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
Share on Facebook
Posted in Real Estate Bites | No Comments »
Tags: frank wilson, homes for sale in Kitsap County WA, Kitsap County WA real estate, northwest multiple listing service
Properties closed in the last 180 days: 1100
