Orcas Island Real Estate Sales Increase First Quarter of 2010

More activity in the Orcas Island Real Estate Market the first quarter of 2010 than the previous year.

Despite the increase in 2010 over 2009 numbers, our sales continute to be very few and far between. This cannot be credited to the terrible winter weather; it was one of the mildest on record.  The lack of selection for buyers to choose from isn’t the reason as we have an ample number of listings in every category.  The interest rates are not the culprit as they are attractively low, although loans are demanding better qualified borrowers.  With all of these factors off the “table”, why is it that buyers are not taking advantage of the great purchasing opportunities currently available on Orcas Island?   Either buyers are not convinced that our pricing has reached the bottom and that real estate here is a good future investment, or the nation wide financial crisis has resulted in too much fear to act.

Year   '01      '02     '03     '04      '05      '06      '07       '08      '09


Sales 105    108    136     183    177    148     118      88       59


$Vol    27M    36M    51M    61M   74M   77M   72M    50M    26M

When the economic news improves enough for a buyer to feel comfortable purchasing property, sellers will also feel much more comfortable and will instantly act accordingly by increasing their prices. During the first quarter, the primary real estate markets in Seattle and Bellevue appear to be stabilizing and have increased volume of 64% and 93% respectively, over the first quarter in 2009.  We tend to mirror those markets with a lag time as the majority of our buyers originate from western Washington.

FACT: Many homes are now selling for far less than the cost of materials and labor; below their current tax assessment and in some cases, below what the owner paid. 

FACT: There is a good supply of Inventory and some motivated sellers.

FACT: Orcas Island is one of a kind - People will always be drawn to it's beauty and charm.

                      Real estate has always been cyclical and will always be so.

                                    Do you know where this photo was taken?

Is the Island calling your name?

To see what is currently available go to: www.orcasdreams.com

Or Email kate@orcasdreams.com