Are Sequim real estate prices at the bottom or are they going to decline further? The word on the street is that home prices are going to decline on a national average, but what about the Sequim real estate prices? Sequim real estate prices have actually increased this calendar year compared to the same period last year, at least when we pull the average and median prices from all sales data in the local MLS. This is interesting data, because in most areas of the country the average and median prices have declined since last year. As I wrote in an earlier article entitled Housing Market Prediction for Sequim Area, the Sequim real estate market should not be interpreted by national statistics encompassing all of the depressed foreclosure markets like Las Vegas and Phoenix.
Sequim Real Estate Prices Effected by Volume
I’ve compiled data from our local MLS for all sales for the first five months of the year going back to 2003. Looking at Sequim home sales, 2005 was the peak for total homes sold, and 2010 jumped to 67 and this year (2011) from January through May we have 40 homes sold. [Click on this graph for an enlarged view.]
Sequim Real Estate Prices
It’s clear that total volume is down. Less homes have sold this year than last, but how have prices been effected? As you would expect, supply and demand will determine prices, certius peribus, and Sequim real estate prices have declined, but not nearly as dramatically as in other areas of the country, and certainly not as much as the national averages.
Sequim Real Estate Prices Increased?
Click on this graph for an enlarged view, and then I’ll share my interpretation below.
Sequim real estate prices have decreased when we look at the average price of homes sold from 2008 to 2009, from $337,119 to $321,136. And from 2009 to 20010 again we had a decline from $321,136 to $292,642. But from last year (2010) to this year we have an increase in both the average price and the median price of homes sold. The average price increased from $292,642 to $338,506. The median price increased from $269,000 to $295,000.
Much more could be said about statistical analysis and parsing data, but this is very interesting data. While many other areas have continued to decline and predictions are for more decline based on national averages, Sequim real estate prices should be examined with the unique and stable Sequim real estate market in mind. We are not immune form the national market and national economic recession, but we are a different market with different variables of its own.
If you’re planning to buy a home in Sequim, may I suggest you hire me as your buyer’s agent? I know the market, prices, and how to negotiate the best possible price and terms in the current market. Email if you have questions or would like to discuss the local market and Sequim real estate prices.
Last Updated on September 4, 2011 by Chuck Marunde
