August 2011
This summer we have sold two waterfront homes - one was 2.25 million over in Friday Harbor and the other was here on Orcas. Business is a bit busier with about 10 sales per month. It appears we have hit the bottom of the market here and in Seattle and prices are holding steady. It's a great time to buy with lots of really sweet deals out there for the lucky buyer.
Thinking about Buying on Orcas Island?
Stay with us for FREE in our yurt on our horse farm if you buy or sell a home or property with us. (2 nights maximum- offer from May 1, 2011-Sept. 15, 2011- based on availability)
January 2011
Homes in San Juan County fetched the highest median price in WA at $402,000 according to the NWMLS Statistics. This is down from $559,000 in 2009 on Orcas. The median price in Seattle was $349,000 the same as in 2009.
In 2010, a total of 46 homes sold on Orcas for a total of $26,512.421. Average market time was 242 days and average sales price was 91% of asking price. (keep in mind, this may be after price reductions)
There were 26 parcels of land that sold from $98,500 to $1,350,000.
Total sales on Orcas are up from the low of 59 sales in 2009 to 72 Sales in 2010. This is roughly half the volume of sales that we saw in '06, but the number of sales are obviously increasing.
However, there are those who are forced to sell like the lisings I have on my home page. These are fantastic values.
May 5, 2010 - Sales History for the past 9 years on Orcas Island.
Year '01 '02 '03 '04 '05 '06 '07 '08 '09
Sales 105 108 136 183 177 148 118 88 59
$Vol 27M 36M 51M 61M 74M 77M 72M 50M 26M
When the economic news improves enough for a buyer to feel comfortable purchasing property, sellers will also feel much more comfortable and will instantly act accordingly by increasing their prices. In 2010, the primary real estate markets in Seattle and Bellevue appear to be stabilizing from 2009. We tend to mirror those markets with a lag time as the majority of our buyers originate from western Washington.
April 22, 2010
Everyone wants to know have we passed the bottom of the orcas isalnd real estate market yet? According to the sales in the first quarter of 2010 we should expect a year much like 2008, an improvement over 2009. Does that mean we have hit the bottom? Only hindsight will tell. The market has stabilized and shown some growth in Seattle, areas of California like San Francisco have seen a big upturn in sales.
March 24, 2010
We currently have 138 homes for sale on Orcas Island. We also have 145 parcels of land for sale on Orcas, ranging in size from 108 Acre parcel to small lots in town about 1/3 of an Acre.
The least expensive home for sale on Orcas is a single wide trailer on Mountain View for $125,000. Our local escrow company says that they have 22 deals in escrow, some are refinancing but most are contracts for homes and land for sale. This is a big jump from the 6 properties in escrow last month this time. Bellingham and Mount Vernon seem to be picking up steam along with the Seattle Market.
March 3, 2010
The Real Estate Market is slow on Orcas like most places. Prices are lower than I have seen in years. Well that's great news for the lucky and the few. Where are you? Now is your chance for finding great deals on Orcas!
I have been selling real estate since 1986, so I have seen a lot of ups and downs. Just never saw a down last as long as this one. On Orcas and the San Juan's we seemed isoloated from the housing decline for a long time, but eventually it hit and it's still here. We have sellers who are aging and who need to move closer to family or medical services. We have sellers who just can't afford the luxury of a vacation home on Orcas Island any more, and we have families who need to move for economic reasons. Where are the buyers?? Where are you? This Island is Paradise!
I am telling you, it's Puff the Magic Dragon Land! It's green and safe and temperate and the people are kind. You can send your kids a half mile down the road to the neighbor's and not worry about them. If they misbehave in town, you'll know about it before they get home. There are no traffic lights, not a one! We have more than 90 Orcas that live in the waters surrounding these islands. Where are you, you lucky few who can make the change to Orcas Island! Come now, I am calling you! Believe me you won't be sorry
Pending Home Sales Spike in Seattle!
November 7, 2009What Happens in Seattle will over time happen on Orcas.
Pending homes sales were up more than 64 percent in Seattle and almost 71 percent in King County in October over the same period a year ago as first-time homebuyers rushed to beat the Nov. 30 expiration of an $8,000 federal tax credit, according to the latest numbers released by the Northwest Multiple Listing Service.
