WESTERN WASHINGTON REAL ESTATE Q1 – San Juan Islands Breakout
Once again San Juan County led Western Washington in real estate sales volume, up 67.4% from Q1-2020. Additionally, San Juan County saw the greatest drop in average days on market (DOM); down 52 fewer days to sell homes than it did a year ago.
Residential listings notably continue to be below normal levels regionally as well as San Juan County and Orcas Island. Specifically, listings were down -64.91% from March 2020 and San Juan County down -69.89%. These numbers and numbers for the whole of Western Washington continue to show our region is still deep in a seller’s market with demand far exceeding supply.
Home price growth for sellers continues to trend above the long-term average. Regionally prices are 21.3% higher than a year ago and 2.9% higher than the final quarter of 2020. In the San Juans, home price growth was slightly lower than the regional average, but still up 15% to 19.9% from the same time last year. The real estate market in San Juan County continues to break records for activity, price, days on the market, and lack of inventory. The Gardner Report and the NWMLS Breakout once again show the San Juan Islands is the hottest market for homes sold in Western Washington; and our county average for Median Price Per Square Foot up 25%, from $328 last year to $410 in April 2021.
On Orcas Island, in Area 901, our March 2021 numbers were encouraging. Pending Sales were up by 37.5% from 2020, our Median Closing Price was up by 1.16%. The shortage of listings continues to be the biggest challenge for buyers in San Juan County. Yet as a whole, we saw an increase from 2020 of 20%, and on Orcas Island alone, we saw a staggering jump of 66.67%.
We’ve said it before, but once again, “Now really is the time to sell.” The numbers continue to support there has not been a time better than now to list your home for a quick sale and the highest return on your real estate investments. If you’re wondering how much equity you’ve gained, the best approach to marketing for maximum return, what selling real estate in the Covid-19 Era with vaccines looks like, my team and I are here to answer all your questions, serve as your local specialists and guide you to sold.
To view or download the full report, click LINK TO Q1 2021 WESTERN WASHINGTON/ SAN JUAN COUNTY REPORT.
Cheers to Sold – Wally