Dear Clients and Friends,
Things are a little crazy up here! The real estate market is particularly unusual at the moment in San Juan County. If you look at the middle chart on the attached break out comparing June 2019 to June 2020, inventory is way down, pending sales are almost double, and closed sales are barely up. What this means is that in the last two months the local market has taken off and is now totally a seller’s market across the board, low to high prices. We’re not seeing this so much in the urban areas of Washington, but other rural communities are also experiencing an uptick as people realize they don’t need to live and/or work in the city and are seeking safe havens. Our office is as busy as ever, and as you know, according to Economics 101, when demand is high, and inventory is low prices go up.
For all of Western Washington prices are up about 6% from last year. Inventory is down approximately 30%. The number of active listings compared to last year are down 42%. Construction is also way up in our county as owners that have been sitting on their lots for a long time are deciding it is time to get something going; as a result contractors are very busy. Many summer-only residents moved to their summer homes in March of this year. Transient rental accommodations and restaurants are now open at 50% capacity in Phase 2 of reopening the state; with virus cases on the rise it’s uncertain whether the Governor will initiate any more lenient phases in the near future.
Please find from the following link our new 2020 Windermere Real Estate Orcas, Lopez, Crane and Outer Islands Ferry Brochure. If you’d like, hard copies are available as well for anyone who would like one, just let us know and one will be mailed to you.
As always, please feel free to forward your questions and/or comments and know
we are here to keep you alert to interesting market shifts and trends.
Stay safe and healthy,
~ Wally and the Gudgell Group