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Home Buyer's Market

Is Sequim Reaching the Tipping Point?

Chuck Marunde by Chuck Marunde
September 23, 2019
Reading Time: 2 mins read
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Tipping Point

Sequim is approaching a tipping point in the real estate market, and we may be there now. There is actually more than one tipping point, but they are both connected. This has so much relevance for buyers today. Over a year ago I wrote that Sequim real estate prices had stabilized over the previous year, and that we we very likely seeing real estate prices at or near a bottom. The data has proven this to be true. Supply and demand, buyer activity, and the shrinking inventory all point to a real estate market that is stable and which has been steadily improving over the past two years.

A Tipping Point for New Construction

The first tipping point can be thought of as a seesaw with existing homes on one end and new construction on the other end. Home builders have not been building in the Sequim area for the past seven years. Buyers have not been buying lots and hiring builders to build during this recession. Because home prices dropped so much over the past seven years, buyers have been able to purchase an existing home for 20% to 30% less than the cost of buying a lot and building a new home. But the existing inventory of homes has been slowly and steadily decreasing, and now many buyers are not able to find their ideal home. Home prices are also increasing slowly. All this means people will start building again. In fact, at least one Sequim home builder is anticipating the need for new homes, and he is building spec homes once again. This is one tipping point, and we are there.

A Tipping Point for Prices

We are also at a tipping point for home prices. The Sequim real estate market spent a lot of time stabilizing before prices actually started to increase. It’s been a slow process, but prices reached a bottom and stabilized over the past two years. Now with real estate markets getting hot in California and elsewhere, buyer activity in Sequim increased dramatically, and with a shrinking inventory, prices have reached a tipping point and are about to tip upward significantly. 

I’m seeing this in several ways. Buyers are having trouble finding a home, and many of the homes we line up to view are being sold right out from under us. Another indicator is the time a home is on the market before it sells, and the “days on market” have been shrinking. And one more indicator is how the selling price relates to the original listing price and the last adjusted listing price. Many homes are now selling at full listed price. All of this indicates we are at a tipping point for real estate prices, too.

Last Updated on September 23, 2019 by Chuck Marunde

Tags: Buying a Home
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Chuck Marunde

Chuck Marunde

Chuck grew up in remote Alaska, graduated from the University of Alaska with a degree in Economics and Teacher Certification, and after teaching high school for two years, went to law school at Gonzaga University in Spokane, Washington. He served four years as a Captain and JAG in the USAF at Nellis AFB in Las Vegas. After practicing real estate law for 20 years in Washington, Chuck founded iRealty Virtual Brokers covering Sequim and the beautiful Olympic Peninsula. He is the author of 2,200 real estate articles and a dozen real estate books, and he produced over 100 real estate videos. Chuck combined his love for real estate and technology to create a massive Internet presence, and his articles and videos and books have been viewed by millions. Chuck is a well recognized real estate expert and his counsel is sought by other brokers and practicing attorneys around the country. Buyers from New York to Hawaii and from Florida to Alaska seek him out to retain him as their buyer's agent, and home owners around the State of Washington seek him out because of his new Flat Fee Listing Service. 

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  • Home
  • Search MLS
    • Sequim MLS
    • Sequim MLS Map Search
    • Port Angeles MLS
    • Port Townsend MLS
    • San Juan Islands MLS
    • All Islands MLS
    • How to Search the Sequim MLS
  • Videos
    • Sequim Videos Q&A
    • Buyer Videos Part 1
    • Buyer Videos Part 2
    • Buyer Videos Part 3
    • Buyer Videos Part 4
    • Living in Sequim Video Channel
  • Books
    • Sequim Real Estate for Buyers (Free eBook Updates Forever)
    • Sequim Real Estate: A Buyer’s Guide (Paperback)
    • Escaping California to The San Juan Islands
      • Menu Below
    • Buying & Selling Real Estate in The Rain Shadow
    • Real Estate From Bricks & Mortar to High Tech Virtuality
    • The Seven Myths of Selling Your Home
    • Buying Your Retirement Home
    • The New World of Marketing for Real Estate Agents
  • Agents
    • Professional Buyer’s Agent
    • Flat Fee Listing Broker

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