It is instructive to see what Sequim home sales have done in this first half of 2008 compared to the past seven years.  Here is the comparison.  [Click on graphic to enlarge.]

I have weighted the data in a small way to make it more accurate by eliminating homes sold under $100,000 and over $800,000.

Courtesy of Chuck Marunde, J.D. and Sequim & Port Angeles Real Estate, LLC.

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How many homes sold in Sequim in 2003 through 2007? The banner year for home sales in Sequim was clearly 2005. In 2007 a total of 345 homes sold, which is down significantly, but still a very respectable number. Buyers are still coming, and sellers are still selling their homes. You cannot have prices doubling every seven years without any pause. I suggest we are in a period of adjustment and stabilization, and that the Sequim market will find balance and then continue to move forward, although with not such rapid acceleration. And that is good. While rapid price increases are great if you plan to sell, for those who plan to stay, rapid price increases means higher and higher property taxes. That would not be good.

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