REAL ESTATE MARKET REPORT SAN JUAN ISLAND Su M Tu W Th F Sa 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 Sunday, February 1 2015 TABLE OF CONTENTS Charts and Commentary ……………………………………………….. Market Summary Table ……………………………………………….. Glossary ………………………………………………………………... Windermere San Juan Island www.windermeresji.com [email protected] 360-378-3600 Real Market Reports RealMarketReports.com Pages 1-2 Page 3 Page 4 REAL ESTATE MARKET REPORT SAN JUAN ISLAND Sunday, February 1, 2015 Windermere San Juan Island [email protected] 360-378-3600 Let's take a look The pending ratio indicates the supply & demand of the market. Specifically, a high ratio means that listings are in demand and quickly going to contract. Alternatively, a low ratio means there are not enough qualified buyers for the existing supply. at the real estate market. Currently there are 11 sales pending in the market overall, leaving 156 listings still for sale. The resulting pending ratio is 6.6% (11 divided by 167). So you might be asking yourself, that's great... but what exactly does it mean? I'm glad you asked! "Current inventory is described as somewhat slow." Taking a closer look, we notice that the $200K - $400K price range has a relatively large number of contracts pending sale. We also notice that the $200K - $400K price range has a relatively large inventory of properties for sale at 35 listings. The average list price (or asking price) for all properties in this market is $964,923. Number of Listings For Sale vs. Pending Contract Properties For Sale Contracts Pending San Juan Island 40 Updated on 2/1/2015, RealMarketReports.com Copyright © Windermere San Juan Island 35 30 25 20 15 10 5 Num Sold vs. Off-Market (Last 6 mos.) Sold Off-Market San Juan Island 25 Updated on 2/1/2015, RealMarketReports.com Copyright © Windermere San Juan Island 20 15 10 5 Real Market Reports RealMarketReports.com 1 $2.8M $2.6M $2.4M $2.2M $2.0M $1.8M $1.6M $1.4M $1.2M $1.0M $800K $600K $400K $200K $0K 0 $2.8M $2.6M $2.4M $2.2M $2.0M $1.8M $1.6M $1.4M $1.2M $1.0M $800K $600K $400K $200K $0K 0 A total of 75 contracts have closed in the last 6 months with an average sold price of $524,899. Breaking it down, we notice that the $200K - $400K price range contains the highest number of sold listings. Alternatively, a total of 68 listings have failed to sell in that same period of time. Listings may fail to sell for many reasons such as being priced too high, having been inadequately marketed, the property was in poor condition, or perhaps the owner had second thoughts about selling at this particular time. The $200K - $400K price range has the highest number of off-market listings at 16 properties. Market Dashboard REAL ESTATE MARKET REPORT SAN JUAN ISLAND Sunday, February 1, 2015 Windermere San Juan Island [email protected] 360-378-3600 Looking at the chart to the right, you might be wondering why average days on market (DOM) is important. This is a useful measurement because it can help us to determine whether we are in a buyer's market (indicated by high DOM), or a seller's market (indicated by low DOM). Active listings (properties for sale) have been on the market for an average of 412 days. Average Days on Market (DOM) Sold For Sale San Juan Island 1,600 Updated on 2/1/2015, RealMarketReports.com Copyright © Windermere San Juan Island 1,400 1,200 1,000 800 600 The recent history of sales can be seen in the two charts below. The average sold price for the last 30 days was $630,056 with an average DOM of 522 days. Since the recent DOM is greater than the average DOM for the last 6 months, it is a negative indicator for demand. It is always important to realize that real estate markets can fluctuate due to many factors, including shifting interest rates, the economy, or seasonal changes. 