Orcas Island Realty



The Numbers

as reported by the NWMLS
January to date 2014
Under $200k (12)
$200k-300k (19)
$300k-$400k (16)
$400k-$500k (9)
$500k-$600k (12)
$600k-$800k (11)
$800k-$1 million (9)
$1 million (8)

LAND (36)
Under $100k (12)
$100k-$200k (19)
$200k-$600k (5)

Commercial (3)

as reported by the NWMLS
January - December 2013
Under $200K (12)
$200K - 300K (25)
$300K - 400K (13)
$400K - 500K (8)
$500K - 600K (7)
$600K - 800K (11)
$800K - $1 million (5)
$1 million+ (4)

LAND (35)
Under $100K (9)
$100k – 200k (16)
$200k – 600k (10)
$600k+1 (0)

Commercial (5)

Facts and figures
2013 ended with numbers trending up in total dollar volume and number of
transactions, ending the trend of fewer sales and lower property values.

The entry level market ($350,000 and under) has low supply and may not be
filled back in with the same quality of homes. This low supply scenario in
this price range combined with increasing demand should stabilize prices.
County wide, the bulk of closings were on homes under $400,000. The
foreclosure pipeline has slowed significantly, which has helped this
segment of the market recover. There seems to be fewer distressed
properties on the market.

There were 128 closings on Orcas in 2013 with 93 of those sales coming in
under $400,000. Of these, 56, were homes. For residential properties, the
slowest sales range remains the million plus category, with only four
closings in 2013.

Land sales
Vacant land also had a modest increase from prior years with 35 parcels
closing in 2013. The most interesting statistic in vacant land is the even
spread of prices from a low of $55,000 to a high of $325,000. There is
still much room for improvement in this category, and the values for
buying land are incredible if you have cash or are able to find Sellers
that will finance a purchase.

When it comes to land, there are great deals and lots of inventory for the
savvy investor. Sellers are offering aggressive terms to entice buyers to
bring offers, and prices are lower than we've seen in many years.