As of June 2nd there were 350 homes on the market, up ten percent from the same time last year Homes priced at $199,900 and below have a 45% increase in inventory from 2007 with 66 available now versus 36 last year. Homes priced from $200,000 - $249,999 are up eight percent with 61 available now over the 56 last year.
Home sales are down almost 24% from last year. It is taking an average of 31% longer to sell a home, but they are selling. In 2007, 161 homes had sold by the beginning of June. So far, 123 homes have sold year-to-date. Of those, 85 (69% of the sales) have been homes priced under $250,000. Homes priced from $250,000 - $299,999 are in third place with fourteen sales this year. Eight homes in the $350,000 - $399,999 range have sold and homes priced from $300,000 - $349,999 and $400,000 - $499,999 have each had six sales, down an average of 50% from last year.
Inventory of homes priced between $500,000 - $599,999 is down 48% from 2007 with eleven currently available; whereas homes priced at $600,000 and above are up fifteen-percent with 28 on the market.
The supply and demand of homes priced under $250,000 is fairly balanced with an average of about seven-and-a-half months of inventory between the two segments. There is about nineteen months of inventory of homes priced from $250,000 - $299,999. After that, the absorption rate shrinks dramatically.
There's a 33 month supply of homes priced from $400,000 - $599,999. Homes priced from $350,000 - $399,999 have a 41.5 month supply. Homes priced over $600,000 have a 42.4 month absorption rate. The slowest movers (comparing supply to demand) are the homes in the $300,000 - $349,999 segment where there is almost 45 months of supply.
While Washington is faring better than most states, it is estimated three to five percent of the properties for sale in the Port Angeles area fall into the "distressed property" or foreclosed classifications.
A distressed property is one that is the primary residence of the owner and that is: in default on the mortgage; at least 30 days delinquent on the loan secured by the property; where the owner believes they will default on their mortgage or loan within the next four months; or that is at risk due to non-payemnt of taxes. Special rules now apply to such sales. Contact a Realtor for more information.
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