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Homes and Land in Sunny Sequim, Washington

Homes and Land in Sunny Sequim, Washington

Sequim's No.1 Buyer's Agent Where Knowledge & Experience Count.

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Email: ChuckMarunde@gmail.com

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125 Olympic Ranch Ln, Sequim, WA 98382

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Home Sales Above $500,000 in Sequim

by Chuck Marunde / Saturday, 21 September 2019 / Published in Sequim Home Sales Report
Sequim Expensive Homes

Home sales in the upper price range have many people baffled, not just buyers but also sellers, and believe it or not, even Realtors. Many questions abound: How are sales for more expensive homes lately? How do they compare with the past? How long does it take to sell an upper priced home? Is is that much longer than homes selling in the average price area? Today, I’ll help to answer these questions.

I want to focus on sales above $500,000, and I’ve pulled sales data over every year back to the beginning of 2012. Then I’ve compared a period of time during most of the recession we’ve been experiencing from 2012 to the end of 2016 to the last three years in which the Sequim real estate market has substantially improved and prices have increased. How does all this play out for the upper priced homes?

This is one of those charts you could stare at for a half an hour and still be drawing possible interpretations and conclusions. What I wanted to see is how home sales are going for the homes above $500,000 in the past three years compared with previous years.

Sequim Home Sales

It is quite dramatic that Sequim home sales above $500,000 increased as a percentage of total sales to 19.2% of sales since 2017 compared with only 7.6% in the previous five years. They also increased in Port Angeles to 6.3% from 3.2%. Certainly there has been a substantial increase in the sales of upper priced homes, but why?

First, prices have increased over the past three years by 29% based on the sales numbers on the right side of the image above. You can see that the average sales price increased to $344,185 from $266,650. That’s huge. I’ve been saying that prices have increased over the past three years by about 30%, and this stat shows that was almost dead on.

Second, the inventory of the ideal home retirees want is extremely low. That drives up prices, too, but it also has the effect of motivating buyers to buy nicer homes when they can’t find what they want in the lower price ranges.

All of this doesn’t mean that a home listed above $500,000 will sell quickly. This segment of the market still consists of a small part of the buyer Universe, and Sequim’s buyers come in small numbers throughout the years, so the right buyer will come when they come, and that could be soon or many months away. Compare the data and conclusions in this article with what I published on this blog on December 23rd, 2008 about Why a Home Over $500,000 Is Almost Impossible to Sell.

As I’ve said elsewhere, the key for a seller and their listing agent is powerful and effective marketing, and that’s a topic for another day.

Possibly Related Posts:

  • Sequim Real Estate Market Update
  • Sequim Home Sales in Winter
  • Sequim Homes Sales Report
  • Sequim Home Sales
  • Sequim Real Estate Market

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About Chuck Marunde

After practicing real estate law for 20 years in Washington, Chuck opened iRealty Virtual Brokers covering the Sequim and the beautiful Olympic Peninsula. Chuck is the author of numerous magazine and Internet articles with a primary focus on real estate. He is also the author of over a dozen books, mostly about Sequim real estate. Chuck is a photographer, videographer, and Registered FAA Drone Pilot. Chuck has combined his love for real estate and technology to create a growing Internet presence in his market, and enjoys building his websites and blogs, including SequimBlog.com and Sequim4Sale.com and LuxuryWaterViewHomes.com. Chuck has degrees in Economics, Law, and Education.

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Chuck E. Marunde, J.D.

Sequim Buyer's Agent
(Atty Ret.)
Founder and Broker of
Sequim & Port Angeles Real Estate dba iRealty Virtual Brokers
125 Olympic Ranch Ln,
Sequim, WA 98382
(360) 775-5424
ChuckMarunde@gmail.com

Blog Articles by Date

From Los Angeles

It's rare, but once in awhile life provides the perfect collaborator for an important endeavor such as buying your new home. For me that person was Chuck Marunde. His two decade background as a Real Estate Attorney, his prolific career as an author of articles and books on Real Estate and his forthright and moral character made choosing Chuck a no-brainer. Chuck is dedicated, thorough, incredible at the negotiating table, knowledgeable about all local laws & regs but, most importantly, Chuck loves what he does. And what he does is find his client the perfect property. Chuck isn't about making the sale, he's about making the sale that is OPTIMUM for his CLIENT and this makes Chuck a rare bird indeed. I love my new home in Sequim and I am indebted to Chuck for making it happen. Kevin E.

From Seattle

I’ve had the pleasure of working with Chuck over the past three years in selling my parent's estate. It was a tough time to sell during the housing recession, but Chuck always kept things on the positive side. With his real estate law background, he offers sound, practical advice. He helps you along with the process using discussions and reason, rather than opinions and speculations. If Chuck doesn’t know the answers, he will get them for you. In several instances, Chuck took the initiative to meet with county officials to get up-to-date facts about zoning and regulations. I was always impressed with his company’s tech savvy communi-cations and internet presence: weekly email updates, blogs, videos, links, Linked-in networking, etc. He is truly pioneering the future of buying & selling real estate. Brian M.

From California

"Andy Romano is a successful motion picture character actor with over 40 years in 'the Biz.' Mr. Romano has a home in beautiful Santa Barbara, California, but he chooses to live most of the time in Sequim, Washington on the Olympic Peninsula in the great Pacific Northwest. Why? In his own words, 'Because it's even more beautiful and surrounded by more beauty in this incredibly peaceful and quiet place. With respect to real estate agents or brokers, well my friend Chuck Marunde, owner of Sequim and Port Angeles Real Estate, is hands down the best there" Andy R.

Intro by Chuck Marunde

From Florida

We do our homework for the task at hand and we look for and expect to enlist partners that do the same. It was our good fortune to select Chuck Marunde of Sequim and Port Angeles Real Estate to represent us as a buyer's broker in our search for a home in the Sequim/Port Angeles area. Chuck's site is all encompassing and super fast compared to many others, he knows the market at every conceivable level and his guidance through the process of selecting and purchasing a home is priceless - above and beyond that of anyone with whom we have ever worked. Add to all this his 20 year background in real estate law and you have discovered a superb asset in the adventure of purchasing a home. Greg and Marilyn

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