I received this question about real estate prices today, “Am curious regarding your opinion as to higher priced home sales. It seems to me things are much slower in that market.” And that is correct. Look at this chart showing the distribution of sales based on price so far this calendar year.
The data used in this chart represents all homes sold in Sequim and Port Angeles priced above $150,000 from January 1 to April 30, 2015. The price ranges represent $100,000 ranges. For example, 19 homes sold in Sequim from $350,000 to $450,000, and 6 sold in Port Angeles. Now here’s where it gets interesting. Notice that 91% of all homes sold in this data sold for less than $450,000, and only 1% sold above $450,000.
Real Estate Prices
This means only 1% of buyers are buying homes priced above $450,000. That’s a small percentage, but then again, this is not an area of high real estate prices. One of my clients told me that the home they are selling for $1.75 million outside of Thousand Oaks, California, can be replaced with a comparable home in Sequim for $700,000. And you can buy an amazing home in Sequim for $450,000 to $700,000.
What does this mean for buyers and sellers? This means selling an upper priced home is harder than selling a home priced below $450,000, and it means buyers who can afford a more expensive home are still in a buyer’s market. Reasonable real estate prices in Sequim and Port Angeles are a strong attraction for retirees.
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