Larger Inventory and Increased Sales for Market

The residential market has both higher inventory and higher sales than last year at this time. By the ninth week of 2008, the Port Angeles market had 264 listings. This year we have 294, an increase of ten percent. Last year we had 19 homes sold. This year there have been 24 in the same period.

The lowest priced segment, those under $200,000, has a slightly smaller offering than last year with 55 now available. Last year there were 58.

Inventory for homes listed in the $200,000 - $249,999 segment have seen an increase of 70% over last year with 68 currently on the market, versus 40 last year.

There are 50% more homes in the $250,000 - $299,999 price range with 63 currently in stock, compared to 42 in 2008.

The next four price points are showing declines, with the number of $300,000 - $349,999 homes showing the strongest narrowing (57%) with just 25 available. A year ago, you would have had 44 to choose from. There are 20 homes priced from $350,000 - $399,999. Last year there were twenty-three.

Moving up to the $400,000 - $499,999 inventory, you'll find seven fewer with 20 now on the market. And if your eyes are cast upon the $500,000 - $599,999 section of homes, we're down two with ten now on the market.

The top segment, those priced at $600,000 and up, is showing an overall increase of 88%. Last year there were eighteen. This year, we have 34. Of those, seven are priced between $625,000 and $649,999; nine are priced from $650,000 to $697,500; seven range from $715,000 - $799,000; and four rank from $825,000 - $899,000.

There are two homes in the $900,000 price range and three priced from $1.1 million to $1.2 as their listing price. There is one currently offered at $1,495,000, one at $1.8MM and one at $4,000,000.

It is now taking about fifteen percent longer to sell a home with the average taking five months. By this time in 2008, it was taking four months and a week.

Homes under $200,000 have a six-point-four month inventory; sixteen-point-six month supply for homes listed between $200,000 - $249,999; and the same holds true for those priced between $300,000 and $349,999.

The homes is listed between $250,000 and $299,999, have an absorption rate of thirteen-point-seven months. There's a fifteen month supply of $350,000 - $399,999 homes; a 20 month supply for $500,000 - $599,999 residences and a two-year supply of homes that are listed between $400,000 and $499,999.

The top bracket has seen three sales in the last six months, but none so far this year. That supply has a five-and-two-thirds years absorption rate. An absorption rate above nine months indicates a buyer's market.

The amount sellers are garnering for their properties, when compared to their asking prices, has dropped slightly. Normally we see an average of 94% - 96% of the list price as the sold price.

Year-to-date, the average has been at 93%; although, homes in the lowest price point are selling for about 96% of list. Homes selling in the $250,000 - $299,999 segment are also faring well with a 95% average.

Homes in both the $200,000 - $249,999 and $300,000 - $349,999 ranges have sold for 92% of asking price, on average. The three homes in the $500's have averaged 91%. The three segments of $300,000 - $349,999, $400,000 - $499,999 and $600,000+ have had no sales so far this year.