Are buyers of homes and land in Port Angeles on hold? Are they not buying? What are they going to do in the months ahead? I will tell you what I am seeing, although I cannot reveal my sources, because of my “patented” and confidential business secrets that I certainly do not want to share with my competition. (In this market, I need to sustain every advantage.)
First, the obvious. Sales have slowed down dramatically, but they have everywhere. But homes are still selling here, just not as many. Here is a chart of June Home Sales in Sequim and Port Angeles in each year since 2000:
Second, the not-so-obvious. Many people who have put their buying decisions on hold are still looking, and they are scouring the market for what they intend to buy when they are ready. Of course, part of being ready to buy may involve any of several hurdles. For example, many are waiting for their markets to pick up, so they can sell their homes in California, Arizona, Oregon, Texas, or wherevery they live. Some are waiting for that magic retirement date, when they plan to move to Sequim or Port Angeles. For others, there is another trigger, such as a job transfer, and so on.
These buyers are still out there, actively looking at the market, but have simply put their action to purchase on hold for now. This demand exists, it’s just below the radar. It is pent-up demand, meaning that when their key event happens (retirement, sale of their home, etc.), they will be making a decision to purchase here, and they will know exactly what they intend to purchase. I do have hard data for these conclusions, but I need to keep this data confidential.
What I cannot tell you with precision is when this will happen. But it will happen.
[Source of data: Olympic Listing Service]
Last Updated on July 11, 2008 by Chuck Marunde
