Spring 2024 Newsletter

April 2024

Greetings!

Spring has returned to the islands and seems to be picking up steam with residents looking forward to 60 degree temperatures. The real estate market has paralleled the season with a cool start, limited property listings and somewhat cautious buyers and sellers. However, as we enter into late April, the momentum towards greater inventory and buyer activity is gaining force.

We hope you find our newsletter informative and always enjoy hearing from our clients; feel free to contact us at any time, we are eager to be the preferred choice for your San Juan Islands real estate needs.

Cheers,

Jane & Peter Anna

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2024 Q1 Market Report

As we delve into the pulse of the real estate market in San Juan County during the initial quarter of 2024, the figures provide a snapshot of our current scenario. Despite the apparent downturn in dollar volume and transaction numbers, there are promising indicators suggesting a potential increase in our market activity. One such indicator is the median home sales price. Although the median home sales price for the 12-month period ending in 2023 experienced a decrease, the median home sales price from March 2023 to March 2024 actually saw an increase of 5.6% on San Juan Island and a 1.7% increase county-wide.

To read further click HERE.

Takeaways From The NAR Settlement

The proposed settlement of a class-action lawsuit against the National Association of REALTORS® (NAR) was announced Friday, March 15 but the settlement must be approved by the court before it will be final. This settlement outlines a three-pronged change in NAR MLS policy, representing further evolution in real estate practices. It is crucial to note that this settlement remains tentative and could be modified prior to judicial approval. Fortunately, the Washington’s realtor community stands ahead of the curve, already adhering to much of the settlement’s envisioned reforms.

First, the settlement requires buyer brokers to establish an agency agreement with buyers from the outset of service delivery, a practice already familiar to Washington brokers.
Second, compensation paid by seller must be negotiated in a decoupled manner, ensuring the listing firm’s compensation is not tethered to any offer of compensation a seller may make to the buyer broker – again, a measure already implemented by brokers in WA state.

Finally, an NAR MLS will be prohibited from publishing any seller offer of buyer broker compensation, a new step for all but indicative of the shifting landscape of the industry

To read more and watch a detailed video discussing specific findings in this case please click HERE .

CB Estimate® What is My Home Worth?

Millions of people are finding out their home is worth more than they think, and it might be the case with yours. Get an instant estimate on your home with the all-new CB Estimate tool. The CB Estimate℠ provides an estimated market value of your home generated by a proprietary algorithm using aggregated data collected from third parties and public records and is intended to provide you with a general value of the property.

Humpback Whales Return to the Salish Sea

The resident Orcas who inhabit the waters surrounding our islands tend to garnish all the attention but we are also home to other incredible whale species. The first humpback calf of the 2024 whale watching season was spotted on April 18 near San Juan Island, according to the Pacific Whale Watch Association (PWWA).

The calf, likely three to four months old, belongs to humpback whale BCX1460, also known as Black Pearl. The pair have been seen several times since their first spotting. Black Pearl usually spends summers north of Vancouver Island, according to PWWA Executive Director Erin Gless, so it was lucky she brought her calf back to the Salish Sea. To read more click HERE.