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As of the end of March, inventory of homes in the Port Angeles area had risen in the last month with the strongest increase being in homes priced above $300,000.
There were 281 homes available as of April 1st with 53 priced under $200,000. Thirty-nine were available between $200,000 - $249,999 and 56 were priced at $250,000 - $299,999.
Overall inventory over the previous month was up by 30 homes with 21 of them priced in the mid to upper range. Homes priced from $300,000 - $349,999 saw an increase of seven for a total of 45. Those running from $350,000 - $399,999 added three. There are now 22 available.
In the $400,000 - $499,999 range, three more homes came on, giving buyers 18 to choose from. Three were also added in the $500,000 - $599,999 segment raising the available homes to thirteen. Those priced above $600,000 saw an increase of four for a total of 21. (The two top-priced home in the market are 3.5 and 4 million).
At current levels, we have about ten-and-a-half months of inventory available. The fastest moving segments are priced at $250,000 and below with about five-and-a-half months of inventory. We have a ten-and-a-half month supply of homes priced from $250,000 - $299,999 and almost three years for those priced from $300,000 - $349,999.
There is a thirteen month supply of homes ranging from $350,000 - $399,999; a fifteen-and-a-half month inventory of those from $400,000 - $499,999 and close to a nineteen-and-a-half month stock of those from $500,000 - $599,999. Homes valued above $600,000 have a three-and-a-half year supply.
Seventy-three homes have sold so far this year with the average sales price within four percent of the asking price. Average time on the market was four months.
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Homes come on and off the inventory every day. Last week 22 new listings came on and 27 expired or were taken off the market. As of March third, 254 are currently on the market. Last month there were 264. Rather than more, there are different homes to see.
In the most affordable range (under $200,000) there are 48. Ten came off, six went on. Priced from $200,000 - $249,999 there are 38, with three leaving and seven added. The next segment ($250,000 - $299,999) had four go off market and four come on for a total of 53 available. Looking at the $300,000 - $349,999 priced homes we have 38 available with two taken off and one added.
In the top half of the market segments, inventory is down strongly from last year and movement is much less dynamic. For homes priced from $350,000 - $399,999 - there are nineteen on the market. Last year at this time there were 41. Three went off market and one came on last week. $400,000 - $499,999 homes lost one in inventory last week. None came on. Last year there were 22. Last month there were 27 and now we have 15 to choose from.
At the beginning of March in 2007 there were 21 homes offered between $500,000 - $599,999. Our current inventory is 10. Last week two went away and two more came on.
The top segment of $600,000+ has remained virtually unchanged in number; eighteen last year, eighteen last month, seventeen now. Last week two left and one came aboard.
Sales activity is down from last year. By this time last year 54 homes had sold. This year it's 42. Over the last six months, home sales are off by 24 when compared to the same time period in ‘07 with 168 versus 192 respectively.
Homes under $200,000 are still in stronger supply than last year and with a good stock of them to choose from, home buyers are making that the fastest inventory turnover year-to-date with an average days on market of 77. Conversely, homes in the $500,000 - $599,999 range are taking about 50 weeks. Year-to-date, the days-on-market average is almost four months.
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very smart about this. They are discerning more and more who has experience and who does not. I think more people are not just hiring the first Realtor they talk to, but the first Realtor who can answer their questions with depth.
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Last year at the end of January there were 259 homes on the market in Port Angeles. This year there were 264.
The inventory of homes priced at $199,999 or under number 57, versus last year's supply of 34, an increase of 57%. There are 42 homes priced between $200,000 - $249,999. Last year there were 37. The number of homes priced from $250,000 to $299,999 is at 49. Last year there were 46.
Shifting to homes ranging from $300,000 - $349,999, the numbers are almost identical with 34 on the market now, versus 35 in 2007. The number in the range from $350,000 - $399,999 is down from 43 last year to 23 now and homes priced from $400,000 - $499,999 show 26 to choose from. Last year there were 21. While the number of homes priced from $500,000 - $599,999 has shrunk from 20 in 2007 to eleven this year, the number of $600,000+ homes has grown by three from the level of 16 to 19 currently available. With the start of the new year, inventory has grown. In January, 19 homes sold and 32 new listings came on the market.
The market is close to balanced with more to the buyer's side as we have almost eight months of inventory at this time. The average home is selling in a little less than three-and-a-half months.
Homes priced from $500,000 - $599,999 lead the pack with a 19 month inventory at the current absorption rate.
There's a 17 month inventory of those priced from $400,000 - $499,999, a 16 month inventory of $350,000 - $399,999 homes and a 12 month supply of the ones priced over $600,000. There's a ten month supply of homes from $300,000 - $349,999 and seven month's worth of those priced from $250,000 - $299,999. Homes priced under $200,000 have about a six month supply and the fastest movers are from $200,000 - $249,999 with about five month's of inventory.
If you are looking for a home or an investment, now is a good time to shop.
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