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2013 has kicked off with a flurry of real estate sales and we are only into March. It this pace continues we will see a nice increase in sales for 2013. I sound like a broken record, there is no better time to purchase real estate than now. Unlike many parts of the country, Port Townsend and Jefferson County, WA are still in a BUYERS market.

1/5/2013

 

State of Real Estate 2013

This is an overview of the

Nationwide Real Estate Market

 

Comments from Lawrence Yun – Chief Economist for the

National Association of Realtors

 

 

  • THE WORST IS OVER!!!
  • Interest rates will stay low through 2015, unless we see inflation
  • Consumer confidence still only fair, for the past few years this has been the case. We will not see good economic growth until consumer confidence gets  better
  • Housing market will improve in 2013 even if the economy does not
  • Young people prefer to rent. Seattle is a big apartment growth market place
  • New home construction is growing slowly
  • Distressed properties will continue in the market place, “like an after Christmas sale, the best ones are gone”
  • Bottom of the home sales market is clearly behind us
  • Global economy:
  • European market still a challenge, Germany is now in a down turn, they have been helping Italy and Greece. The fix is to get rid of the Euro, not working, this will happen within 10 years.
  • Shadow inventory is falling, 2013 – 15%, 2015 – 5%

 

 

 

 

 

 

Continued on next page

 

Northwest overview:

  • Seattle is seeing slight appreciation in prices, caused from reduced housing inventories

 

Jefferson County overview:

  • We follow Seattle by 12 – 18 months

Still have 10+ months worth of inventory and are still seeing the median prices declining slightly in Port Townsend, up slightly in the county

  • More vacant land sales hope to trigger new home construction

 

 

For questions or more information please contact:

 

 

 

John Eissinger

Designated Broker

Remax First

2500 W. Sims Way

Suite #201

Port Townsend, WA

360-385-6499 – office

360-301-2378 – cell

johne@olypen.com

http://www.johneissinger.com

2012 (Year end)

 

               

Real Estate Sales Recap

 

               

Port Townsend and Jefferson County, WA.

 

               
                 

Port Townsend

 

 

2011

 

 

2012

 

 

Percentage

 

   
                 

Residential sales

 

 

84

 

 

110

 

 

31.0%

 

   
                 

Median Price

 

 

$210,000

 

 

$ 200,000

 

 

-4.8%

 

   
                 

Days on market

 

 

129

 

 

155

 

 

20.2%

 

   
                 
   

(4.3 months)

 

 

(5.2 months)

 

       
                 

Average sold price

 

 

$223,417

 

 

$ 227,853

 

 

2.0%

 

   

Average list price

 

 

$238,560

 

 

$ 244,053

 

 

2.3%

 

   

Average original price

 

 

$265,128

 

 

$ 265,432

 

 

0.1%

 

   
 

19% diff.

 

17% diff.

       
                 

Vacant Land

 

 

15

 

 

24

 

 

60.0%

 

   
                 

Condo

 

 

6

 

 

14

 

 

133.3%

 

   
                 

Commercial

 

 

5

 

 

4

 

 

-20.0%

 

   
                 

Total Sales

 

 

112

 

 

153

 

 

36.6%

 

   
                 

Jefferson County

 

 

2011

 

 

2012

 

 

Percentage

 

   

(Includes Port Townsend)

               

Residential sales

 

 

290

 

 

382

 

 

31.7%

 

   
                 

Median Price

 

 

$199,000

 

 

$ 209,000

 

 

5.0%

 

   
                 

Days on market

 

 

141

 

 

161

 

 

14.2%

 

   
   

4.7 months

 

 

5.4 months

 

       
                 

Sold % Orig. List Price

 

 

85%

 

 

86%

 

 

1.2%

 

   
                 

Condo

 

 

16

 

 

26

 

 

62.5%

 

   
                 

Vacant Land

 

 

66

 

 

86

 

 

30.3%

 

   
                 

Commercial

 

 

5

 

 

4

 

 

-20.0%

 

   
                 

Total Sales

 

 

385

 

 

505

 

 

31.2%

 

   
                 
                 
                 

Port Ludlow

 

               
                 

Home sales

 

 

43

 

 

67

 

 

55.8%

 

   
                 

Cape George

 

               
                 

Home sales

 

 

15

 

 

22

 

 

46.7%

 

   
                 

Kala Point

 

               

Home sales

 

 

15

 

 

26

 

 

73.3%

 

   
                 

Prepared by John Eissinger – RE/MAX First Inc. Port Townsend, WA. 360-301-2378

       
                 

These figures are NOT compiled by Northwest Multiple Listing Service

 

       
                 

Real Estate Sales 2012 010513