Here’s a review of Sequim homes sold recently. This is a little different than looking at a pie chart or a bar chart to view the market data. It’s another way of gauging what is happening in the market and what the trend might be on a micro level. I’ll share a few of the recent sales with relevant listing and sales data, and we’ll extrapolate the information to capture the behavior of the market as a whole.
Here’s how I collected this data, and you can do it yourself with data that is up to date by the hour. I went to Sequim-Homes.com, navigated to the “Market Reports” menu, and then chose the Sequim market reports link. There you can choose “Listings Sold This Week,” or “New Listings This Week.” In those links you’ll see a map and all the listings. Of course, from there, you just click on the listing you want to open up, and there is all the data.
Let’s go to the first one on my list of sold listings as of today, October 22nd, 2022. The list is always live and updated daily (or hourly), so the listings you view may be different than my list is today. As I go through this, you’ll see the steps, and you’ll be able to do this for yourself anytime.
The first Sequim home that sold this past week was originally listed for $820,000 and sold for $792,000 after 49 days on the market. That’s not bad considering we are past the top of the market and in a decline now. Obviously, it’s not like 6 to 12 months ago when this home would have sold for at least the listed price and probably received multiple offers above listed price within days. The key data is found in 2 places: centered at the top of the listing detail sheet below the main photo and in the first section below the main photo in “Primary Features”:
Cumulative Days On Market: 49
You can view this listing at Sequim Home Sold.
The second home that sold this past week was originally listed for $625,000 on June 15, 2022. It sold on November 21, 2022 for $625,000. That’s a total of 128 days on market. Again, not bad, but this is also evidence the market has declined substantially in the past months. You can view this listing at Sequim Home Sold, but you’ll notice the cumulative days on market is not showing up under Primary Features data, so I had to go to Zillow to pick up the original listing date and price. The reason some data doesn’t come through from time to time on a Sequim-Homes.com listing is related to the IDX data feed my data provider receives from the Northwest MLS. In other words, that’s outside our control.
The third home that sold was listed and sold for $625,000 and was on the market all of one day! That’s good. See Sequim Home Sold.
The fourth home sold was listed for $625,000 and sold in 117 days for $595,000. See Sequim Home Sold. That’s still good in terms of both price and time on market. The remaining sold properties have similar profiles.
What can we conclude from these recent sales? We can say a few things that help us understand the market. First, the market is clearly not as hot as it was months back. Homes are not selling as quickly, nor for as much, and none above listed price. Second, sales numbers have dropped substantially compared to months ago. Third, retirees are still buying homes, even if in smaller numbers, particularly the home at the top of the Bell Curve. In other words, the floor plan and location that almost all retirees want, the single level, 1800 sq.ft. home with an open floor plan, 3 bedrooms, 2 baths, a beautiful kitchen, newer rather than older, and on a nice lot with some privacy.
Because we don’t get very many of these ideal homes in the inventory, it is not a surprise at all that they are selling, even if other less attractive homes or homes on less appealing lots do not sell as quickly or for as much as a percentage of the listing price.
You can do your own research like this anytime you want by going to my MLS site at Sequim-Homes.com and navigating to the menu item “Market Reports,” and then choose one of the markets you want to look at. Sequim is one of hundreds of available markets you can view. This is one of the most powerful MLS sites in the State of Washington.
I hope you had as much fun reviewing this article as I did writing it for you. Sequim homes are still selling, so if you’re in the market to buy your ideal home, keep watching the listings until you ideal home shows up and you’re ready to make an offer. Give me a call when you are at 360-775-5424.
Last Updated on October 22, 2022 by Chuck Marunde