400 200 Ratios are simple ways to express the difference between two values such as list price and sold price. In our case, we typically use the list-to-sale ratio to determine the percentage of the final list price that the buyer ultimately paid. It is a very common method to help buyers decide how much to offer on a property. $2.8M $2.6M $2.4M $2.2M $2.0M $1.8M Average Days on Market (Sold) San Juan Island Sep $1.6M Analysis of the absorption rate indicates an inventory of 12.5 months based on the last 6 months of sales. This estimate is often used to determine how long it would take to sell off the current inventory of properties if all conditions remained the same. It is significant to mention that this estimate does not take into consideration any additional properties that will come onto the market in the future. "The average list-to-sales ratio for this area is 94.4%." Average Sold Prices $700K $600K $500K $400K $300K $200K $100K $0K $1.4M $1.2M $1.0M $800K $600K $400K $200K 0 $0K Analysis of sold properties for the last six months reveals an average sold price of $524,899 and 297 days on market. Notice that properties in the $1.0M - $1.2M price range have sold quickest over the last six months. San Juan Island 600 500 400 300 200 100 Copyright © Windermere San Juan Island Updated on 2/1/2015, RealMarketReports.com Oct Real Market Reports RealMarketReports.com Nov Dec Jan Copyright © Windermere San Juan Island Updated on 2/1/2015, RealMarketReports.com 0 Feb Sep 2 Oct Nov Dec Jan Feb Market Dashboard REAL ESTATE MARKET REPORT SAN JUAN ISLAND Sunday, February 1, 2015 Windermere San Juan Island [email protected] 360-378-3600 Contracts Pending For Sale Price Range [2] Off-Market in the Last 6 Months [1] [3] Absorption Rate Sold in the Last 6 Months Avg DOM Avg List Price Total Num Pending Ratio Total Num Total Avg Avg Orig Num DOM List Price [4] Avg List Price Avg Sold Price List to Sales Mos. Min. Max. Total Num $0 $199,999 11 406 $ 113,836 1 8.3% 5 11 434 $ 171,582 $ 138,264 $ 119,045 86.1% 6.0 $200,000 $399,999 35 249 $ 318,957 3 7.9% 16 23 240 $ 341,296 $ 320,252 $ 305,496 95.4% 9.1 $400,000 $599,999 28 410 $ 504,293 1 3.4% 13 20 227 $ 545,790 $ 514,340 $ 490,175 95.3% 8.4 $600,000 $799,999 22 415 $ 718,143 1 4.3% 12 11 317 $ 738,591 $ 709,121 $ 675,818 95.3% 12.0 $800,000 $999,999 20 470 $ 897,045 2 9.1% 6 2 95 $ 947,000 $ 947,000 $ 889,500 93.9% 60.0 $1,000,000 $1,199,999 8 497 $1,137,500 0 0.0% 3 2 48 $1,120,000 $1,120,000 $1,100,000 98.2% 24.0 $1,200,000 $1,399,999 6 418 $1,294,833 1 14.3% 2 0 - - - $1,400,000 $1,599,999 2 380 $1,535,000 1 33.3% 0 3 790 $1,779,996 $1,647,667 $1,506,667 91.4% 4.0 $1,600,000 $1,799,999 3 891 $1,744,333 0 0.0% 4 2 585 $1,947,500 $1,845,000 $1,697,500 92.0% 9.0 $1,800,000 $1,999,999 4 308 $1,911,250 0 0.0% 2 1 101 $1,975,000 $1,975,000 $1,900,000 96.2% 24.0 $2,000,000 $2,199,999 1 598 $2,150,000 0 0.0% 0 0 - - - - - - $2,200,000 $2,399,999 1 1,357 $2,395,000 0 0.0% 0 0 - - - - - - $2,400,000 $2,599,999 4 406 $2,480,000 1 20.0% 0 0 - - - - - - $2,600,000 $2,799,999 1 99 $2,635,000 0 0.0% 1 0 - - - - - - $2,800,000 10 626 $4,033,500 0 0.0% 4 0 - - - - - - 156 412 $ 964,923 11 6.6% 68 75 297 $ 588,287 $ 556,211 $ 524,899 94.4% 12.5 + Market Summary >>> - - - Data believed to be accurate but not guaranteed. Date Range = 08/03/2014 to 02/01/2015 Status = [1] New, Back on Market, Active; [2] Pending, Pending Inspection, Pending Feasibility; [3] Expired, Cancelled; [4] Sold Area = 900 - San Juan Island PropertySubType = Residential, Condominium, Manufactured Homes Real Market Reports RealMarketReports.com 3 Market Summary Table REAL ESTATE MARKET REPORT SAN JUAN ISLAND Sunday, February 1, 2015 Windermere San Juan Island [email protected] 360-378-3600 1. PROPERTIES FOR SALE a. Number Active: The number of listings for sale which are currently being marketed but do not yet have a purchase agreement. b. Average Days on Market (DOM): The average 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. Average List Price: The average price that a 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 reoffer their property for sale. 4. PROPERTIES SOLD a. Number Sold: The number of properties that have gone to a closing in the last 6 months. b. Average Days on Market (DOM): The average marketing time it has taken properties to sell in the last 6 months. c. Average Original List Price: The average price at which a sold property was originally marketed. d. Average List Price: The average price at which a sold property was marketed just prior to selling. e. Average Sold Price: The average 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 = Average Sold Price Average List Price 5. OTHER 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. Real Market Reports RealMarketReports.com 4 Glossary