Here is the Sequim real estate market video for October of 2014. This report does not reveal anything extraordinary in the cold numbers, but it may be extraordinary because it does show a continuing trend toward an improving Sequim real estate market. That is a story in itself.
Sequim Real Estate Market Numbers
In an improving market we will see consistent improvements in some of the stats, including a decreasing number of days on market (DOM) over the previous month and over the previous year, and there are several other stats of significance. Supply and demand factors include the increasing or decreasing number of homes in the listing inventory, and how many buyers are buying homes. If inventory is shrinking because sales are increasing or the inventory is not being replaced fast enough, then prices will inch upward. Prices react slowly and sometimes erratically over the short term to supply and demand factors, so prices may increase one month over the prior month and decrease the next. The more important time period involves many months or year over year analysis.
Sequim Real Estate Market
What is encouraging from this Sequim real estate market video is that when you put together all the information, we see the market is improving. For example, the number of listings is down 3% from one year earlier and down 6% from the previous month. This is not so great for buyers, but it is for sellers. The median listing price increased a little, the average days on market is down 13% compared to last year, and sales increased 12% year over year and 12% month over month. This is all good news for the Sequim real estate market which continues to improve slowly but steadily.
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