At the end of July, I updated my Excel spreadsheet with the latest stats for Sequim (exciting stuff, I know...), and I thought I'd share them with you, in a nutshell, of course.
Per data in OLS - Olympic Listing Service, the local MLS - for site-built homes, Area 300, Sequim address only:
100 closed sales as of 7/31/2009 = 14.3 sales per month vs
255 closed sales for all of 2008 = 21.25 sales per month, which is a 33% decline in sales volume.
For 2009 YTD, Average sales price is $293,955 vs
For 2008, Average sales price was $329,103, which is an 11% decline.
For 2009 YTD, Median sales price is $256,500 vs
For 2008, Median sales price was $290,000, which is a 12% decline.
Current Average DOM (Days on market) is 148 for 2009 YTD.
For the 2009 YTD overall market, including condos and manufactured homes on lots (non-leased land), we have averaged around 20 sales/month, and sales volume is down 30% from 2008.
For 2009 YTD overall market, Average sales price is down 8% vs 2008, and Median sales price is down 9% vs 2008.
So what does this mean? The numbers are actually improving slowly, and it appears that the declines have slowed, and we may be getting near to stabilizing.
Based on current active listings of site-built homes, we still have about 26 months of supply on the market, which is improving slightly, but still not great. So if you live in Sequim and you don't have to sell, then don't! There's way too much competition out there, and if you can wait, do it.
On the other hand, if you are looking to buy, it's a great time, as there is so much to choose from, and prices are down.
In the future, I will only be working with buyers, so if you are seriously interested in buying in Sequim, please contact me, and I'd be happy to help you find a great place for you.
