Real Estate Market Report for Kitsap County WA – March 2009 :: SoundBiteBlog.com

Real Estate Market Report/Conditions in Kitsap County WA for 03/01/2009

The following is a brief analysis of the combined single-family home and condo market within Kitsap County, Washington for March 2009, provided by Rich Jacobson of Windermere Real Estate/West Sound, Inc., in Silverdale, WA (this includes data for Bainbridge Island WA)

• Properties currently active on the market: 2051
• Properties closed in the last 180 days: 971
• Average Sales Price: $286,000
• Average List Price: $297,575
• Ratio of List Price to Sales Price: 96%
• Average Days on Market: 104
• Sales Pending this Week: 88

Current Market Conditions: We’ve experienced a significant upswing in activity over the past month, especially with 1st-Time Home Buyers. HOT SPOTS: Area 150 (East Central Kitsap) continues to be the overall leader in sales with 112, and with a Listing Price-to-Sales Price ratio of 98%.

Bainbridge Island Stats separately: (Area 170)

• Properties currently Active on the market: 329
• Properties closed in last 180 days: 86
• Average Sales Price: $586,832
• Average List Price: $626,269
• Ratio of List Price to Sales Price: 94%
• Average Days on Market: 123
• Sales Pending this week: 5

Advice for Sellers:    Loan underwriting and funding has become extremely challenging over the past several months. Due to the recent Wall Street debacle, many lending institutions are failing or running out of money. Make sure any potential Buyers are solidly approved for their loan. A good Listing Agent will follow-up with the Buyer’s Lender throughout the transaction to ensure they are meeting all contractural obligations on a timely basis.

Advice for Buyers: There continues to be some excellent purchasing opportunities out there, especially for 1st-Time Buyers. While there are still many short sale and foreclosure properties available, understand that there are  inherent challenges associated with pursuing such deals. Some Listing Agents are deliberately pricing their short sales well below the loan break-even point, just to attract a multiple offer Buyer feeding frenzy. Work with an Agent who understands the local market and can give you sound counsel accordingly.

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Rich Jacobson is a licensed real estate professional providing 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. Contact Rich directly by phone at (360) 440-4758 or e-mail at kitsapagent@gmail.com. You can also find him at KitsapLife.com and Crabbing in the Hood.