It is very exciting to see another year of positive sales growth in the real estate market for 2014.
I will start with the recap of sales for Port Townsend, WA. If you look at the first chart you can see that residential home sales increased by almost 12%. We have now shifted to a sellers market with 3.3 months of inventory in Port Townsend. Sellers markets are defined by the fact of having less than 6 months of residential home inventory to sell. Median home price has increased to $280,000 or 11 percent. The other key point is that the average home sale is 96% of the last listed price.
Now to review Port Ludlow, WA. In the past few years the best values in Jefferson County have been in Port Ludlow. Port Ludlow is located 18 miles south of Port Townsend, just north of the Hood Canal Floating Bridge. An area of many very nice homes with 2 swimming pools, golf courses and marina. Residential home sales for 2014 increased by 51%. That is 69 homes sold for 2013 and 104 in 2014.
As a recap for Jefferson County. Total residential home sales in 2013 were 454 sales and in 2014, 509 sales, or 12%, the largest increase was in Port Ludlow, WA. Median prices for 2014 were at a break even. Days on market lowered from 6 months to just over 4 months, also becoming a sellers market. Total sales in the county increased by 5.8%. The disappointing sales are still vacant land, off by 5% in 2014. It is my opinion and in discussion with other Realtors. We have 2 main reasons for slow residential land sales. One is, it is less expensive to purchase an existing home than to build new. The second reason, many of the homes built across the United States are built by small contractors. Because the banks have tightened lending requirements those same small contractors are having a difficult time finding construction loan financing.
As a total overview, I am happy to see another year of positive growth in our local real estate market. Another way to look at our real estate market in future years. No large down turns and no large up swings. Just modest growth.
If you have any questions or comments about this information, please feel free to contact John Eissinger at 360-301-2378, email firstname.lastname@example.org or visit my web site www.johneissinger.com
Having had the opportunity to travel much of the United State by car. I believe that one of the best State Parks you will find anywhere in the United States is right here on the Olympic Peninsula in Port Townsend, WA. It is Fort Worden State Park. As you enter the park and turn right at the stop sign, you drive by many historic buildings. Keep driving down the hill, you will find the Marine Science Center and on the other side is a beautiful curved sandy beach. Kids swim in the water even though it is cold. In the summer time when the tide is out the sun warms the sand and as the tide comes back in it warms the water just a little.
As you take a walk down the beach, at the end you will find the Point Wilson Lighthouse, sometimes it is open for tours. Enjoy all that Fort Worden has to offer, Commanding Officers Quarter, Coast Artillery Museum, 2 Campgrounds, do not miss going through the old concrete bunkers. Fort Worden was built in 1902 to protect the entrance to Puget Sound. One of the best moments of Fort Worden was when it was transformed into a Navy base for the shooting of the movie Officer and a Gentlemen. You can still walk the lower bunker where Richard Geer walked and had to do push ups. Visit Port Townsend, Washington’s Victorian Seaport and Arts Community. Many great places to dine and come stay over night and really enjoy all that Port Townsend has to offer.
Visit Port Townsend, Washington’s Victorian Seaport and Arts Community.
Part of our Historic Downtown is the old Quincy Street Ferry Dock. This ferry was privately owned for years. It gave you access to Whidbey Island by way of Coupeville. Now the ferry service is an extension of Highway 20 now operated by the Washington State Ferries. Do not miss the opportunity to pack a picnic lunch and walk on the ferry. Just on the other side is Fort Casey State Park. It was built in about 1902 to protect the entrance to Puget Sound. Take time to see the old concrete bunkers and gun emplacements. Enjoy your lunch and take in the views of Puget Sound, Port Townsend Bay and the Olympic Mountains.