March :: SoundBiteBlog.com 2012 :: SoundBiteBlog.com

The following is a brief overview and analysis of the combined single-family home and condo market within Kitsap County, Washington for March 2012, provided by Rich Jacobson of Keller Williams West Sound Realty, in Silverdale, WA.

• Properties currently active on the market:  1439
• Properties closed in the last 180 days:  1100
• Average Sales Price:  $ 262,473
• Average List Price:  $ 272,436
• Ratio of List Price to Sales Price: 96%
• Average Days on Market: 133
• Sales Pending this Week: 84

Seabeck/Holly WA statistics separately: (Area 145 )

• Properties currently Active on the market:  82
• Properties closed in last 180 days:  51
• Average Sales Price:  $272,896
• Average List Price:  $289,530
• Ratio of List Price to Sales Price: 94%
• Average Days on Market: 150
• Sales Pending this week: 1

WHAT’S HAPPENING IN THE KITSAP COUNTY WA REAL ESTATE MARKET RIGHT NOW?

As is typical for this time of year, activity is picking up throughout the West Puget Sound region. This is clearly evidenced  in the Pending Sales this past week (84). Many brokers/agents are reporting multiple offer situations, causing some to pronounce a shift to more of a Seller’s market. Personally, I don’t find any substantive indication/basis for such claims. If a Seller prices a home aggressively and prepares it well for market, it should naturally attract a number of viable Buyers.

For all the latest mortgage rate quotes, go to The Mortgage Porter

UPDATE ON KELLER WILLIAMS WEST SOUND OFFICE

As you may recall from last month’s market report, our plans to open the Keller Williams West Sound Property Hub here in Silverdale were delayed due to the unfortunate fire that gutted the Forza building and displaced numerous local businesses.  While our long-term goal is still to lease space next door to Forza when the new building is constructed, we have committed to a great location over in Old Town on the Northeast corner of Byron & Pacific (map link). We had our first official meeting there yesterday and established a game plan for furnishings/improvements. Look for our launch in the coming weeks!

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Rich Jacobson is a licensed real estate professional with Keller Williams West Sound, 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, ActiveRain, and Crabbing in the Hood, or e-mail:  kitsapagent@gmail.com

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Posted in Kitsap County WA Market Reports | 3 Comments »

Tags: keller williams west sound realty, kitsap county wa market report, seabeck wa real estate

Move over, Midas! Make Way, Meineke! The Hands-Down Leader for Muffler Repair in Kitsap County WA is Mike’s Kitsap Muffler!

Now with 3 convenient locations to better serve customers throughout Kitsap County WA, Mike’s Kitsap Muffler offers fast and friendly service. From tail pipes and towing packages, to brakes and radiators, Mike’s Kitsap Muffler’s menu of accomplished repair and welding fabrication services is truly impressive!

These guys are the REAL DEAL! They offer superior service, perform excellent work, and all at prices that will make your wallet very happy!…

I recently took my Ford Expedition in for a new tailpipe. I drove up without an appointment and they waited on me immediately! In less than 20 minutes I was back on the road, a new custom-fabricated tailpipe in place, and at half the cost the other guys quoted me!

So the next time your car, truck, motorhome or RV needs a tune-up, oil change, radiator repair, winch installation, exhaust/muffler repair, brakes, hitches, trailer wiring, bike racks, car carrier/luggage rack installation, welding or metal fabrication, call on the awesome folks at Mike’s Kitsap Muffler – Brakes -Welding Automotive Electrical Center!

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Rich Jacobson is a licensed real estate professional with Keller Williams West Sound, 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, ActiveRain, and Crabbing in the Hood, or e-mail:  kitsapagent@gmail.com

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Tags: kitsap county wa business review, mike's kitsap muffler

Yet another recent Kitsap Sun article pronounces doom and gloom on the local housing market.

According to statistics provided by the Northwest Multiple Listing Service (NWMLS), home prices here in Kitsap County continued to fall in February, down 11 percent from a year ago, and close to where home prices were in 2005.

The median closing price  for single-family homes and condominiums combined was estimated at $225,400, according to the NWMLS. In 2005, it averaged $233,700.

The steep price dive was felt more severe for condos. February’s price of $215,550 was a 39 percent drop-off from February of 2011.

For single-family residential homes, the price fell 10 percent to $225,900.

However, pending sales in Kitsap County were up 13 percent from last year, meaning that we’re experiencing increased sales activity compared to this time last year.

The current level of active inventory — the number of homes that are available for sale — decreased by 8 percent in February (1,397 homes were for sale).

Home sales activity in Kitsap County WA was the strongest on Bainbridge Island, with 23 recorded sales that closed last month. Second place went to West Bremerton, with 18 sales. And the eastern section of Central Kitsap was third, with 15 completed sales.

In the article, Frank Wilson, Managing Broker at John L. Scott in Poulsbo stated that the decreasing amount of inventory has effectively created a “Seller’s Market.”

