Here’s what’s been happening in the Sequim and Port Angeles real estate market (the stats include all of Clallam County for the fourth quarter of 2007 and are provided by the Washington Center for Real Estate Research).
New building permits are down 18.6% from one year ago. Homes sold are down in Clallam County by 20.4% for the fourth quarter (2007) compared to one year ago. The median price of a home is $225,000, which is down 6.2% from last year.
Statewide, these states look like this: building permits are down 17.3%, homes sold are down 13.7%, and the median price of a home is $293,900, down 2.5%.
While sellers would like home prices to keep going up, up, and up (prices have been doubling in Sequim every 7 to 10 years), buyers are given a reprieve from the slowing rate of increase (even a small decrease) in prices. So buyers are saying, “Thank God.”
There are more homes for sale in Sequim, Washington and Port Angeles, Washington than last year at this time, but again, that is good if you are buying. Of course, since many of our homebuyers come from California, Arizona, and other states, if those buyers are unable to sell their homes at a fair price within a reasonable period of time, they will not be ready, willing, and able to buy here.
But there are still buyers who have planned to retire and move here, who have the money, and the timing of this real estate market only plays in their favor. That also means sellers are still selling, which they are. In this kind of market it is even more critical that sellers have the highest level of competence and experience in their Realtor. Anything less could cost them tens of thousands of dollars and months of delay.
I recently sold a Sequim home for $759,000, and the buyers were from Arizona. The sellers were pleased to sell their home in this market, and the buyers are delighted to have found their dream home. Amidst the news media’s dramatic headlines, we still are making buyers and sellers happy here at Sequim & Port Angeles Real Estate.
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