Real Estate Market Summary
Posted April 18, 2014 at 6:55 pm by Tim Dustrude
Here’s Merri Ann Simonson with the quarterly Real Estate Market Summary…
The first quarter results for San Juan Island were very exciting, as the real estate dollar volume was up 133% from the same three month period in 2013. The number of transactions was up 125%. Overall, the County had a 46% increase. This year San Juan Island was the top performer in volume and last year it was Orcas Island’s turn to close the most volume in the first quarter. This year Orcas is up only 13.5%; there is no logic to explain the variations other than “it’s a real estate market”.
On San Juan, the average price for all property types for the first quarter was $401,690, as compared to the same period last year when the average price was $387,356. This is a slight increase of 4%. The increase for just single family homes on less than 5 acres is 3.1% over last year. An increase in average sales price doesn’t equate to appreciation but evidences a trend that is heading the right direction. Click here for the full report (PDF).
Merri Ann Simonson is a Managing Broker and Sales Manager at Coldwell Banker San Juan Islands, Inc.
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