Sequim real estate prices are taking a bit of a hit. According to OLS (Olympic Listing Service), the local MLS, Area 300, for stick-built homes, here's the latest:
Q1 2008 - Avg price $347K, Med price $302K, 135 Avg Days on Market vs
All 2007 - Avg price $370K, Med price $324K, 127 Avg Days on Market
This shows an approximate 6% drop in Avg sales price, and 7% drop in Median sales price, year to date.
There are currently 272 'active' listings in Sequim Area 300, stick-built homes, with an absorption rate of 16 sales/month on average, which is 17 months worth of inventory.
So what does this mean? It's a great time to buy in Sequim, as there are a lot of listings to choose from. If you're a seller, you really need to price your home aggressively to sell, and it needs to look and show really well.
What I've seen is that there's an approximate 2:1 ratio of homes sold at or below $350,000 vs $350,000 and higher. We've had 49 sales YTD, and 32 of those were below $350,000, that is 65% of what's sold this year has been at or below $350,000.
That doesn't mean that the higher priced homes aren't selling, they are. And it's interesting that there are currently 272 'active' listings, Sequim Area 300, stick-built homes, and of these only 113 are priced at $350,000 or less, which is 42% of the 'active' listings.
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