Are you considering buying or selling a piece of real estate on Orcas Island in the near future? Whether you're an investor, homebuyer, current property owner, or just curious about the local market trends, it always pays to be informed. Our September report on the Orcas Island real estate market is here to offer thorough insight into what's going on and how to make sure your own venture goes as smoothly as possible. We are here to help you stay ahead of the curve while making sound investment decisions for yourself.
Understanding and evaluating your local real estate market is crucial. Here is a simplified guide to the current markets in the San Juan Islands.
Orcas Island Market Statistics (over the last 6 months)
|Time on Market||36 Days|
For the month of September, our market saw the following: Time on Market, measuring the marketing period of listings, was an average of 36 days over the last 6 months. The average price of sold listings was $1,150,500. The number of active listings on Orcas Island is 42, and the number of sold listings over the last 6 months is 35 listings: as active and sold listings near an equal number, this reflects a more balanced market for both buyers and sellers.
Orcas Island Real Estate Market Resources
|● Residential Report|
|Time on Market||60 Days|
Looking at the overall San Juan Islands market looks slightly different. The average time on market was 60 days. The average sold price was much lower at $669,500. There are an astounding 235 active listings, and 30 sold listings.
When comparing Orcas Island’s market with the broader San Juan’s, we can find a number of important trends. Orcas Island has an average of almost half the days on market, and a larger amount of sold listings; showing a much faster selling process. While the average price for Orcas is marginally higher than the San Juan average, Orcas also has a lower amount of inventory; showing a high amount of competition for listings.
It is important for potential buyers and sellers to stay informed about these market trends. Understanding the local real estate market and evaluating the statistics can help individuals make sound investment decisions. With an average time on the market of 36 days for listings, the data suggests a relatively active market and it pays to keep your eye out for new listings.
Whether you're considering buying or selling a property on Orcas Island, it is crucial to stay ahead of the curve and make informed decisions. By utilizing these resources and seeking guidance from experienced professionals, you will experience a smoother and more successful real estate experience.
Although we are transitioning into a slower season in the islands, real estate is as alive as ever. Looking for additional market information? Visit our website or give us a call (360) 376-8000.
Source: “The MLS Data Is Never Wrong, Right?” Real Estate Market Reports, 3 Sept. 2023, www.realmarketreports.com/.