This Sequim real estate market update is brought to you courtesy of Chuck Marunde, J.D., your favorite Sequim Buyer’s Agent. The Sequim real estate market is truly unique. Buyers with experience in other markets often draw conclusions about Sequim listings that have been on the market for a long time, such as there must be something wrong with it, or that it is overpriced. In a market with lots of buying and selling of similar homes and big numbers that can be used to draw statistical conclusions, that can work. But the Sequim real estate market doesn’t lend itself to the same kind of statistical analysis that can be done in most metropolitan areas or even active bedroom communities outside the metros. This is true for several reasons.
First, this is a market dominated by buyers who come from all over the United States, and they are approximately 95% retirees. In 2019 first time home buyers made up as much as 33% of the buyers on a national level, but that’s not true in Sequim and Port Angeles, and it changes the dynamics of our market.
Second, the Sequim market in particular is a small market, meaning there is a very small inventory of homes that are at or near the top of the bell curve of what retirees want. If the market has such a small market, there are few, if any, comps for a particular home, it’s nearly impossible to draw conclusive conclusions about price or days on market.
Third, there is very little turnover in the Sequim area. In other words, when retirees buy a home in Sequim, they don’t sell it in 5 to 7 years like most people around the country. Instead, they stay put for 15 to 20 years. That means the best homes in the best areas are limited if you are looking for a home you can buy.
This is an interesting interactive graph you might enjoy. It does show us sales in Sequim over a period of time, and as you can see sales have increased for years since 2011, but pulled back recently. Covid-19 and the economic recession have certainly had an impact on buyers moving to Sequim. Drag your mouse across the chart to see the interactive numbers. You can see what this data represents at the bottom of the chart where the search parameters are shown: 1.) the Sequim zip code of 98382, 2.) 3 or more bedrooms, 3.) a price of $349,000 or more, 4.) single family home, and 5.) single story. This describes the home at the top of the bell curve for the vast majority of retirees moving to Sequim.
What does the rest of 2020 hold for the Sequim real estate market? That’s a much longer and detailed analysis, and if you’re making plans and trying to decide on the best timing, you’re welcome to call me and discuss it at length on the phone, 360-775-5424.
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