What did 2007 home sales look like in Port Angeles? Here is a graphic summary of home sales in Port Angeles categorized by price range. [Click on graphic to enlarge.]

The majority of sales in Port Angeles were in the price range of $175,000 to $300,000, and there were more single family homes sold in the lower price range than the upper price range. Over 50% of the houses sold are in three price ranges from $175,000 to $300,000–not a surprise. The more interesting statistic is that houses sold in 2007 in Port Angeles over the price of $400,000 accounted for only 9% of the market.

Sellers with homes priced above $400,000 will only sell to 9% of the entire buyer population! That will have implications for how a home is priced and marketed from day one. This is another major reason that overpricing a home in the beginning kills almost all chances of connecting with a buyer right away. Many FSBO’s, and even many real estate agents, think that the best strategy to sell a home above $400,000 is to price the home high and leave room for negotiating downward, but this is actually a strategy that guarantees 91% of the buyers won’t even come to the table.

It’s something to think about in this market.

[Data Source: Real Market Data, LLC]