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      Home Sequim Real Estate Market

      Sequim Real Estate Prices – Selling Price as Percentage of Listing Price

      Chuck Marunde by Chuck Marunde
      September 4, 2011
      Reading Time: 2 mins read
      0 0
      3

      Sequim real estate prices are down as are prices throughout the country, but how much are Sequim real estate selling prices as a percentage of the original listing prices?  Looking at the most recent data for homes sold during the month of July, 2011, the results are interesting.

      Sequim Real Estate Prices

      Sequim Real Estate Prices

      Sequim Real Estate Prices Compared

      After you’ve enlarged this chart by clicking on it, or by going to Sequim Real Estate Prices, you’ll see we’ve had 17 homes sold in Sequim thus far in July.  The blue bar represents the original listing price, and the adjacent red bar represents the final selling price of the same home.  This data is taken from the Olympic Listing Service. 

      Some homes obviously have sold for substantially less than their original listing price, but others less so.  The average Sequim real estate selling price to original listing price is 88%.  In plain language, Sequim homes are selling for 88% of their original listing price. 

      Sequim Real Estate Prices and Overpricing

      The reason I keep using “original listing price,” as opposed to just “listing price,” is because many of these homes had multiple price reductions until they finally sold.  The final selling price may be 98% of the listed price, but that’s not a very useful statistic.  The more useful statistic is the original listing price, because this tells us something about homes that have been overpriced, and when you add another statistical measure, days on market (DOM), you have valuable information for analysis.  A home that has been on the market for 700 days, has had three major price reductions, and finally sells for 65% of it’s original listing price was most likely grossly overpriced in the beginning.  Overpricing means lost valuable market time, and lost buyers.

      Sequim real estate prices are down but this chart tells a valuable story.

      Last Updated on September 4, 2011 by Chuck Marunde

      Tags: Sequim 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 3

      1. Dan Grove says:
        11 years ago

        I think it would be interesting to see selling price and listing price compared to county tax assessment. I’ll bet the county number is closer to actual market value than listing price.

        Reply
      2. Chuck Marunde says:
        11 years ago

        That would be an interesting comparison Dan. I’ll work on that. Thanks.

        Reply
      3. Herman says:
        10 years ago

        Good points on real estate prices. Appreciate your blog.

        Reply

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