Are homes selling in Sequim, Washington? How does this year compare with prior years? I’ve compiled data showing Sequim and Port Angeles home sales for each of the 12 month periods prior to this month. (Click on image for a clearer graphic.)
Clearly home sales are down in our current fiscal year, but look at Sequim. This year sold 212 houses thus far compared to 238 last year. That’s not exactly a drastic reduction. Port Angeles has seen a much larger reduction in sales, 142 this year compared to 216 last year.
The drop in sales is coupled this year with a factor not shown on this graph: increased inventory. The reason money talks in this market, and as I have written elsewhere, “Cash is King,” is because:
- Sales of homes are down;
- Inventory has increased and continues to increase every month;
- Our largest segment of buyers come from California, Arizona, Texas, and the Seattle Area, and those buyers are unable to sell their homes first;
- Of the buyers who need financing, their plans to obtain loans have been put on hold or have been made more difficult by the mortgage crisis.
All of this means that Cash is King, and if you have it in this market, you have tremendous negotiating power.
Last Updated on November 3, 2008 by Chuck Marunde
