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          Home Sequim Real Estate Prices

          Real Estate Prices

          Chuck Marunde by Chuck Marunde
          October 26, 2008
          Reading Time: 3 mins read
          0 0
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          It’s a buyer’s market.   There are many foreclosures flooding the market, and the inventory of listed homes and FSBO’s has reached record highs all over the country.   So have prices dropped dramatically?   In some areas of the country, the answer is yes, but in other areas, the answer is, “not by much.”

          Here’s a quick comparison of real estate prices in Arizona and Washington.

          The Arizona Republic reports that, “In the Glendale ZIP code 85305, the median price of a home fell from $385,000 at the peak in 2006 to $227,000 today, which is about what it was in 2004.   The overall median home price in the Valley has dropped around 30 percent from $267,000 to $180,000 in the same time period.”   ((See Falling Home Prices Erasing What Many Valley Owners Gained))

          Heading north to the Northern Olympic Peninsula in Clallam County, here’s a vignette of prices of homes sold in 2006 and thus far in 2008.

          AVERAGE PRICE IN 2006

          MEDIAN PRICE IN 2006

          $287,075

          $269,000

          $279,357

          $263,500

          Days On Market:   84

          Days On Market:   59

          AVERAGE PRICE IN 2008

          MEDIAN PRICE IN 2008

          $274,303

          $249,900

          $262,157

          $243,500

          Days On Market:   120

          Days On Market:   77

          Clearly the prices in the Northwest have not crashed as in some other areas.   On one hand this is good news for sellers up north, but good news in this market is often a scintilla of anything positive.   The reality is that homes are still not selling in a reasonable period of time, such as 90 days, even at reduced prices.

          Until the market begins to show signs of coming back in areas like Arizona and California, the market in Clallam County Washington won’t come back strong either.   The majority of buyers of homes and land in Sequim, Washington come from from the I-5 corridor to the south.

          Last Updated on October 26, 2008 by Chuck Marunde

          Tags: real estate prices
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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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          Comments 1

          1. raffy says:
            14 years ago

            Drop The Rent!!!

            At HometownRenter.com we understand that you want to get the highest rent for your property. Our advice to owners is to make sure to stay competative in the market. A property not rented in most cases is another mortgage payment paid. If the property is worth $1,000 a month but everyone in the community is at $1,000 a month, the chances of you renting your place are very slim. If you drop it to $950 you will be able to rent your place fast and not miss another month.

            Well qualified applicants are aware they are a hot commodity in this era of tarnished credit and lost jobs. They are shopping their well qualified applications out to the large inventory of investment property on the market. How do you attract them? Drop the rent! Gimmicks do not work–these people have worked hard to keep their credit scores up, their incomes stable and their rental history in tact. Drop the rent…it really is that simple! Prompt placement of a qualified applicant immediately stops the bleeding of lost rents, continued advertisemement expenses and the real possibility of a break in or vandalism. You may not receive top market rent–but you will see regular income that you can count on. Find your best tenants and rental properties for FREE at HometownRenter.com. Your local and national rental site.

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