"Pockets of Positivity".
Maybe this is a sign that the markets are waking up after a long winter's nap.
I have an appraisal I am doing in Coupeville, in Island County. It's a fairly run of the mill, 1,200+- sf townhome built in 2008. As an Appraiser, when completing my initial research, I cast a wide net, and then start to filter data to get down to the sales that will be used in the actual report.
What this does is allows me to run large chunks of data and analyze them for trends. In this case, that chunk of data is all condos and townhomes in Oak Harbor and Coupeville, sold since 1/2022.
Here are the results
The average LP/SP ratio has increased significantly in the past 2 months after a period of slow decline. February 2024 shows the Average List Price/Sale Price ratio at over 100%. Maybe this is a sign of an awakening market?
Days on Market is showing some recent declines to 49 days, after generally increasing Days on Market for the past 2 years and especially since July 2023.
The number of sales is up dramatically in February 2024. While this is exciting and could be a sign of good things to come, it's important to remember that one month doesn't make a market trend. Not even 2 months. But it does show that the market MAY be changing direction, which is a seasonal norm about this time of year.
Of course, what do all the charts above mean, when taken together. Just like one piece, or even two pieces of data don't make a trend, just one or two charts aren't enough to show what a market is doing. They are all clues and pieces of the puzzle. It is promising however, and the long term trend for this segment of the market is still up.
One of the great things about visual data is that it is so easy to share. Please feel free to do so if you see a benefit in doing so. Thank you to the Real Estate Professionals that are already sharing these charts. I totally appreciate it!
If you have gotten this far, I'm glad you made it. Please leave me a comment below.
Anthony Blackburn is a Certified Real Estate Appraiser at San Juan County Appraisal, serving the San Juan Islands and surrounding mainland counties.
Estate appraisal, tax appeal appraisals, private lending appraisals, divorce appraisals.
I am always available for any real estate appraisal related questions, whether it's my deal or not. I'm always happy to have a conversation. (360) 627-0208 or ablackburn@sjcappraisal.com
You can also find me on social media
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