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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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Is The Sequim Real Estate Market Turning?

by Chuck Marunde / Tuesday, 07 August 2018 / Published in Sequim Real Estate Market

The Sequim real estate market may be turning from a seller’s market to a more balanced market, if not a buyer’s market. Let’s examine what’s happening in the Sequim real estate market now.

Sequim Real Estate Market

If you’ve been reading articles on this blog over the past 10 years or even the past 5 years, you would know that we had what I call a 10-year real estate recession, during which virtually no one was building a new home, and prices were pushed down by 30% or more and then went flat for years. But retirees continued to move to Sequim and buy homes, albeit in small numbers. Since they were still buying homes in a small real estate inventory, and builders were not building new homes, it was inevitable that there would be an inventory crisis.

Sequim Real Estate Market Evolving

About halfway through the recession, I wrote about the darkness on the horizon. I wrote that if retirees continued to move to Sequim and pick off the best homes in the best areas at the best prices, eventually there would be an inventory crisis, and that crisis hit us about about two years ago.

The sequence of events went like this. Homes started selling at full listed price. Then we periodically got two offers on the same home. Then prices started creeping upward slowly. I would say that prices have increased by about 30% in the last two years, which is a dramatic increase for the Sequim real estate market.

Meanwhile the homes retirees want [Read The Sequim Bell Curve] were selling within days, and now it’s hard to find one in the Sequim MLS.

But there is a hint that the winds are changing. In a brand new report released today from the Northwest Multiple Listing Service (NWMLS), “Home sellers throughout the Seattle region are experiencing a reality check and the days of multiple offers are days of the past.” 

And this: “New figures from Northwest MLS show year-over-year improvement in inventory (up 6.5 percent), but modest drops on both pending sales (down slightly more than 7 percent) and closed sales (down 3.4 percent). Despite those drops, prices rose 8.64 percent across the MLS service area that spans 23 counties.” And, 

In his comments about sellers experiencing a reality check, broker Keith Bruce-Jones suggested Seattle is experiencing a self-corrective shift in the market. “Many sellers are reaching for their dictionaries to understand the words ‘price reduction’ and ‘increased market time.’”

It’s too early to draw a firm conclusion about the effect all this will have on the Sequim real estate market, but it almost certainly will catch up with us. Many retirees moving to Sequim are now opting to buy a lot and build a home, so that is another changing dynamic. And new home listings will inevitably come on the market in the weeks and months ahead.

Sequim Real Estate Market Prediction

My prediction is that prices have stabilized again, and this means the market is shifting away from a seller’s market toward a balanced market, and this will be good news for buyers. We will still struggle with a low inventory for a while, so this doesn’t mean it will suddenly get easy for buyers to find their ideal retirement home. If you’re a buyer, you’ve got to know how to navigate this kind of market. I advise my buyer clients what to do in this kind of market, and I help them do it.

Meanwhile, keep watching the Sequim MLS, and stay tuned on this blog to keep up with the Sequim real estate market.

Possibly Related Posts:

  • Are Buyers Competing to Bid Prices Up?
  • Are We At The Top Of The Real Estate Market?
  • Should I Submit a Backup Offer in this Market?
  • Sequim Real Estate Market
  • A Sequim Real Estate Market Update by Video

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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

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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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