Sequim Real Estate Market is Localized

The Sequim real estate market, as well as Port Angeles', is uniquely localized, but that is true of much of the country. National markets, trends, and regional economic variables impact, but do not determine local prices and sales. There is one market that impacts Sequim and Port Angeles home sales more than most, and that is the California market.

If California homeowners are not able to sell their homes, a significant percentage of buyers of homes and land in Sequim and Port Angeles go away. But there are signs of improvement.

"Despite all the dire headlines about the drop in real estate prices, 56 percent of the 292 metropolitan areas surveyed nationwide showed net price appreciation for the past year. . . . Kerry Killinger, CEO of Washington Mutual, said his company is seeing 'a slight improvement over the last month or so' in California -- the single largest and hardest hit segment of the U.S. housing market. 'There's (been) some pickup in demand,' Killinger said. '(We're) watching this very closely (because) this may be indicating a troughing of conditions.' That means that maybe -- just maybe -- the protracted real estate plunge in California is showing hints of finally flattening out." [RealtyTimes online]

In the first four months of this year, 168 homes sold in Sequim and Port Angeles. That's an average of 42 homes sold per month. Sales are down from the banner year of 2005, but buyers are clearly still buying, and that is good news for home sellers. In comparison, the first four months of 2007 had total sales of 200, or 50 homes sold per month. This is by no means a housing crash, certainly not in a small real estate market such as Sequim and Port Angeles.

[Source of data: Olympic Listing Service, homes sold are site built only]
Courtesy Sequim & Port Angeles Real Estate, LLC