In reviewing the year-end results for 2019, the sales dollar volume for the real estate market in San Juan County per the Northwest Multiple Listing Service was $299,854,773 which reflects a small decrease in volume of 2.3% as compared to 2018 when the volume was $306,903,509. The County closed an average of 37 transactions per month which is 19% below last year.
Total volume on San Juan Island in 2019 was $139,593,052 as compared to $132,285,740 in 2018. The increase was 5.3% in volume but there was a decrease of 17.5% in transaction number.
During the 3rd quarter of 2019, I reported that we had been on a downward trend for the previous 21 months, with volume down 15% and transaction numbers down 25% for San Juan Island. The County was down 5.5% in volume and down 19% down in transaction numbers. The northwest region of Washington was also slower but, powered out the 4th quarter and San Juan County followed suit.
We had fewer number of transactions but increases in volume which equates to more high-end sales occurring. The charts below do not include commercial or multifamily closed sales.
In reviewing the sales over $1m each, San Juan County closed a total of 62 transactions for a dollar volume of $128,419,285. The number of transactions was a tad under 2018 but the dollar volume was 17% higher and it represented 43% of the entire market volume of 2019.
On San Juan Island, there were 32 transactions that closed in excess of $1m each for a dollar volume of $70,196,775. The number of transactions was a tad over 2018 but the dollar volume was a whopping 40% higher and it represented 50% of the entire market volume of 2019.
The buyers that I represented in this category and the agents that I spoke with that also had clients in this price range mostly stated that they were moving funds from the stock market into real estate. The purpose of the purchase was for another home in addition to their primary residence. In some cases, it was a third or fourth home purchase.
It is apparent that the confidence level with investing in San Juan County real estate for the high-end buyer is quite high, at this time.
Inventory levels on San Juan Island are very similar to last year at this time. The notable difference is in the amount of escrow transactions which reflects a 65% increase which is very comforting. In hindsight, it appears that January 2019 was an anomaly when viewing the historic chart to below.
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Merri Ann Simonson
Managing Broker
Coldwell Banker San Juan Islands Inc
1-800-451-9054 Office
360-317-8668 Cell
