Orcas Island Realty

     








  
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Market Trends - 2014

Real estate trends in the San Juan Islands are closely following what is happening in the rest of the country -- we have new buyers looking for great deals, we have sellers with a fresh perspective, priorities and prices and we are seeing the return of our active real estate market. Orcas Island does, however, offer a different twist. Buyers don’t have to buy here, they choose to join our community for the lifestyle and benefits of island life. This contributes to the slow pace of sales when buyers don’t need to move or invest. In the last few months there seems to be renewed consumer confidence. We are seeing the number of offers increasing and buyers are scheduling trips to the island to shop in greater numbers than at this time last year.

Once again, Orcas Island offers a slightly sunnier forecast than the region that surrounds it. Our homes and properties are selling at rates that meet or exceed the closings in neighboring communities where population and density numbers are higher than ours. It’s important for all of us to remember that there are certain trends that are unique to the Orcas Island market. For one, properties tend to have longer marketing periods (days on the market), even in the best of times. Secondly, a smaller portion of our inventory is bought and sold as primary residences, which can minimize the time-sensitivity of listings and extend the duration of their marketing phases. Due to these and other factors, the average length of time that properties spend on the active market has stretched. Where most Orcas Island real estate used to sell within 12-18 months, it is not uncommon for properties now to stay on the market for as long as 36 months.

Orcas Island Realty has maintained its strength and solidity throughout this difficult phase. Long-time clients stay with us because they know we deliver the personal attention and integrity they need, along with the tenacity to see their transactions through to closing. Newcomers call on us because of our genuine interest in welcoming them to the community, along with our commitment to helping them find their place here. We are enormously grateful to our clients for their ongoing business and the referrals they send our way, and we will continue to work hard for every buyer and seller who trusts us with their real estate dealings.

Our central location in Eastsound provides unparalleled marketing exposure as well as a warm welcome for walk-in visitors. We are devoted to our island community, its character and its residents and we will be here long after this market dip has passed.