The Sequim real estate market (and Port Angeles’ market) is heavily dependent upon markets in other states, including California and Arizona. Signs of improvement in California’s real estate market bodes well for sellers here. I would estimate that more than 50% of our home and land buyers for the Sequim area come from outside the area (CA, AZ, TX, CO, and Seattle).
The quarterly UCLA Anderson Forecast said foreclosure rates will remain a significant problem in the state [of California] at least through the end of 2008 and into 2009, economist Ryan Ratcliff wrote in one section of the overall economic forecast. But “we may be transitioning from the free fall” of widespread foreclosures that drive down home values and prompt more foreclosures.
Ratcliff said the fact that home sales in some Bay Area and Southern California counties have increased from year-ago levels just recently is “an encouraging first sign of a market starting to find its new equilibrium.” [Read full article.]
Lost Gatos, California may be seeing signs of strength. “A look at the single family home situation in the town of Los Gatos reveals an improvement over recent months.” Sacramento is seeing sings of improvement as well as Santa Barbara [Read full article.]
Arizona is seeing signs of strength.
Investment interest is being driven by the anticipation that home prices will rise again in the next few years, said Butler. The lower median price is being impacted by several forces, including the large number of vacant homes, especially in certain neighborhoods. Further, capital is available for lower-priced housing, but lacking in the higher priced housing market. [Read full article.]
The Seattle market is also showing positive signs for buyers, and not so negative news for sellers.
“Despite national reports which suggest that no homes are being sold, a sales rate of nearly 98,000 units (statewide) is similar to the number of sales that prevailed 10 years ago, a statement accompanying the report said. Although Washington’s year-to-year sales drop was a bit bigger than the nationwide decline, the state’s markets remained more robust than many areas in the West. [From the Seattle PI, Read Source here.]
What does this mean for the Sequim and Port Angeles market? It means when markets improve in these areas, sales here get a strong push. If you’re a seller, position yourself to connect with these buyers when they’re ready to move.
Last Updated on January 6, 2021 by Chuck Marunde
