How much per square foot are Sequim homes selling for? This was a question I got from a client today. I have two examples of homes sold in different price ranges, high and low, and I’ve pulled together all of the selling comps for those two homes to examine how much homes are selling for per square foot in the Sequim real estate market. Here are the results, and then I will share my interpretation.
Selling Price Per Square Foot
The home that I sold for $231,000 in the top chart sold for $167 per square foot, and the more expensive home that I also sold for $660,000, sold for $231 per square foot. As you can see the selling prices per square foot for the comps are all over the map, from as little as $114 to $491 (and even one for $926) per square foot. So how does one understand these numbers? Can you use these to evaluate a home you want to make an offer on?
Per Square Foot Comparisons
In a metropolitan area, or in a rural area that has thousands of homes selling and plenty of comps to examine, you will have what is called “sufficient statistical data for analysis.” In Tacoma, for example, you could find out fairly accurately how much 3 bedroom, 2 bath homes on one level with 1840 square feet are selling for per square foot. That would be a relevant number when you find your ideal home that is a good comparable. But in small rural areas like Sequim, Washington, there is insufficient data to draw useful conclusions on the value per square foot of a home. It will take much more careful analysis to determine fair market value of a unique home in a small market like ours. The bottom line is the selling price per square foot in Sequim is interesting, but not definitive.
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