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Chuck Marunde, J.D. Sequim and Port Angeles Real Estate

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Sequim Home Sales 2006-2007

01-22-08
Chuck Marunde, J.D. Sequim and Port Angeles Real Estate

How do 2006 home sales compare with 2007 home sales in Sequim and Port Angeles. Here's a single chart with a lot of information packed into it with a graph that includes:

- The total number of homes sold by comparison in both years

- The average price of homes sold by comparison in both years (scaled to this chart: price x 1,000)

The average price of a home sold in Sequim was higher in both 2006 and 2007. In 2007 the Sequim average is skewed upward by the fact that there were seven (7) homes that sold for over $1 million. In the same year in Port Angeles, there was one. Recent indications (the large inventory in Sequim, and the increased interest in Port Angeles homes for sale) will, in my opinion, result in a change in the wind toward Port Angeles in 2008. Time will tell. Keep up with the market at the Sequim and Port Angeles Real Estate Blog.

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Port Angeles and Sequim Homes Sales in 2007

01-21-08
Chuck Marunde, J.D. Sequim and Port Angeles Real Estate
Homes for sale do not always sell for the original listing price, but how much less do they actually sell for in this market? This graphic represents the original listing price (in total dollar volume) and the actual selling price (in total dollar volume) in Port Angeles and Sequim (site built and condos and townhouses only) .



The average selling price in 2007 for a home in Port Angeles was $275,935, and the average selling price in 2007 for a home in Sequim was $351,493. Port Angeles saw homes sell in 2007 for 25% less than the original price, and in Sequim that figure was 8.57%. Very instructive.

Source: Sequim-Port-Angeles-real-estate.blogspot.com

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Sequim Home Sales in 2007

01-16-08
Chuck Marunde, J.D. Sequim and Port Angeles Real Estate
What did 2007 home sales look like in Sequim? Here is a graphic summary of home sales in Sequim categorized by price range. [Click on graphic to enlarge.]


The majority of sales in Sequim were in the price range of $200,000 to $350,000, and there were more single family homes sold in the higher price range than the lower price range. Over 50% of the houses sold are in three price ranges from $200,000 to $350,000--not a surprise. The more interesting statistic is that houses sold in 2007 in Sequim over the price of $400,000 accounted for only 27% of the market.

Sellers with homes priced above $400,000 will only sell to 27% of the entire buyer population! That will have implications for how a home is priced and marketed from day one. This is another major reason that overpricing a home in the beginning kills almost all chances of connecting with a buyer right away. Many FSBO's, and even many real estate agents, think that the best strategy to sell a home above $400,000 is to price the home high and leave room for negotiating downward, but this is actually a strategy that guarantees 73% of the buyers won't even come to the table.

It's something to think about in this market.

[Data Source: Real Market Data, LLC]
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Port Angeles Home Sales in 2007

01-16-08
Chuck Marunde, J.D. Sequim and Port Angeles Real Estate
What did 2007 home sales look like in Port Angeles? Here is a graphic summary of home sales in Port Angeles categorized by price range. [Click on graphic to enlarge.]


The majority of sales in Port Angeles were in the price range of $175,000 to $300,000, and there were more single family homes sold in the lower price range than the upper price range. Over 50% of the houses sold are in three price ranges from $175,000 to $300,000--not a surprise. The more interesting statistic is that houses sold in 2007 in Port Angeles over the price of $400,000 accounted for only 9% of the market.

Sellers with homes priced above $400,000 will only sell to 9% of the entire buyer population! That will have implications for how a home is priced and marketed from day one. This is another major reason that overpricing a home in the beginning kills almost all chances of connecting with a buyer right away. Many FSBO's, and even many real estate agents, think that the best strategy to sell a home above $400,000 is to price the home high and leave room for negotiating downward, but this is actually a strategy that guarantees 91% of the buyers won't even come to the table.

It's something to think about in this market.

[Data Source: Real Market Data, LLC]

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Sequim Real Estate Prices Strong

01-14-08
Chuck Marunde, J.D. Sequim and Port Angeles Real Estate

Real estate prices have stalled and dropped in some areas in and around Sequim and Port Angeles, Washington, but appreciation has far exceeded the minor price decreases as shown in this data from Standard and Poor's:
Seattle is a substantially different market than the Olympic Peninsula, but the price history has been similar. Since 2000 home prices in the Seattle area have appreciated 189.86%, and even in the last year, Seattle prices have increased 3.3%. The winter months always slow down on the Olympic Peninsula, and the spring months will tell us how 2008 will turn out for home sellers in the area.

Inventory is up as expected in this market, but we simply have not seen a crashing of prices by any measure in Sequim and Port Angeles. We are on a plateau for home prices, and we're seeing an increase in inventory, especially of lots, and greater competition among developers and builders. It is normal for developers to catch the first rogue wave, because developers must plan ahead for many years. To get a project to market is the culmination of a lot of hard work by the captain and deck hands, several years, and a hull full of money. When a market starts to slow, projects must be completed even if it takes longer to sell them out. There's no turning back. That's how it works.

As with many things, timing is everything if you're selling, but for individual home owners, pricing your home at true fair market value (FMV) is a major key to get a buyer to sit down and make a written offer in any market.

In difficult times wisdom becomes a precious commodity in deciding what to do and how to do it. I would recommend home buyers and sellers select their professional Realtor very carefully. Wisdom is not common. It comes from many years of diligence, education, experience, and the school of hard knocks. Search for it like buried treasure, because only by making wise decisions will you rest in the comfort of knowing you got the best price at the right time in the right place.
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