Sequim Real Estate Update

The market in 2008 has been slow... really slow, however, prices have remained fairly stable. Based on data from OLS - Olympic Listing Service, the local MLS, so far 2008 YTD closed sales for site built homes (excludes manufactured and condos) with Sequim address, we have the following (OLS Area 300, SB, Sequim address only):

171 sales 2008 YTD (as of 8/18/2008 = approx. 21.5 sales/month avg)
Average sales price: $331,611
Median sales price: $292,250
Average days on market: 132

Contrast this with last year's market:

330 sales for 2007 total (27.5 sales/month avg)
Average sales price: 370,099
Median sales price: $324,000
Average days on market: 127

And now current available market:

338 'active' listings (15.72 months worth of supply vs 2008 YTD sales)
Average list price: $437,451
Median list price: 364,500
Average days on market: 142

So what does this mean?

Sales are off by about 22 - 25% for 2008 YTD vs 2007. Volume down...

Sales prices are off about 10% for 2008 YTD vs 2007. Pricing down...

List price vs sales price YTD is $437, 451 (avg list price) vs $331,611 (avg sales price) = average list price is currently 24% above average sales price!

Does this even make sense? NO!

I'm ripping my hair out. It's insane. It's crazy!!! What's really going on here???

I'll let you know when I figure it out... stay tuned.

Marti