“We continue to see more multiple offer situations on homes that come on the market correctly priced,” quoted Mr. Wilson

He went on to predict that “local home prices would stabilize and even reverse as we move further into 2012.”

While there seems to be increased sales activity, and in fact, numerous multiple offer situations, this by no means indicates a shift to a “Seller’s Market” by any stretch of the imagination.

Will home prices stabilize anytime soon? One would certainly hope. Will home valuations start to increase in 2012? I think that’s being just a tad bit overly optimistic, Mr. Wilson!

But I suppose if we spread enough pie-in-the-sky optimism, eventually we’ll get someone to believe us.

Noted real estate rebel, Redfin, has already announced that we’ve effectively reached the bottom to our current housing slump!

Redfin Calls the Bottom!

Funny thing about hitting the low end of the real estate cycle. Typically, when we finally figure we’ve hit bottom, it’s already happened months and months ago!

So where is the real accuracy in all this? Truth is, there are always opportunities in every market. Some better than others. And then there are also a fair share of challenges associated with every market dynamic.

Right now, if you’re a financially solvent 1st Time Home Buyer, you have an excellent chance of finding a great bargain, both on your first home, and in obtaining some of the lowest mortgage interest rates ever! Market savvy investors are buying up foreclosure/short properties and converting them into rental properties.

In order to effectively compete with distressed properties, successful Kitsap County WA Sellers are pulling out all the stops by pricing their homes aggressively and working hard to get their homes prepared for market.

Need help buying or selling real estate in the Western Puget Sound? Call or text me at 360.440.4758

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Tags: frank wilson, homes for sale in Kitsap County WA, Kitsap County WA real estate, northwest multiple listing service

Here is a recent graphic created by the good folks at The KCM Blog showing the estimated months supply of Shadow Inventory throughout the United States:

Here is a good working definition of what constitutes ‘Shadow Inventory:’

from Investopedia:

A term that refers to real estate properties that are either in foreclosure and have not yet been sold or homes that owners are delaying putting on the market until prices improve. Shadow inventory can create uncertainty about the best time to sell (for owners) and when a local market can expect full recovery. Also, shadow inventory typically causes reported data on housing inventory to understate the actual number of inventory in the market.

Fortunately for us here in Washington State, as you can see from the graphic, our Shadow Inventory is one of the lowest in the entire US. What this means is that traditional Home Sellers will have less distressed homes (foreclosures and short sales) to compete against, and that home prices should stabilize more quickly than in other areas across the country.

Here are a couple of recent articles that help to further explain the impact that Shadow Inventory has on the current residential housing market:

CNN Money - Shadow Inventory improves but still threatens housing recovery

Time Business – How ‘Shadow Inventory’ is killing the Housing Market

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Rich Jacobson is a licensed real estate professional with Keller Williams West Sound, 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, ActiveRain, and Crabbing in the Hood, or e-mail:  kitsapagent@gmail.com

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Tags: distressed properties in WA State, foreclosures in WA State, Kitsap County WA real estate, shadow inventory, short sales in WA State, Silverdale Homes for Sale, washington state real estate

Poulsbo Place is the award winning, master-planned community in the heart of the famed waterfront village of Poulsbo, Washington.

Designed in traditional Craftsman style, the architecture compliments the picturesque community of ‘Little Norway’ with its rich Scandinavian heritage.

Poulsbo Place is situated near the waters of Liberty Bay, a popular destination for area boaters and tourists, and is only a short walking distance to a wide variety of restaurants, bakeries, antique shops, clothing boutiques, book stores and gift shops.

As a licensed professional real estate broker, I view a lot of properties throughout Kitsap County, and into portions of Pierce, Mason, and Jefferson Counties, as well. Every once in a while, you come across a home that really stands out from the rest – one where location, condition, and price all combine together to achieve a truly amazing value.

Such is the case with this charming home in popular Poulsbo Place:

148 NE Sugar Maple Place, Poulsbo, WA 98370 

NWMLS #203093 provided courtesy of Teri Hewson of John L. Scott

The homes in Poulsbo Place aren’t for everyone. They appeal to a very select group of highly discerning Buyers. Though the lots are small, and the homes packed in closely together, nonetheless the close walking distance proximity to Front Street in Poulsbo and the Marina on Liberty Bay, makes this exclusive community highly desirable among Buyers, both old and young.

Senior residents like the professional yard and lawn maintenance provided through the Poulsbo Place Homeowners Association dues. Young urban professionals appreciate the cool, hip environment, and convenient accessibility to the Bainbridge Island ferry.

For more information about homes for sale in Poulsbo Place or other residential properties in Kitsap County WA, contact Rich Jacobson, Your Kitsap County WA Real Estate Professional.

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Rich Jacobson is a licensed real estate professional with Keller Williams West Sound, 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, ActiveRain, and Crabbing in the Hood, or e-mail:  kitsapagent@gmail.com

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Tags: homes by harbors, homes in poulsbo wa, Kitsap County WA real estate, liberty bay homes, master planned communities in WA, poulsbo place, poulsbo real estate