Are Port Angeles homes selling? The answer will be similar to the question, “Are Sequim homes selling?” The answer is that the best homes in the best areas at the best prices are in fact selling, and they are selling just like they did before the real estate recession. Yesterday, I wrote an offer on a Port Angeles home. When I wrote the offer, the house was available and “active” in the MLS. My client signed the offer, wrote an earnest money check, and I submitted the offer promptly to the listing agent. As always, I called the listing agent to tell her I submitted the offer via email. She called back to tell me an offer had been accepted just hours earlier. This morning that listing still shows as active in the MLS, although it is pending.
This is proof again that the real estate market here is bifurcated, meaning that there are essentially two markets. One market includes a large inventory of Port Angeles homes that are not selling very well, many of which have been on the market for a long time. The other market, or the other segment of the market, consists of homes that qualified buyers do want. These homes probably make up only 2% or 3% of the inventory, but these homes are consistently selling within a reasonable period of time.
Not only are these homes in this smaller segment of the market selling in a reasonable period of time, many are selling at full price, and there is competition in buying them. The offer I wrote yesterday was beat by another offer by a matter of hours. Last month I wrote about another Port Angeles home that I wrote an offer on, and that one also was sold the same day by a second offer that was at full price. I sold another Port Angeles home a few weeks ago at full price that had another buyer who told the listing agent he wanted to write a backup offer.
Here’s the point. If you see a home that fits your search parameters, and it is what you would consider the best home for you in the best area at a reasonable price, do not waste any time submitting an offer, because you can bet there is someone else, and maybe several buyers who think like you do, and who are also looking. I can tell you that my buyers who have missed out because another offer was accepted on the same day were very disappointed.
Let me emphasis that this segment of the market is small. The vast majority of the Port Angeles homes market is still behaving as though we are in a real estate recession. It is only the smaller segment consisting of maybe 2% to 3% of the inventory that is behaving like a healthy market and these homes are selling. It is this small segment, however, that includes the Port Angeles homes that so many buyers want.
Last Updated on August 2, 2022 by Chuck Marunde