The demand for homes in Sequim and Port Angeles has been increasing, and this chart tells the story from the first quarter of 2005 through the first quarter of 2014. (Sequim is blue and P.A. is green.)
Demand for Homes Increasing
In 2005, which was really the peak year for real estate here (prices didn’t start declining until 2007), 102 homes sold in the Sequim area and 65 in the Port Angeles area. Then in 2013 spring sales picked up (showing the first three months of the year), and now in 2014 sales are increasing over last year. I suspect that April will show even more increases for this spring.
Demand for Homes, Inventory, and Prices
What does all this mean for buyers? It means that with the demand for homes increasing and the inventory shrinking (home builders have not been building for 6 years), we will at some point begin to see a slow but steady increase in prices. All of this just goes back to the basic economics of supply and demand. As the demand for homes increases, watch prices start to increase.
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