The Pendulum is Swinging Back

By
Real Estate Agent with Windermere Real Estate

While this has been a banner year of homes for sale, inventory levels are beginning to drop. As of October 8th, there were 314 homes in supply, almost 60 fewer than a month earlier.

While the media has been reporting declining sales nationwide, to date, home sales in Port Angeles have exceeded last year's levels.

In the $199,999 and under bracket, we have 53 homes. There are 54 in the $200,000 - $249,999 range and 58 priced from $250,000 to $299,999.

Breaking the $300,000 barrier, you see a lower inventory per segment. In the $300,000 - $349,999 grouping there are 31 homes currently available; 38 priced from $350,000 - $399,999; and 35 with an asking price between $400,000 - $499,999.

The premier properties priced from $500,000 - $599,999 number 24. There are 21 homes priced at $600,000 and up.

If you have nine months or more of inventory, it is considered a true buyer's market. Currently, we have slightly better than seven-and-a-half months of inventory. There is a four month supply of homes under $200,000. Almost five months would be needed for the $200,000 - $249,999 range to be absorbed. Looking to the next segment, the level jumps to 8.3 months.

The $300,000 - $349,999 priced homes have a slightly larger inventory of 8.9 months. Surprisingly, homes priced from $350,000 - $399,999 have an 18.1 month supply. There is a 16.7 month inventory of homes running from $400,000 - $499,999; an 18.5 month supply of homes priced from $500,000 - $599,999; but if your looking above $600,000 there's only 14 month's worth.

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