The average price of Sequim homes sold in the first five months of 2008 (from January 1, 2008 to May 31, 2008) is $324,450.
The primary reason I compiled this data from our local MLS is because periodically I receive requests from someone outside the area who wants to purchase a stick built home for $50,000 to $100,000. In Sequim, the least expensive vacant lots start around $80,000 and many are $150 to $300,000. That's before a home is built on the lot. A home that is inhabitable and listed under $225,000 will be sold yesterday. They just don't exist.
A search of sold homes in the MLS will show a small list of homes sold under $200,000, but these are typically small lots with an old shack that may or may not be livable. I just sold a home in May for $210,000 in Carlsborg, often referred to as Sequim, and while it was not a shack, it was only about 730 square feet, and it was built in about 1937. It had the original electrical wiring still in the walls, and the only heat in the house was one small electric heater that plugged into the wall. For my clients, a young couple who were first time home buyers, this was the only home they could afford, and for this couple with no children, it is a good start. I haven't even seen anything else like this on the market.
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The bottom line is that it is unrealistic to expect to find a listed home for sale in the Sequim area with 3 bedrooms, 2 baths, 1800 square feet, and a garage for anything less than $275,000. Okay, there's room to play with the numbers here, but the point is a home for $60,000 - no way. A home like this for $100,000 - no way. $200,000 - good luck finding it, because if it even popped up on the radar, it would be sold in days. But no one in their right mind would sell a house in days way below market value.
One important clarification I need to add. It is possible to find a mobile home or even a manufactured home for less than $100,000, but that will be on a leased lot in a mobile home park. In addition, most of the mobile home parks are for senior citizens only. The lot rental for these lots is quite expensive, so what appears to be an inexpensive option for retired seniors is often not so inexpensive in the long run when you add $400 per month for lot rental.
[To get a reasonably accurate figure, I weighted the data by eliminating everything below $100,000 and above $800,000, which left 112 homes. In this area, homes cannot be found for less than $200,000 (and that may not be inhabitable), and homes above $800,000 account for a very small percentage (less than 2%) of the market. Eliminating this data prevents the results from being skewed. Source of data: Olympic Listing Service]
Courtesy Sequim & Port Angeles Real Estate, LLC
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