Sequim Real Estate Market Report 2017

In a most recent report in the Sequim Gazette Managing Broker Doc Reiss came up with some really interesting numbers. Let's just pick up a few relating to our blog post "Sequim House Sales are soaring", which will be helpful for those who have not given up on finding the perfect house to buy in Sequim at the current house sales slowdown this September and October.

In August, 77 home sales were down 30% from the level at the same time in 2016 but up from the number sold in July. The average house purchase price of $357,507 is definitely of interest for potential home buyers which is 20% up from 2016. The lack of inventory has buyers  scrambling to buy the house they want reflecting our market observation expressed in our blog post. Last August the average home that sold was 75 days on the market. This August houses lasted  just 36 days on the market. Looking at the year so far, the average home has gone from 76 days on the market to only 54. Bottom line: Home Buyers be aware. Homes are selling 35% faster than last year.

Our personal opinion is that sales might not slow down over this fall or winter season with climate change and weather reports of devastating hurricanes, century floods and wild fires becoming the regular norm across the United States. The nice, sunny weather all over the Olympic Peninsula this summer
attracts lots of home searchers looking for moderate weather.

Sun over Sequim and dark rain clouds over Seattle in the East and Port Angeles in the West produce the most impressive double rainbow over  Sequim town

Sequim House Sales are soaring

One of the most recent issues of the Sequim Gazette tells us and Sequim house hunters all about it. Looks like the Sequim housing market is following now the Seattle trend, which even during the house bubble burst did not seem to be affected by the down spiral of the national market but instead continuously proved solid and stable in its trend.

The recent surge in house sales led to low inventory with 270 homes for sale a month, the lowest second quarter inventory since 2005 according to Team McAleer and an increase in prices. In the second quarter 204 homes were sold, which is the highest amount ever sold in the second quarter. Since 2007, that's when we bought our house in Sun Meadow at a high real estate market, the median price sale went from $290,000 to $300,000. A lot of Sequim home buyers are coming from the Seattle area - selling their Seattle homes for a decent price and buying in Sequim to retire for half the price.

Our own observation of the fast real estate market in Sequim these days was proven by "Sales Pending" signs showing up without there ever have been a "House for Sale" sign. Realtors have their own waiting list and jump in right away when something new shows up on the market. Sequim house hunters often noticed, when they had their act together to move forwards with an offer, the home was already sold or they were at the end of a line of home buyers' offers.
Bottom line at the current Sequim Real Estate market is, if you want a house, you'd better move fast.

One last word by loan officers. They seriously recommend to be preapproved by an underwriter: "When we get into those multiple offers on homes, cash is always going to be king.  Team McAleer reports that on August 1st Sequim has 181 homes for sale at a median price of $375,000, 105 are under contract.

USA Today picks Sequim as Best Northwestern Small Town

What a surprise to see Sequim get chosen as the Best Small Town in the Northwest among 20 others in WA, OR, AK, ID, MT and WY. This win will definitely influence people's decisions to visit Sequim or even to move to this lovely small town with big town amenities as we did 10 years ago.

The last snow before spring 2017

It seems Sequim received this precious award just at the right time. Sequim's Irrrigation Festival Grand Finale continues on this weekend with multiple events:
Grand Parade on Saturday, Logging Show, Hot Rod & Harley, Strongman Show and more.

Sequim Irrigation Festival 2016

Not only that we celebrate Sequim's 122nd Irrigation Festival and got awarded with the Best Western Small Town, Spring is in full bloom with the lovely sweet
scent of Lilacs and colorful Rhodies everywhere after tons of daffodils in Sequim residents' front yards.

Real Cherry Tree promises big 2017 harvest

The run for a nice house in Sequim to buy, keeps realtors already very busy with several bets on houses for sale. Inventory is low and the competition is big for what's available. Ask our friend Tom Blore whose "pending" signs are all over town. Do what we did, research the area, make a list of houses you are interested in and then set up a vacation for a real visit. Don't buy 'unseen', even if it sounds more than tempting.

Cherry Blossom Trees everwhere