Newsweek says: "America is coming back stronger, better, and faster than nearly anyone expected—and faster than most of its international rivals. The Dow Jones industrial average, hovering near 11,000, is up 70 percent in the past 13 months, and auto sales in the first quarter were up 16 percent from 2009. The economy added 162,000 jobs in March, including 17,000 in manufacturing."
"So what will our new economy look like once the smoke finally clears? There will likely be fewer McMansions with four-car garages and more well-insulated homes, fewer Hummers and more Chevy Volts, less proprietary trading and more productivity-enhancing software, less debt and more capital, more exported goods and less imported energy. Most significant, there will be new commercial infrastructures and industrial ecosystems that incubate and propel growth—much as the Internet did in the 1990s."
On Orcas we have always thought small is beautiful and suistainable is the way to perserve our Islands.
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.
Shrinking Inventory: Feb 1, 2009 our inventory is 281 properties down from a high of 350 properties. Shrinking inventory is good news if you are hoping to sell.
Seller Financing
If you are thinking of selling and are able to offer seller financing this could open up the potential of many other buyers who do not have conventional jobs/incomes and cannot get a loan in today's market.
Fall 2008 Market Update October 1, 2008
Here on Orcas there is some good news in the real estate market. We have all heard lots of bad news thanks to the media - they love to beat that drum! But, there is good news as well. We have more affordable properties on the market than we have seen in several years, and there are some fantastic buys. If you have always dreamed of owning property on Orcas, now is a great time to take advantage of the market. Our inventory consists of a wide selection of 330 properties, everything from raw land to multi million dollar homes. But, for the past 3 weeks, we Realtors have not had a tour..and the reason is, there are very few new listings. Even in a slow market, this will eventually apply some pressure as the number of listings decline. Some will sell, some will be taken off the market and some will expire resulting in fewer choices for buyers. That is why I believe this is the time to act!
Interest Rates have also gone down this past week, and despite the grim news in the national mortgage market, there are mortgages available. On Monday our Association of Realtors met with the local lenders, both Mortgage Brokers and banks. They all said with confidence, there are loans available, at good rates. The most important criteria is good credit. This means a credit score over 720 for the most favorable loans which right now is at 5 5/8%, with 10% to 20% down payments on first and second homes. Land loans are requiring 20-25% and interest rates are around 8%. Lower credit scores result in a higher rate.
Summer 2008 Market Update August 1, 2008
If you have ever wanted to buy a home on Orcas Island, but felt you could not afford to, this may be your window! In all the years I have been selling Real Estate on Orcas, never have I felt there have been as many good values as there are now. That is not to say that we have not had good appreciation over the past 10 years, but that currently we have more inventory and more flexible sellers than we have seen in years. We believe that like Martha's Vineyard, Jackson Hole and Sun Valley, we will always have people who want to make Orcas their home or their retreat. So, if you have been waiting for your “window of opportunity” call us about our Island properties.
SPRING 2007 MARKET UPDATE May 2007
After a blustery and wet winter, a mixed review this spring, I for one am wondering what this summer will bring.
On Orcas we are seeing a rise in inventory, which is good news for buyers, with 240 properties on the market, quite an increase from the 197 available in March. Although still below the historical average of 350, certainly more than the number of listings available the past few years. Our dollar volume in 2007 as of mid May are at 29 million compared to 33 million in 2006. We have had fewer sales as well, with 47 this year compared to 59 last year. There have been 10 sales on Orcas in excess of 1 million to date, which reflects our strong high end waterfront market.
I have had several offers on my listings these past 10 days, but not strong enough to result in contracts. The rate of new listings this past two weeks is about double the rate of new contracts. With the downturn in real estate in many parts of the country I have the same questions about real estate as I do the weather. Is the good season just around the corner? Our market is unique in many ways, but is certainly influenced by the Seattle market, and because of this I have included this overview of the Seattle market.
“…Seattle-area house prices continue to defy a sinking national market, with the best year-over-year and month-to-month figures in February among 20 major metropolitan areas. Experts disagree, however, on whether the national housing storm will eventually batter the region. The latest figures, from Standard & Poor's S&P/Case-Shiller Home Price Indices, show that Seattle-area house prices were up 10.6 percent in February from the same month in 2006 and 0.5 percent from January. Both were the largest increases among the indices' 20 cities -- most of which posted declines year-to-year and month-to-month.” (From the Seattle PI) I believe this bodes well for the Orcas Market.
Some buyers seem to feel the sellers must be getting desperate. I have had several offers of late that seem to be testing the waters. As a seller it is important to remember not to be insulted by low offers and as a buyer you should remember that we are predominantly a discretionary market and most sellers don’t have to sell, and will just wait for their price! Of course, there are some exceptions, which is why as a buyer’s agent, or a listing agent, I welcome and present ALL offers!
SPRING 2006 MARKET UPDATE
The Market is somewhat quieter this spring than last year with fewer, but more serious buyers. As you will see from the numbers below, the dollar volume is 10 Million dollars more than the same period last year! This is one indication of the tremendous appreciation these past few years, with last year being 20-30%, and the significant increase of Properties selling in the over 1 million price point.
Below is the comparison of this year to last for the first six months of each year.
| Year | 2006 | 2005 ( same time period) |
| Listings | 172 Listings | 150 Listings |
| Active listings | 141 Active listings | 141 Active listings |
| Sold | 62 Sold | 73 Sold |
| Properties sold over 1M | 9 over 1M | 3 over 1M |
| Properties sold under 500K | 37 under 500K | 60 under 500K |
| Total $ Volume sales | $36,140,782 | $26, 444,226 |
Is it a good time to sell? Yes, we have serious, qualified buyers looking for specific properties, and the number of people retiring will grow each year. In fact 4 out of every 10 home sales were vacation and investment homes this past year. If you are thinking of selling, we'd be happy to give you a price opinion.
Is it a good time to buy? I also think yes, we will continue to see b appreciation on Orcas. We purchased 4 parcels last year, and are in the process of building 3 homes; we very much believe in investing in this market.
I have been hearing for quite a while now about the "collapse of the real estate market" . Having gone thru this back east, when the stock market collapsed in '87, I hope they are wrong. I was selling Real Estate in the Hopewell/Princeton, NJ market and it went totally flat. We had a very hot market prior to that, when we were experiencing multiple offers and over asking price offers..and then, wham, and the market came to a screeching halt.
The east coast market has definitely softened. The Naples Fl market which was one of the hottest places in the country has been slow for about 9 months now. Many parts of the country are experiencing quieter, more normal markets. In the past the Orcas market has sometimes flattened, but falling prices have not been my experience. I have been involved in real estate on Orcas for 18 years. As for Orcas we are seeing a small increase in listings, but more are under contract than this time last year. Our price point is higher, and as you can see 10 million more in sales volume. Our market continues to be b. To some extent we follow the market in California and Seattle, but since we are primarily a second home market and retirement market, we are somewhat buffered. This past year 40% of home sales nationwide were second homes and investment properties. That bodes well for Orcas.
If you are wondering if there are still "good buy's" available, I believe there are. Give me a ring, and I will share my favorites with you. And if you are considering listing, we would be happy to give you a free price opinion and discuss our marketing stradegy.
Kate Wood