3rd Quarter 2015 Sequim Real Estate Report
Residential Report: Home Sales in the Sequim Area*
Number of Sales: As you may recall from my last report, the sales volume in the 2nd Quarter of 2015 was a new record. Well, that record didn’t last long. There were 211 home sales in the 3rd Quarter – the most ever. The above graph compares 3rd quarter sales volumes since 2004. In any given year, the 3rd Quarter usually sees the most closed sales.
*Sequim area is roughly defined as the Sequim School District boundaries stretching east just past the Jefferson County line and west to Blue Mountain and Lewis Rd., excluding homes on leased land. Information is collected from the Olympic Listing Service database.
Record number of home sales: The 70 home sales per month average this past quarter was the highest on record.
Median Price: The median price rose once again to $256K. That is the highest median sale price in 24 quarters going all the way back to Q3 of 2009. The median sale profile looked as follows: asking price of $260K, 1759 SF on 0.37 acres, built in 1994, on the market for 39 days, sold at $148/SF and at 97.5% of the last asking price. The average list price of these sales was $300,032 with an average sale price of $291,095. The reason for the big difference between the median and the average home sale price this past quarter is that we had a number of higher end homes sell. There were 8 home sales over $650K this quarter! Team McAleer is proud to have represented the seller in 5 of those 8 sales.
Housing Inventory – Like most markets, Sequim’s housing market follows seasonal trends: more inventory and sales in the warmer months and fewer when it gets colder. Because of this we like to compare like quarters in terms of inventory and volume. The low inventory this past quarter was very telling. Our inventory was down 15% compared to Q3 of 2014 and was the lowest for a third quarter since 2005.
Volume: There were 56 land sales in the 3rd Quarter – down just a few from the 59 sales in the previous quarter. The 18 sales/month over the quarter however was the most for a 3rd quarter since 2005 as illustrated in the slide on the following page.
Median Price: The median price actually fell again to $73K. The median days on market for those sales was 149 days. 18 (or 1/3) of the 54 sales were in the City of Sequim, the rest were in the county. That is a higher proportion to the previous quarter when only 17% of the land sales were within the city limits.
Inventory: Inventory fell to 457 parcels on the market which is the lowest for a 3rd Quarter since the 452 on the market Q3 of 2006. The median days on market for the active inventory currently sits at 330 days. The current median asking price holds steady at $80,000.
Enjoy this great fall weather and…Go Seahawks!!!