Local home sales show increase in 3rd Quarter
Home sales in Grays Harbor are improving according to Tom Quigg, Realtor with Windermere Real Estate. Quigg told KXRO that the trend in sales for single family homes was positive in all local communities for the 3rd quarter of 2013. This was the best quarter of closed sales for the past five years in all areas except Aberdeen, where it was the second best quarter in five years.
Including a slight slowdown in sales due to the government shutdown, Quigg said, “average home prices were mixed as uncertainty caused buyers to step back and wait.”
The majority of home sales in the last quarter were on the Ocean Beaches, followed by Aberdeen, East County, and Hoquiam. Average home prices were mixed according to figures provided by Quigg. For the beaches and East County, homes ranging from $160,000-200,000 were the focus of sales. In Aberdeen and Hoquiam, foreclosed homes and sales up to $40,000 were dominant.
Quigg says that one area of concern is getting homes to appraise for financing. Even though sales have picked up, appraisers must use prior sales to determine appraised values, which lag the market. This happens every time the market changes direction. A little lower in an accelerating market, and higher in a decelerating market.