Although market activity is increasing (with eight sales currently pending in the first week of February), there were only eleven closings of residential properties in Port Angeles in January. Consequently, the absorption rate (the amount of time it would take to liquidate all of the inventory at its current rate of sales) has risen to slightly more than a year from the eleven months last reported at the end of 2008.
There are currently 285 homes available. Fifteen new listings came on in the last week and 21 expired.
Bargain hunters are looking and finding good deals in all levels of the market, but with 180 of the homes being offered at $299,999 or less many first-time buyers and investors are also finding plenty to choose from.
There are curretly 57 homes priced under $200,000, 63 priced from $200,000 - $249,999, and 60 in the $250,000 - $299,999 range.
Those looking for homes in the $300,000 - $349,999 listings will find 27 to peruse. There are 22 priced from $350,000 - $399,999 and 21 offered at $400,000 - $499,999.
In the $500,000 - $599,999 segment we have nine to look over. Stepping over that threshold, you'll find twelve homes priced from $600,000 - $699,999, four offered in the $700's, five from $800,000 - $899,999 and one in $900,000 - $999,999 listings.
We have one property offered at $1.1million, two at $1.2million and one at $1.8 million.
There is a six month inventory of homes priced at $199,999 and under. Those listed from $200,000 - $249,999 have an absorption rate of 13.7 months. It would take about a month longer to deplete either the $250,000 - $299,999 or the $300,000 - $349,999 listings.
The $350,000 - $399,999 range has just 13.2 months of inventory. At their current sales pace, homes priced from $400,000 - $499,999 have a 25.3 month absorption rate.
It would take 27.3 months to deplete the nine homes priced from $500,000 - $599,999. And with no recent sales in the upper register of the market -- homes priced above $600,000 -- the current absorption rate is four-and-a-third years.
The one home that sold for $550,000 in January sold for 86% of the original price. There were four homes that sold in the $350,000 - $399,999 range. One sold for 99% of the original price; one for 96.4%; one for 90% and one for 88 percent. One in the $250,000 - $299,999 range sold for 92% of the original price.
There were two that were purchased in the $200,000 - $249,999 price point; one for 92% of original list and one for 68.25 percent. The two lowest priced sales were under $199,999. The first went for 100% and sold in three weeks. The second sold at 85% after 61 days.