San Juan County Faces Low Housing Inventory As Pandemic’s Demand For Rural Relocation Grows

Posted April 12, 2021 at 5:30 am by

San Juan County Dips 55% In Inventory, Grow 39% In Pending Sales

 

Contributed Photo. Merri Ann Simonson.

By Mer­ri Ann Simon­son, Man­ag­ing Bro­ker, Cold­well Banker San Juan Islands Inc

The first-quar­ter results for San Juan Coun­ty and San Juan Island main­tained the momen­tum that was present dur­ing last year.

As com­pared to the first quar­ter in 2020,  the data for both the coun­ty and San Juan Island reflects an increase in vol­ume and trans­ac­tion num­bers for the peri­od end­ing March 31, 2021.

San Juan County’s dol­lar vol­ume is up 52% with the num­ber of trans­ac­tions up 37%. San Juan Island’s dol­lar vol­ume is up 46% with the num­ber of trans­ac­tions up 28%.

Cold­well Banker San Juan Islands Inc. is up 30% for the first quar­ter as well. The first quar­ter is always volatile and not nec­es­sar­i­ly a direct reflec­tion of how the year will fin­ish out.

How­ev­er, we con­tin­ue to note the demand from buy­ers desir­ing to relo­cate to rur­al areas, work from their homes and avoid the high-den­si­ty met­ro­pol­i­tan loca­tions. The show­ing activ­i­ty is nor­mal for this time of year, but the inven­to­ry is crit­i­cal­ly low.

The client leads from the plat­forms such as Zil­low, Tru­lia, and REALTOR.com are orig­i­nat­ing at a sim­i­lar pace to last year, at this time.

As of April 5, the total inven­to­ry for the coun­ty is 212 for all types of prop­er­ties, exclud­ing busi­ness oppor­tu­ni­ties. Of that total, 84 are pend­ing and in escrow.

Active list­ings of 128 equal a sup­ply of less than two per month for the coun­ty. The total inven­to­ry on San Juan Island was 94 for all types, with 40 of those pend­ing and in escrow.

The pend­ing trans­ac­tion num­bers are up as com­pared to last year, same time and inven­to­ry totals are down.

The coun­ty is down 55% in inven­to­ry and up 39% in the num­ber of pend­ing trans­ac­tions. San Juan is down 53% in inven­to­ry and up 66% in the num­ber of pend­ing transactions.

It has been very dif­fi­cult for agents to orig­i­nate new list­ings as many of our sell­ers do not have the abil­i­ty to pur­chase in a new location.

Our typ­i­cal sell­er is 65–85 years of age and desires to relo­cate to be clos­er to fam­i­ly mem­bers or near health facilities.

If they sell now, which may be the top of our mar­ket, many of the pop­u­lar mar­kets around Seat­tle are very chal­leng­ing for buy­ers. The met­ro­pol­i­tan areas have mul­ti­ple offers with esca­lat­ing prices and one needs to be a cash buy­er with very few or no con­tin­gen­cies to be successful.

Read more at sanjuanislandslifestyle.com/blog.

You can support the San Juan Update by doing business with our loyal advertisers, and by making a one-time contribution or a recurring donation.


Categories: Real Estate

No comments yet. Be the first!

Leave a Reply

Your email address will not be published.

By submitting a comment you grant the San Juan Update a perpetual license to reproduce your words and name/web site in attribution. Inappropriate, irrelevant and contentious comments may not be published at an admin's discretion. Your email is used for verification purposes only, it will never be shared.

Receive new post updates: Entries (RSS)
Receive followup comments updates: RSS 2.0