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Kitsap County WA Real Estate Market Report - August 2009

By
Real Estate Agent with Fathom Realty West Sound WA State 52404

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-shortWHAT’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 .

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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

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Rich Jacobson is a REALTOR® and licensed Broker with Fathom Realty. He's a Crab Hunter, Clam Digger, and Oyster Shucker, skilffuly vanquishing anything in a shell! He is the Social Media Evangelist for Life on the Kitsap Peninsula & The Western Puget Sound in scenic WA State.

Comments (9)

Al & Peggy Cunningham, Brokers
RE/MAX West Realty Inc., Brokerage - Brampton, ON
Our Family Wants To Help Your Family!

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.

Aug 17, 2009 01:58 PM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

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

Aug 17, 2009 02:00 PM
Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

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? 

Aug 17, 2009 02:06 PM
Lynda Eisenmann
Preferred Home Brokers - Brea, CA
Broker Associate ,CRS,GRI,SRES, Brea,CA, Orange Co

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.

Aug 17, 2009 03:42 PM
Rich Jacobson
Fathom Realty West Sound - Poulsbo, WA
Your Kitsap County WA Real Estate Broker

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:

  1. Extend the first-time homebuyer tax credit to all individuals who buy a principal residence (currently, only available to first-time homebuyers)
  2. Extend tax credit and the waiver of recapture requirements for such credit through 2010
  3. 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!

 

Aug 17, 2009 04:15 PM
Rich Jacobson
Fathom Realty West Sound - Poulsbo, WA
Your Kitsap County WA Real Estate Broker

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

Aug 17, 2009 04:17 PM
Bill Gassett
RE/MAX Executive Realty - Hopkinton, MA
Metrowest Massachusetts Real Estate

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

Aug 18, 2009 12:26 AM
Lynda Eisenmann
Preferred Home Brokers - Brea, CA
Broker Associate ,CRS,GRI,SRES, Brea,CA, Orange Co

Rich,

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

Aug 18, 2009 05:55 AM
Sheldon Neal
Bergen County, NJ - RE/MAX Real Estate Limited - Maywood, NJ
That British Agent Bergen County NJ

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

Aug 18, 2009 09:05 AM