As the owner of the Windermere agency on Orcas, I am often asked; How’s the market? The answer is that the market is continuing to improve, and we are grateful to be past the challenging times of 2009 – 2012. But, this answer warrants further comment.
We have come a long way from 2009, when four months passed without a single real estate sale occurring on Orcas Island. In contrast, during the first six months of 2017, 45 homes sold, leaving us with only 113 active Orcas listings today. It’s easy to understand why our Buyers are struggling to find their “perfect home.”
It is evident, however, that pricing correctly is still the key to achieving a sale. The average number of days on the market for the homes that have sold within the past 6 months is 185 in contrast to an average of 248 days for the active listings, with many having been for sale for more than a year.
When we look at the residential market by price range, the bulk of the activity is still occurring in the $300,000 -$599,000 range, where 26 of the 45 homes sold this year were located. The median number of days on market for homes in this range has decreased to 52 days.* Currently 17 homes are in escrow, which means it will take 6.6 months to absorb the current listed inventory.
As you can see, there truly is a bit more to answering the “How’s the Market” question. If you would like more information, or to inquire as to your property’s value today, please stop in to visit with one of our 22 Orcas-based brokers. We always love to talk about the market!
John Dunning, Designated Broker/Owner
*Source: Real Market Reports.