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Kitsap County WA Real Estate Market Report for December 2008

December 4th, 2008 by Rich Jacobson

Real Estate Market Report/Conditions in Kitsap County WA for 12/01/2008 The following is a brief analysis of the combined single-family home and condo market within Kitsap County, Washington for December 2008, provided by Rich Jacobson of Realty Executives Brio, in Silverdale, WA (this includes data for Bainbridge Island WA)

  • Properties currently active on the market: 2391
  • Properties closed in the last 180 days: 1312
  • Average Sales Price: $308,770
  • Average List Price: $329,896
  • Ratio of List Price to Sales Price: 94%
  • Average Days on Market: 103
  • Sales Pending this Week: 8

Current Market Conditions: As is typical for our market, homes sales for Kitsap County WA have slowed as we head into the Christmas Holidays. Even though we’re not as susceptible to seasonal influences as most markets, we still experience a noticible decline in activity until just after the 1st of the New Year. With only 8 pending sales for the entire county this week, there really isn’t a candidate for ‘Hot Spot.’ However, Area 150 (East Central Kitsap) continues to lead the pack here in Kitsap County WA with 151 properties sold in the past 6 months. Compared to Area 163 (Gamblewood) which has only posted sales for 7 properties in the same period. Area 166 (Poulsbo) maintains the highest Listing Price-to-Sales Price ratio (99%), and the lowest DOM (Days on Market) with 79. Bainbridge Island Stats separately: (Area 170)

  • Properties currently Active on the market: 329
  • Properties closed in last 180 days: 127
  • Average Sales Price: $657,890
  • Average List Price: $703,298
  • Ratio of List Price to Sales Price: 94%
  • Average Days on Market: 109
  • Sales Pending this week: 2

Advice for Sellers: Given our current economic conditions, my recommendation for Sellers would be to hold off on marketing your home right now, if possible, and wait until late February or early March. If circumstances demand that you list your home now, make sure that your Listing Agent provides you with a very thorough marketing plan that includes maximum, strategic Internet exposure. Work closely with your Agent to determine what tasks need to be performed in order for your home to show well, and stand out from among other comparable properties. Don’t be tempted to test the market, but price your home aggressively. Advice for Buyers: If you’re fully pre-approved by a reputable local lender, then you are in good position to take advantage of the current market dynamics. Take your time. In most areas you will have many homes to choose from. Be patient to find the deal that makes the most sense. For Active-Duty military buyers, a home purchase may not be the best strategy if your orders are for less than 3 years. Consult with your Agent and Lender to determine what decisions are most wise and prudent for your future plans and budget. 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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