October 2023 Vacant Land Reports by Windermere Real Estate/Orcas Island

TABLE OF CONTENTS Charts and Commentary………………………………………………..Pages 1-2 Market Summary Table………………………………………………..Page 3 Glossary………………………………………………………………...Page 4 293031 22232425 15161718 121314 2023 192021 262728 891011 1 234 Th F Sa Sunday, October 1 567 Su M Tu W VACANT LAND VACANT LAND VACANT LAND VACANT LAND 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 thereare3salespendinginthe marketoverall,leaving29listingsstill forsale.Theresultingpendingratiois 9.4%(3dividedby32).Soyoumight beaskingyourself,that'sgreat...but whatexactlydoesitmean?I'mglad you asked!

Thependingratioindicatesthesupply &demandofthemarket.Specifically, ahighratiomeansthatlistingsarein demandandquicklygoingtocontract. Alternatively,alowratiomeansthere arenotenoughqualifiedbuyersforthe existing supply.

Takingacloserlook,wenoticethat the$300K-$400Kpricerangehasa relativelylargenumberofcontracts pending sale.

Wealsonoticethatthe$300K-$400K pricerangehasarelativelylarge inventoryofpropertiesforsaleat9 listings.Themedianlistprice(or askingprice)forallpropertiesinthis market is $385,000.

Atotalof11contractshaveclosedin thelast6monthswithamediansold priceof$300,000.Breakingitdown, we notice that the $300K - $400K price rangecontainsthehighestnumberof sold listings.

Alternatively,atotalof7listingshave failedtosellinthatsameperiodof time.Listingsmayfailtosellformany reasonssuchasbeingpricedtoohigh, havingbeeninadequatelymarketed, thepropertywasinpoorcondition,or perhapstheownerhadsecond thoughtsaboutsellingatthisparticular time.The$300K-$400Kpricerange hasahighnumberofoff-market listings at 3 properties.

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"Current inventory is described as somewhat slow."

0 1 2 3 4 5 6 7 8 9 10 $0K $100K $200K $300K $400K $500K $600K $700K $800K $900K $1.0M $1.1M $1.2M $1.3M $1.4M Properties For Sale Contracts Pending 0 1 2 3 4 5 $0K $100K $200K $300K $400K $500K $600K $700K $800K $900K $1.0M $1.1M $1.2M $1.3M $1.4M Sold Off-Market Vacant Land

Vacant Land

Number of Listings For Sale vs. Pending Contract Num Sold vs. Off-Market (Last 6 mos.)

1 Real Market Reports www.RealMarketReports.com Updated 10/1/2023, RealMarketReports.com Copyright © Windermere Real Estate/Orcas Island Updated 10/1/2023, RealMarketReports.com Copyright © Windermere Real Estate/Orcas Island Sunday, October 1, 2023 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 127 days.

Analysisofsoldpropertiesforthelast sixmonthsrevealsamediansold priceof$300,000and13dayson market.Noticethatpropertiesinthe $400K-$500Kpricerangehavesold quickest over the last six months.

Therecenthistoryofsalescanbe seeninthetwochartsbelow.The mediansoldpriceforthelast30days was $206,000 with a DOM of 48 days.

SincetherecentDOMisgreaterthan themedianDOMforthelast6months, itisanegativeindicatorfordemand.It isalwaysimportanttorealizethatreal estatemarketscanfluctuatedueto many factors, including shifting interest rates,theeconomy,orseasonal changes.

Ratiosaresimplewaystoexpressthe differencebetweentwovaluessuchas listpriceandsoldprice.Inourcase, wetypicallyusethelist-to-saleratioto determinethepercentageofthefinal listpricethatthebuyerultimatelypaid. Itisaverycommonmethodtohelp buyersdecidehowmuchtoofferona property.

