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Kitsap County WA Real Estate Market Report - August 2009

The following is a brief analysis of the combined single-family home and condo market within Kitsap County, Washington for August 2009, provided by Rich Jacobson of Windermere Real Estate, in Silverdale, WA (this includes data for Bainbridge Island WA) kitsap-county-wa-real-estate

Properties currently active on the market: 2064
Properties closed in the last 180 days: 1261
Average Sales Price: $296,912
Average List Price: $309,393
Ratio of List Price to Sales Price: 96%
Average Days on Market: 99
Sales Pending this Week: 12

Silverdale WA statistics separately: (Area 147)

Properties currently Active on the market: 81
Properties closed in last 180 days: 87
Average Sales Price: $299,996
Average List Price: $309,318
Ratio of List Price to Sales Price: 97%
Average Days on Market: 102
Sales Pending this week: 10

short-sales-are-anything-but-short WHAT’S HAPPENING NOW?

It’s been a fairly busy Summer season for me here in Kitsap County WA as qualified Buyers continue to take advantage of the slower market, low mortgage rates, greater Seller-offered incentives, and Federal programs like the $8000 1st Time-Buyer’s Tax Credit (possibly being extended into 2010).

The real challenge has been for Listing Agents and Sellers to effectively compete against Short Sales and Foreclosures. While traditional properties aren’t subject to the myriad of frustrating and time-consuming hoop jumping normally required by Short Sales and Foreclosures, Sellers must still overcome the usual disparity in pricing. This demands that Sellers spend more time and energy effectively preparing their home for market, ensuring greater attraction/appeal to potential Buyers. It also necessitates that they price their homes more aggressively right from the onset. Greater demands and expectations are placed upon the Listing Agents to generate maximum marketing exposure for their home, leveraging the power of the Internet to its fullest extent possible.

WHY MOVE TO THE KITSAP PENINSULA?

There are many reasons why home-buyers are drawn to Kitsap County WA: the pace of life is a lot slower and less hectic; we have some of the highest rated public schools in the State; we’re surrounded by the scenic/recreational waterways of the Puget Sound. A recent study by US News & World Report named the Silverdale/Bremerton WA area as being the Top US Housing Growth Market for the next 10 years.

For more additional information and resources concerning real estate in Kitsap County WA and the Western Puget Sound, access my website, Kitsap Life .

~ o ~ o ~ o ~ o ~ o ~

Rich Jacobson is a licensed real estate professional providing knowledgeable empowerment and relentless representation for his clients of residential properties and vacant land throughout all of Kitsap County WA and portions of Pierce, Mason, and Jefferson Counties. You can also find him at KitsapLife.com and Crabbing in the Hood, or e-mail: kitsapagent@gmail.com

Posted by Rich Jacobson Your Kitsap County WA Real Estate Agent on 08/17/2009 06:21 PM

Comments (9)

Kitsap County WA in the Real Estate Market Channel

kitsap county wa real estate, market report, august 2009, rich jacobson, silverdale wa real estate

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9 Comments on Kitsap County WA Real Estate Market Report - August 2009

AUG

Hi Rich,

Your post makes me wonder what it would be like to work in a smaller community. Our MLS membership is just under 30,000. Heard thru the grapevine that over 1/2 haven't done a deal yet this year.

Rich - great information for your area, and for those buyers and sellers in Kitsap county. I hadn't heard that the tax credit was approved for extension, only that it was being discussed - has that changed? I know folks can claim the credit on their 2009 taxes being paid on or before April 15th 2010 but the closing has to be before 12/1/09.

Jeff

A great report.. looks like things may be getting better here and there. Also, inquiring minds want to know where is the extension of the up to $8K tax credit?

Hey Rich,

Good market update for Kitsap County. Now a question for you, what's the population or the number of households in Kitsap Co.? I'm trying to understand the perspective.

I'd also love to check back for the answer for Jeff D's question.

My apologies. Post amended. My source was a bit presumptive and optimistic. Here is the real scoop:

H.R. 2801 (111th Congress) 2009-2010 Home Ownership Moves the Economy (HOME) Act of 2009, is a bill sponsored by Howard Coble, a U.S. Representative from North Carolina’s 6th District. Representative Coble’s bill's goal is to extend the tax credit into 2010 as well as allow all home buyers take advantage of the tax credit. The bill aims to do three things:

Extend the first-time homebuyer tax credit to all individuals who buy a principal residence (currently, only available to first-time homebuyers)
Extend tax credit and the waiver of recapture requirements for such credit through 2010
Repeal the limitation on such credit based on modified adjusted gross income.

This bill is in the first initial steps of the legislative process. As of June 10, 2009, the bill was referred to the House Committee on Ways and Means.

Contact your local representatives and push for this beneficial legislation to get enacted quickly!

Lynda: The current best guess is approx. nearing 250K....

AUG

Rich nice work compiling the local market stats for your area. I am sure those in your area who follow Real Estate appreciate it.

Rich,

Got it thanks, I was trying to understand the inventory vs. population as a comparison to my own communities that I serve.

Hi Rich !

Glad you've had a busy season :o)

We have aq similar picture in my area with average DOM being right around 100.

But we definitely started seeing more inventory mving this spring and summer though.

Have a good rest of the summer and nice market report :o)

Cheers !

Sheldon

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