In our last quarterly report I pointed to some signs that our market may have peaked in early Spring but that the 3rd quarter would be most telling. Well, the numbers are in and our market has turned south. Steep increases in interest rates and the fact that we’ve frankly been overdue for a correction have caused a slight increase in inventory, a decrease in sales and even a dip in values. Predicting that this market will fall further would seem the logical conclusion. However, as I discuss further in our report, the lack of building and development over the past 14 years has created a low supply that can’t meet future demands. These conflicting factors make for a murky crystal ball when it comes to Sequim real estate.
As always, please let me know if you have any questions or if we can help you in any way.
Oh, and…Go Mariners!