Analysisoftheabsorptionrate indicatesaninventoryof15.8months basedonthelast6monthsofsales. Thisestimateisoftenusedto determinehowlongitwouldtaketo selloffthecurrentinventoryof propertiesifallconditionsremained thesame.Itissignificanttomention thatthisestimatedoesnottakeinto considerationanyadditionalproperties thatwillcomeontothemarketinthe future.

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"Themedianlist-to-salesratio for this area is 92.3%."

0 50 100 150 200 250 300 350 400 $0K $100K $200K $300K $400K $500K $600K $700K $800K $900K $1.0M $1.1M $1.2M $1.3M $1.4M Sold For Sale $0K $50K $100K $150K $200K $250K $300K $350K $400K MayJunJulAugSepOct (100) 0 100 200 300 400 500 600 700 MayJunJulAugSepOct

Vacant Land Median Days on Market (DOM) Vacant Land Median Days on Market (Sold) Vacant Land

2 Real Market Reports www.RealMarketReports.com Updated 10/1/2023, RealMarketReports.com Copyright © Windermere Real Estate/Orcas Island Copyright © Windermere Real Estate/Orcas Island Updated 10/1/2023, RealMarketReports.com Copyright © Windermere Real Estate/Orcas Island Updated 10/1/2023, RealMarketReports.com Sunday, October 1, 2023 Market Dashboard Windermere Real Estate/Orcas Island

Median Sold Prices

REAL ESTATE MARKET REPORT A A M M A A M M A A M M A A M M A M A M A M A M Date Range (Off-Market & Sold) = 04/02/2023 to 10/01/2023 Data believed to be accurate but not guaranteed. 15.8 0 1 0 $500,000$599,999 1 $600,000$699,999 3 $737,500 $700,000$799,999 2 64 0 3 $437,500 $431,250 99% 2 3 345475,000 $ 0 92% $375,000350,000 $ 3437,500 $ $437,500 235 $437,500431,250 $ 99% $249,000249,000 $ 226401,800 $ $367,800339,000 $ 353180,000 $ 4 3 63 141260,000 $ 0 1 $257,500 100% $185,000185,000 $ $185,000 100% 4185,000 $ $185,000185,000 $ 0 00 MARKET SUMMARY TABLE 3 PENDING [2] $0$99,999 0 Pend Ratio Num # Num # Num # 11 SOLD/CLOSED (last 6 months) [4] Days on Market Original List Price Final List Price Sold/ Closed Price 7 OFF-MARKET (last 6 mos) [3] ABSORPTION RATE (months of inventory) Days on Market Current List Price A = Average Value M = Median Value N/A = Not Available 29 ACTIVE [1] ListSale Ratio Est. Mos. LowHigh Price Range Num # $100,000$199,999 2 353180,000 $ 1 33% $200,000$299,999 6 157 00 100% $271,333 48249,000 $ $256,333242,500 $ 95% $375,000 $300,000$399,999 9 203 64 $400,000$499,999 5 253 5 $350,000 100% $456,600 0 $367,667 2 18% 3 0 166 138664,333 $ 0 $565,000 0 166565,000 $ 138650,000 $ 64737,500 $ 0 $800,000$899,999 0000 $900,000$999,999 0000 $1,000,000$1,099,999 0000 $1,100,000$1,199,999 0000 $1,200,000$1,299,999 0000 $1,300,000$1,399,999 0000 $1,400,000+ 1 152 152 $2,150,000 00 $2,150,000 0 121353,000 $ $333,455 711 MarketAverages 193471,724 $ MarketTotals 2939% $315,45595% MarketMedians 127385,000 $ 13350,000 $ $325,000 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 = Vacant Land $300,00092% 12 12 10.8 15 3 Real Market Reports www.RealMarketReports.com Sunday, October 1, 2023 Market Summary Table Windermere Real Estate/Orcas Island Favors Sellers Favors Buyers

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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.

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Real Market Reports www.RealMarketReports.com 4 Sunday, October 1, 2023 Glossary Windermere Real Estate/Orcas Island