself,that'sgreat...butwhat exactlydoesitmean?I'mgladyou asked!
Thependingratioindicatesthesupply &demandofthemarket.Specifically, ahighratiomeansthatlistingsarein demandandquicklygoingtocontract. Alternatively,alowratiomeansthere arenotenoughqualifiedbuyersforthe existing supply.
"Current inventory is described as somewhat slow."
Takingacloserlook,wenoticethat thesinglependinglistingisfoundin the $1.8M - $2.1M price range.
Wealsonoticethatthe$600K-$900K pricerangehasarelativelylarge inventoryofpropertiesforsaleat7 listings.Themedianlistprice(or askingprice)forallpropertiesinthis market is $1,385,000.
Atotalof29contractshaveclosedin thelast6monthswithamediansold priceof$1,200,000.Breakingitdown, we notice that the $600K - $900K price rangecontainsthehighestnumberof sold listings.
Alternatively,atotalof30listingshave failedtosellinthatsameperiodof time.Listingsmayfailtosellformany reasonssuchasbeingpricedtoohigh, havingbeeninadequatelymarketed, thepropertywasinpoorcondition,or perhapstheownerhadsecond thoughtsaboutsellingatthisparticular time.The$600K-$900Kpricerange hasthehighestnumberofoff-market listings at 6 properties.
RESIDENTIAL PROPERTY RESIDENTIAL PROPERTY REAL ESTATE MARKET REPORT
0 1 2 3 4 5 6 7 8 $0K $300K $600K $900K $1.2M $1.5M $1.8M $2.1M $2.4M $2.7M $3.0M $3.3M $3.6M $3.9M $4.2M Properties For Sale Contracts Pending 0 1 2 3 4 5 6 $0K $300K $600K $900K $1.2M $1.5M $1.8M $2.1M $2.4M $2.7M $3.0M $3.3M $3.6M $3.9M $4.2M Sold Off-Market
Residential Property
Number of Listings For Sale vs. Pending Contract
Residential Property
Num Sold vs. Off-Market (Last 6 mos.)
1 Real Market Reports www.RealMarketReports.com Updated 4/1/2024, RealMarketReports.com Copyright © Windermere Real Estate/Orcas Island Updated 4/1/2024, RealMarketReports.com Copyright © Windermere Real Estate/Orcas Island Monday, April 1, 2024 Market Dashboard Windermere Real Estate/Orcas Island
Lookingatthecharttotheright,you mightbewonderingwhyaveragedays onmarket(DOM)isimportant.Thisis ausefulmeasurementbecauseitcan helpustodeterminewhetherweare inabuyer'smarket(indicatedbyhigh DOM),oraseller'smarket(indicated bylowDOM).Activelistings (propertiesforsale)havebeenonthe market for a median time of 121 days.
Analysisofsoldpropertiesforthelast sixmonthsrevealsamediansold priceof$1,200,000and86dayson market.Noticethatpropertiesinthe $2.1M-$2.4Mpricerangehavesold quickest over the last six months.
Therecenthistoryofsalescanbe seeninthetwochartsbelow.The mediansoldpriceforthelast30days was $747,000 with a DOM of 47 days.
SincetherecentDOMislessthanthe medianDOMforthelast6months,it isapositiveindicatorfordemand.Itis alwaysimportanttorealizethatreal estatemarketscanfluctuatedueto many factors, including shifting interest rates,theeconomy,orseasonal changes.
"Themedianlist-to-salesratio for this area is 93.0%."
Ratiosaresimplewaystoexpressthe differencebetweentwovaluessuchas listpriceandsoldprice.Inourcase, wetypicallyusethelist-to-saleratioto determinethepercentageofthefinal listpricethatthebuyerultimatelypaid. Itisaverycommonmethodtohelp buyersdecidehowmuchtoofferona property.
Analysisoftheabsorptionrate indicatesaninventoryof5.6months basedonthelast6monthsofsales. Thisestimateisoftenusedto determinehowlongitwouldtaketo selloffthecurrentinventoryof propertiesifallconditionsremained thesame.Itissignificanttomention thatthisestimatedoesnottakeinto considerationanyadditionalproperties thatwillcomeontothemarketinthe future.
