Real estate market summary

Submitted by Merri Ann Simonson

The third quarter results for San Juan Island and the County were consistent with the first and second quarter results. Per the NWMLS, the dollar volume year-to-date on San Juan Island was $84,048,800 with a total of 135 transactions. This reflects a 15% decrease in the dollar volume and a 25% decrease in the number of transactions. For San Juan County, the total dollar volume was $207,098,020 with a total of 319 transactions. The County had a decrease of 5.5% in dollar volume and a decrease of 19% in number of transactions. Based on the downward trend for the last 21 months in both dollar volume and transaction numbers, we will most likely conclude this year with less volume than 2018 in both categories.

As the percentage of decrease for transaction numbers is greater than the percentage of decrease for dollar volume, that equates to fewer sales but higher sale prices. In reviewing the YTD as compared to 2018 same period, the high-end sale transaction numbers for sales over $1m each, both the Island and County appear to be tracking to 2018. I don’t expect that 2019 will exceed 2018 transaction numbers for this category. The dollar volume for this segment of our market is down 8% for San Juan Island but the County, however; is up 14% due to Orcas production.

When I reviewed the sales in excess of $3M for 2018, there were a total of 6 sales; 2 were on San Juan and 4 on Orcas. In 2019 YTD, there were a total of 4 sales; 2 on Orcas, 1 on San Juan and 1 entire Island. The current pending review indicates 2 sales in that category so if all close, we will be equal in this segment of our market to 2018 as well.