Port Angeles Market Improving

Port Angeles Market shows signs of improving. [%readmore%]The first six months of 2012 show inventory to be down 10% over the same time period in 2011. While sales are up 27% over 2011. The nation is experiencing declining inventory and increased sales as posted by RisMedia:, “Lawrence Yun, NAR chief economist, said inventory shortages in certain areas have been building all year.  “The slight pullback in monthly home sales is more likely due to supply constraints rather than softeningdemand. The normal seasonal upturn in inventory did not occur this spring,” he says. “Even with the monthly decline, home sales have moved markedly higher with 11 consecutive months of gains over the same month a year earlier.”

As of June 26, 2012, 73% of the sales reported in the MLS were under $200,000. 21.5% of the sales were between $200,000 and $300,000.  That leaves homes priced above $300,000 with only a 5.5% sold rate. So though the inventory is declining, it’s still a buyer’s market especially for homes priced above $200,000.