In the entire 19-county MLS coverage area, pending sales were up nearly 63 percent year-over-year and the median home price was down 7.2 percent to $269,995 -- the smallest drop since June 2008. Inventory fell 17.39 percent from last year to 38,159 -- the lowest level since December 2008.
The median home price in Seattle was $378,500, an increase of less than 1 percent from a year ago. In King County, the median home price was $349,950, a drop of 2.38 percent from October 2008. Inventory in Seattle fell 12.8 percent from a year ago, with a total of 3,599 listings. King County inventory dropped nearly 16 percent, with 12,321 properties listed.
Pending sales surged as the Nov. 30 deadline to close a sale and claim the $8,000 tax credit approached. Most industry observers agreed that a purchase agreement had to be in place in mid October to beat that closing deadline.
The tax credit is almost certainly going to be extended after the House voted 403-12 to send the bill to President Obama, who could sign it later Thursday. The Senate voted 98-0 to approve a measure Wednesday. The extension sets an April 30, 2010, deadline for buyers and sellers to sign a purchase agreement, with a June 30 deadline for the deal to close. The extension also applies to buyers who already own homes, offering a $6,500 credit to purchasers who have owned their current home for at least five years.
The Seattle market is showing signs of recovering, with a 27% increase in sales in September, but the real estate market on Orcas is still slow. Not as slow as a year ago, but still slow. As homes begin to sell in Seattle and California, we will experience an increase in sales on Orcas. If you are looking for the best buying opportunities, buy now!
JULY 7, 2009
We are seeing big changes this past month on Orcas. With twenty properties going to escrow in the past 30 days. This is a huge contrast to the first five months of 2009 where we saw an average of 2-3 sales per month posted in the
Northwest Multiple Listing Service showing a mere 13 sales for the first five months of the year.
What's Selling? Most of the pending sales are view and waterfront homes in the $600K to $1.5M range, and land under $250K. That is exactly what we, at OrcasDreams are showing as well. We are seeing lots of new buyers from the Seattle area and from out of state. Some of our buyers believe we are at the bottom of this market. I think they are right!
Currently we have 343 listings available, the number has stayed relatively stable as properties have expired, so our inventory is at the historical norm for Orcas Island.
First Time Home Buyer Credit
- You missed it!MARKET UPDATE JANUARY 2009
IS ORCAS REAL ESTATE A MICROCLIMATE? According to the Northwest Multiple Listing Service, Western Washington shows a slowdown in the housing market of 9.5% from a year ago, but not San Juan County! The median priced home in San Juan County increased to $559,000, the highest value in the state, one of the six counties in Western Washington showing increases! Regional trends don't always speak for all locations or all price points, the pressures of supply and demand are never evenly distributed. Yes, Orcas is a microclimate, but that is not the whole story, as while the median went up, it reflected the high percentage of million dollar plus properties sold in 2008. Yet, there were homes that sold for 2006 prices, many price drops, and lots of inventory, waiting for a buyer.
WHAT DID SELL IN 2008? We sold 95 properties compared to 122 properties in 2007, with almost the same number of houses both years; 57 in '08 and 61 in '07. The biggest difference was the fewer number of land parcels that changed hands. In '08 there were 28 parcels and in '07 there were 47 parcels. The total dollar volume for '08 was $62,289,607 and for '07 sales were $74,132,535. This is a 26% reduction in dollar volume overall.
ARE THERE GOOD DEALS TO BE FOUND? Yes, there are many properties that have had significant price drops of 10 to 20%, and some very motivated sellers who are anxious for an offer. Add this to the savings due to low interest rates and this is the buying opportunity of a lifetime! Ask yourself, have prices dropped? Do you think they will go up again? Market timing is very difficult, and most buyers will wait too long.
INTEREST RATES ARE THE LOWEST IN YEARS! Interest rates at 5%! For every one percent reduction in interest rates, it is comparable to a 10% reduction in price! Wow! What a tremendous savings! You may be able to afford more than you realized! The question is - are there loans available? Yes, but they are not as easy as to get as they once were, the no-doc loan has disappeared for now, so you will have to be qualified, as in years past. Good credit scores are important, but first and second home loans are to definitely available.