Sequim Real Estate update 2007

It's another liquid sunshine filled day here in Sequim, and since I just love analyzing data (seriously), I just finished updating my Excel spreadsheet analysis of real estate sales for 2006 vs 2007. Yippee!

So here's the stats from OLS (Olympic Listing Service), Sequim area 300, Sequim address only, site built SFR homes:

Total 2007 closed sales: 330
Total 2006 closed sales: 370 = 15% decrease in number of sales, longer DOM

Average sales price 2007: $370,099.00
Average sales price 2006: $366,088.00 = increase of 1% in average sales price

Median sales price 2007: $324,000.00
Median sales price 2006: $320,991.00 = increase of 1% in median sales price

So overall, on average, the market remains relatively flat, however, some neighborhoods have seen small decreases of approximately 5-10%. It appears that newer homes and those on larger lots and acreage are holding prices a little bit better than homes on standard type lots.

There are currently 264 'active' listings in Sequim, ranging from $195,000 to $2.5M, so there's pretty much something for any budget.

And now, for a little comparison...

Warning: PA data shown below!

Just for fun I thought I'd throw in a little PA info as well (that's Port Angeles, for those of you who don't live here yet!). The 2006 vs 2007 data for PA shows an increase of 1.5% in average and median sales prices, just slightly more than Sequim.

Total 2007 closed sales for Port Angeles: 353

Average sales price 2007: $275,012.00

Median sales price 2007: $244,300.00

Sequim vs Port Angeles = $95,000 difference in average price, and $80,000 difference in median price. Wow, why such a big difference?

Good question Iguada... first of all there's this thing called the 'blue hole', a.k.a. the 'Rain Shadow', and yes, it really works.

Rumor has it that for every mile west of Kitchen-Dick Road (and yes, it's a real street name), the annual rainfall increases by 1". So by the time you're in west Port Angeles, you've got an additional 10" or so inches rain. Sequim's annual rainfall is around 16 to 18 inches, and Port Angeles is around 26 to 28 inches. Both also get a little snow.

Then there's the population difference: Sequim has about 6,000 (officially), and PA has about 18,000.

And of course, there's the difference in median age, Sequim posting 61 years vs PA of 39 years. Now that tells the rest of the story... Sequim is a sort of mecca for retirees in the Pacific Northwest.

You can learn more about the differences and details for both Sequim and Port Angeles at Sperlings Best Places, http://www.bestplaces.net/.

Or you can always contact me if you need help finding your next home in Sequim.
Visit my website at martiwinkler.com.

Take care,

Marti