Port Angeles, WA

Sales volumes continue to decline. You may recall that in June the volume was down by 24 percent. It's now off by 33 percent.

Last year there had been 291 homes sold by the end of August. This year we have sold 195 or 67% of last year's levels. Sales numbers are down in every price point with the higher-priced homes showing the strongest declines.

Many of our upper-level priced homes are purchased by out of area buyers and while Washington state has not suffered from the sub-prime debacle as several other areas of the country have, a downturn in the other markets does have a reflection in ours. It is not uncommon to hear buyers lament, "Our home hasn't sold yet so our plans are on hold."

Homes sales for the $500,000 - $599,999 level are off by 75% and those priced from $400,000 - $499,999 are down by 61 percent. Homes sales for those priced above $600,000 are off by 58% followed closely by homes in the $300,000 - $349,999 range; off by 59 percent. The $350,000 - $399,999 priced homes are down 55% from last year's sales level.

We have a much stronger inventory of homes priced to $199,999 with 71 currently available. Last year there were 48 at this time. And even though lower-priced homes have sold well this year, the level is down 18 percent from ‘07.

The next segment of homes, $200,000 -$249,999, is almost identical in inventory from this time a year ago with 63 currently available, versus 65 in 2007 but the sales volume has dropped 31 percent.

There are 13 fewer homes priced from $250,000 - $299,999 (74 versus 87) than we had available last year and the sales volume has dropped almost 28 percent.

So what does it all mean for someone who wants to sell? Has the market tanked? Are people losing money because home sales levels are falling? In short, no.

Real estate, despite what the infommercials would have you believe, is a long term investment. Some years the return is much better than others and if you look at only this year you are not seeing the whole picture. Look instead at what has happened to your home's value since it was purchased. While the appreciation may not be as dramatic as you had hoped for in the short term, overall home values have and will continue

to grow. Washington is a very desireable place to live and the influx of people will keep pressure on the markets and that will fuel appreciation. Planning forecasts anticipate an average of 100,000 people a year moving into the state through 2015.

Yes, this year there are fewer buyers and in a market where values are determined by activity, it is a great time to be a buyer. But even if you don't make the killing you were hoping for selling your home, odds are your investment has made a sustantial gain in value. And while it may take longer to sell, bear in mind that only the homes that are listed will be the ones that someone will buy.

While inventory is still up over 2007 levels, surprisingly, homes under $200,000 predominate the market. Last year there were 41 homes in that price point. Right now we have 72.

Homes priced in the $200,000 - $249,999 range number the same as last year at this time; 65. Inventory for those in the $250,000 - $299,999 segment is slightly under last year's with 72 versus 77 for ‘07.

If your budget is $300,000 - $349,999 you will find 29% more dwellings to choose from. Currently, we have 57. And there is a 58% increase in the number priced from $350,000 - $399,999 with 45 now on the market.

Conversely, there are 58% fewer homes selling for $400,000 - $499,999. We have only 29 available as of June 30th.

In the upper two segments of the market, there are 50% fewer homes priced from $500,000 - $599,999 and 59% more homes selling at $600,000 and up, with 11 and 32 being offered respectively.

It's still taking about 30% longer to sell a home these days. The absorption rates (how long it would take to deplete a certain segment at the current sales rate) vary from about seven-and-half months for the least expensive to almost four years, three months for homes priced in the $300,000 - $349,999 range.

Homes priced from $200,000 - $249,999 have about nine-and-a-half months of inventory available. After that, absorption rates slow dramatically.

There's a two year supply of $250,000 - $299,999 homes; a 28 month supply of homes from $350,000 - $399,999; and 29 months of those at $400,000 - $499,999.

Looking at upper-end homes selling from $500,000 - $599,999, there's a 33 month inventory. And the top level of $600,000 plus has a four year supply.

Even though inventory levels are higher than the previous year's, the average days on market is almost the same, just slightly over four months.

Sales are down just about 25% from last year.

Last year we had sold 197 by this time. This year 146 have sold. Of those, sales of the under $200,000 and $200,000 - $249,999 homes have remained at the same level with 58 and 41 having sold by this time each year. By comparison, last year ten homes in the $500,000 - $599,999 range had sold. This year, two. Only homes from $600,000+ have increased over ‘07. Last year, one; this year, four.

Olympic Medical Center is the big hospital serving Port Angeles and Sequim. One of the questions people often ask before they decide to make this their retirement home for life is, "How are the medical facilities?" The answer is, "Outstanding." Here are some of the examples of quality health care at OMC.

CareScience 2006 Select Practice Quality Leader Award

Olympic Memorial Hospital was named as a 2006 CareScience Select Practice National Quality Leader in the category of medically managed myocardial infarction. As a recipient of the award, Olympic Memorial Hospital is a part of an elite group of the top 1 percent performers across the 4,500 acute-care hospitals in the United States as identified by the CareScience™ Select Practice methodology, which utilizes both quality and efficiency indicators to track a hospital's overall performance.

2006 HomeCare Elite

Olympic Medical Home Health was named to the 2006 HomeCare Elite, the inauguralcompilation of the most successful home care providers in the country. Additionally, Olympic Medical Home Health ranked in the top 100 of providers nationwide. Thisground-breaking review names the Medicare-certified agencies that perform among the top 25 percent of providers nationwide in quality, improvement and financialperformance.

(CVI) Top 100 U.S. Hospitals out of 3400 hospitals evaluated nationwide

The Community Value Index (CVI) was created by Cleverley & Associates of Worthington, Ohio, to provide a measure of the value that a hospital provides to its community. Cleverley & Associates is recognized nationally for their work in evaluating hospital finances and community investment

JCAHO Accredited

Olympic Memorial Hospital, the flagship of Olympic Medical Center's facilities in Sequim and Port Angeles, is certified by the Joint Commission on Accreditation of Healthcare Organizations (JCAHO).

Perfect Survey from Washington State Department of Health

Olympic Medical Center’s hospital as well as imaging and physical therapy centers receives a “perfect survey ” by auditors from the State of Washington Department of Health in their 2001 annual review.

OMC Did it Again!

Another Perfect DOH Survey in 2003 For the second consecutive time, Olympic Medical Center achieved a perfect score, citation-free survey from the State of Washington Department of Health! Mike Glenn, CEO of Olympic Medical Center, is quoted as saying “I am not aware of any other hospital in the state that has accomplished this.” This award is a direct reflection of the quality of our care and the contribution of every employee and physician at Olympic Medical Center.

Water view property around Port Angeles and Sequim is a great attraction, especially to Californians and others where the same property is five times the price. And then there is the privacy and the peace of living on the Olympic Peninsula. Another day in Paradise.

The water views here come in a variety of flavors, high bluff, back yard, long distance, and everything in between. Do you want to be close to town? Neighbors? Privacy? Acreage? We pretty much have it all.

Do you want to live quietly in peace, or are you looking forward to being involved in the community?

Do you have indoor hobbies, or is your thing to get outdoors and hike into the Olympic National Park?

Real estate is reasonably priced in Sequim and Port Angeles, and it's currently a buyer's market. To learn more about Sequim or Port Angeles, go to SequimPortAngeles.com or Sequim-Real-Estate-Blog.com.