RESIDENTIAL PROPERTY RESIDENTIAL PROPERTY REAL ESTATE MARKET REPORT
0 50 100 150 200 250 300 350 $0K $300K $600K $900K $1.2M $1.5M $1.8M $2.1M $2.4M $2.7M $3.0M $3.3M $3.6M $3.9M $4.2M Sold For Sale $0K $500K $1000K $1500K $2000K NovDecJanFebMarApr 0 20 40 60 80 100 120 140 NovDecJanFebMarApr
Residential Property
Median Days on Market (DOM)
Residential Property
Median Days on Market (Sold)
Residential Property
2 Real Market Reports www.RealMarketReports.com Updated 4/1/2024, RealMarketReports.com Copyright © Windermere Real Estate/Orcas Island Copyright © Windermere Real Estate/Orcas Island Updated 4/1/2024, RealMarketReports.com Copyright © Windermere Real Estate/Orcas Island Updated 4/1/2024, RealMarketReports.com Monday, April 1, 2024 Market Dashboard Windermere Real Estate/Orcas Island
Median Sold Prices
RESIDENTIAL PROPERTY RESIDENTIAL PROPERTY REAL ESTATE MARKET REPORT A A M M A A M M A A M M A A M M A A M M A A M M A A M M A A M M A M A M A M A M A A M M Date Range (Off-Market & Sold) = 10/02/2023 to 04/01/2024 Data believed to be accurate but not guaranteed. N/A 6 6 N/A 4.8 6 9 6 2 7 4.8 Status = [1] Active; [2] Contingent, Pending, Pending Feasibility, Pending Inspection, Pending Short Sale, Pending BU Requested; [3] Cancelled, Temp. Off Mrkt., Expired, Sale Fail Release; [4] Sold Area = 901 - Orcas PropertyType = Single Family PropertySubType = Residential $1,200,000 93% $1,483,680 90% Market Medians121 $1,385,000 86 $1,500,0001,290,000 $ 3029 Market Averages141 $1,612,259 Market Totals2714% 99 $1,771,9481,654,948 $ $5,873,0004,700,000 $ 80% 1 141 1415,873,000 $ $4,700,000 80% $5,873,0005,873,000 $ $5,390,000 05 $5,390,000 $4,200,000+ 1 242 242 $3,950,000 100% 973,950,000 $ $3,950,0003,950,000 $ 100% 1 973,950,000 $ $3,950,000 00 $3,900,000$4,199,999 0 2783,690,000 $ 0 $3,690,000 02 $3,600,000$3,899,999 1 278 $3,500,000 91% 473,850,000 $ $3,850,0003,500,000 $ 91% 1 473,850,000 $ $3,850,000 02 $3,300,000$3,599,999 0 513,250,000 $ 0 $3,250,000 00 $3,000,000$3,299,999 1 51 000 $2,700,000$2,999,999 0 $2,500,000 67% 2872,495,000 $ 223,750,000 $ $3,750,0002,500,000 $ 67% 1 223,750,000 $ $3,750,000 $2,495,000 00 $2,400,000$2,699,999 1 287 $2,250,000 100% 3122,150,000 $ 52,250,000 $ $2,250,0002,250,000 $ 100% 1 $1,912,000 97% 25% $1,912,000 121,906,667 $ 1 $1,666,667 0 2731,650,000 $ 51,875,000 $ 3 97 257 $1,581,667 1321,675,000 $ $1,585,000 5 $999,999 87% $1,407,250 0 $1,080,000 02 $1,200,000$1,499,999 4 148 $1,110,000 $900,000$1,199,999 4 53 54 06 94% $833,167 101822,000 $ $798,000764,500 $ 96% $600,000$899,999 7 123 Price Range Num # $300,000$599,999 1 176545,000 $ 0 Days on Market Current List Price A = Average Value M = Median Value N/A = Not Available 27 ACTIVE [1] ListSale Ratio Est. Mos. LowHigh 30 OFF-MARKET (last 6 mos) [3] ABSORPTION RATE (months of inventory) Num # Num # Num # 29 SOLD/CLOSED (last 6 months) [4] Days on Market Original List Price Final List Price Sold/ Closed Price MARKET SUMMARY TABLE 1 PENDING [2] $0$299,999 0 Pend Ratio 000 76584,833 $ $549,500534,167 $ 97% $495,000495,000 $ $532,500 108% 176545,000 $ 6 6 93 121779,000 $ 13 $763,143 $795,000748,500 $ 1671,400,000 $ $1,140,000993,645 $ 87% $1,295,0001,150,000 $ 591,500,000 $ $1,434,000 139 $1,500,0001,250,000 $ 83% 5 89 1121,440,000 $ 4 $1,280,000 89% 94% $1,974,500 95% 97% $2,250,000 94 $1,604,000 $1,755,0001,688,333 $ $1,675,000 942,337,500 $ $1,974,500 0 52,250,000 $ $2,337,500 4 $2,150,000 $2,100,000$2,399,999 1 312 $1,500,000$1,799,999 3 $1,800,000$2,099,999 3 5.6 2 1 3 3 Real Market Reports www.RealMarketReports.com Monday, April 1, 2024 Market Summary Table Windermere Real Estate/Orcas Island Favors Sellers Favors Buyers
1. PROPERTIES FOR SALE (ACTIVE)
a. Number Active: The number of listings for sale which are currently being marketed but do not yet have a purchase agreement.
b. Days on Market (DOM): The marketing period of currently active listings. This does not account for some listings which have had a previous listing period, but were re-entered as a new listing.
c. Current List Price: The price that a property seller is currently asking.
2. CONTRACTS PENDING
a. Number Pending: The number of current listings for which a contract has been signed but has not yet closed.
b. Pending Ratio: Sometimes called a “list-to-pending ratio”. This is a measure of how fast properties are going under contract vs. how fast they are being listed.
Pending Ratio = P (Number of Pending Listings)
A+P (Number of Active + Pending)
(P) represents properties that buyers have chosen (A+P) represents the entire pool from which they have chosen
3. OFF-MARKET
a. Number Off-Market: The number of listing agreements that have failed to close in the last 6 months. Some owners may choose to re-offer their property for sale
4. PROPERTIES SOLD (CLOSED CONTRACT)
a. Number Sold: The number of properties that have gone to a closing in the last 6 months.
b. Days on Market (DOM): The marketing time it has taken properties to sell in the last 6 months.
c. Original List Price: The price at which a sold property was originally marketed.
d. Final List Price: The price at which a sold property was marketed just prior to selling.
e. Sold/Closed Price: The price for which a property sold.
f. List to Sales Ratio: The percentage of the list price that the buyer ultimately paid for the property.
List to Sales Ratio = Sold Price
Final List Price
5. ABSORPTION RATE / MONTHS OF INVENTORY
a. Absorption Rate / Months of Inventory: An estimate of how fast listings are currently selling measured in months. For example, if 100 properties sell per month and there are 800 properties for sale - there is an 8 month supply of inventory before counting the additional properties that will come on the market.
RESIDENTIAL PROPERTY RESIDENTIAL PROPERTY REAL ESTATE MARKET REPORT
Real Market Reports www.RealMarketReports.com 4 Monday, April 1, 2024 Glossary Windermere Real Estate/Orcas Island
