Sales activity is still down from this point last year, but apparently gaining ground. Last month sales were off 41% year-to-date from 2008 levels and sales in the past six months were off by 27%.
At the end of April the market was down 32% from ‘08 and the "sold in the last six months" level was down by 20 percent. Sixty four homes have sold so far this year. Last year it was 93 by this time. Number of sales in the last six months has reached 117 versus 147 in ‘08.
Inventory has grown from 310 in the last week of March to 313 at the end of April. Compared to last year, there are 5% fewer homes to choose from; although the under $200,000 segment is almost identical in number with 64 now available.
There are 74 homes on the market between $200,000 and $249,999. Last year we had 55 to choose from. The $250,000 - $299,999 bracket has 58 homes. Last year there were sixty-four.
The $300,000 - $349,999 priced homes are almost half as many as in 2008 with just 25 currently on the market.
There are 29% fewer from $350,000 - $399,999 with just 22 available; 17% fewer between $400,000 and $499,999, 25 to choose from; and 19% fewer in the $500,000 - $599,999 range, with only 13 now on the market.
There are a third more homes, 32 versus 24 in ‘08, in the $600,000+ group.
The average house is staying on the market almost five weeks longer than it did last year. The average days on market is now 146 days. Last year the average was one-hundred-twelve.
The under $200,000 segment is pretty much a balanced market with 7.2 months of inventory.
In the last week of April we had six go under contract with 132 average days on market. Four houses closed at an average of 99% of asking price.
Homes priced from $200,000 - $249,999 are moving a bit faster with 143 average days on the market; however, there's a 23.4 month supply.
If you're selling in the $250,000 - $299,999 bracket, be prepared to wait an average of 130 days for a house to move. And there's a 14.5 month supply.
The $300,000 - $349,999 and $500,000 - $599,999 brackets have similar number months of supply, 25 and 26, respectively. Average days: 112 and 131.
The longest wait time on the market is currently the $350,000 - $399,999 home with 204 days. There is almost a nineteen month supply.
The $600,000+ segment has almost eight-years-one-month of inventory.
Statistics are an okay indicator, but sometimes a quick scan can be far more revealing. For example: There's an average list-versus-sold price of 94%, year-to-date, for homes in the Port Angeles market.
In the lowest priced segment, the homes are coming in at 96% of list price. The next two, spanning $200,000 - $299,999, are at 95% each.
There was one house in the $300,000 - $349,999 segment that sold for 88% of asking price; the only sale. Almost the same can be said for the $400,000 - $499,999 block; one sold, 81% of asking.
Houses in the $350,000 - $399,999 range have been averaging 92% of list.
And our final selling segment of homes; the $500,000 - $599,999 homes, has a 91% list to sold price ratio.
Lest you think I miscounted, the $600,000 has no list-to-sold ratio available. None have sold in 2009.
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