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.