Real Estate Sales Recap January thru September 2013 Port Townsend and Jefferson County, WA
It is easy to see our real estate market has improved greatly this year. If we look back 5 years, 2008 was the best year prior to 2013.
Our market is still a buyer’s market because we still have lots of inventory. Compared to other area of the country for for example closer to home Seattle, they have shifted to a seller’s market all because of the law of supply and demand. Inventory is down in those areas, supply has gone down and prices have gone up. Below please find a brief recap of the Jefferson County/Port Townsend real estate market.
From the chart you can see unit sales have increased in the county (22%), more so in Port Townsend by almost 38%. The real surprise to me is to see the median price increase by 1.5% in Port Townsend and 9.5% in the county. Keep in mind the most expensive homes are in Port Townsend and that is why we see less of an increase. Overall it is exciting to see our real estate market experiencing a nice recovery.
Very excited to provide you with real estate sales in our area through the 3rd quarter of 2013. Our market continues to be stronger.
For more information or to receive this quarterly report by email please contact me.
2013 First Half Real Estate Sales Recap for Port Townsend, Port Ludlow, and Jefferson County
First, I want to start by saying the first half of 2013 is the best real estate market in the past 5 years. However, I have to caution everyone, we are still in a buyer’s market. The number of homes sold in Port Townsend is up 58%, 76 home sales this year compared to 48 home sales last year. Port Ludlow is up 37% and all of Jefferson County +14%. This relates to UNIT sales NOT price!
The sold prices are still an average of 95% of list price. This number shows we are still in a buyer’s market. That is all because we still have lots of inventory. If you look at many markets around the country, prices have gone up slightly. It is the law of supply and demand. Less inventory, higher prices. I know I keep repeating myself but Jefferson County still has lots of inventory……most properties are selling below the listing price. Overall, homes are on the market an average of 6 months and are selling at 95% of the last listed price. Land sales remain very slow. I believe the main reason is, you can purchase a home currently on the market at a much better price than to build a new home when you factor in all the costs to build.
Hope you find this information helpful, please feel free to contact me if you have any questions.