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The following is a brief overview and analysis of the combined single-family home and condo market within Kitsap County, Washington for June 2011, provided by Rich Jacobson of Windermere Real Estate, in Silverdale, WA.

• Properties currently active on the market:  1794
• Properties closed in the last 180 days:  1129
• Average Sales Price:  $ 267,248
• Average List Price:  $ 278,201
• Ratio of List Price to Sales Price: 96%
• Average Days on Market: 153
• Sales Pending this Week: 68

Bainbridge Island WA statistics separately: (Area 170)

• Properties currently Active on the market:  288
• Properties closed in last 180 days:  153
• Average Sales Price:  $570,792
• Average List Price:  $619,295
• Ratio of List Price to Sales Price: 92%
• Average Days on Market: 227
• Sales Pending this week: 6

Weekly Property Type Breakdown (05/23/11-05/29/11)

WHAT’S HAPPENING NOW?

Area residents haven’t been very excited about our weather, but they’re definitely thrilled that the long-awaited Trader Joe’s will finally be making its opening debut here in Silverdale WA on June 17th!

After many years of rumors and speculations, I was one of the first ones to officially break the news that the coveted chain was indeed making plans to enter the Kitsap County market, 3 Buck Chuck Comes to Kitsap County WA

The store will occupy a freshly remodeled 13,300 square feet of former Circuit City space on Mickelberry Road, just across from Costco. This will be one of Trader Joe’s largest stores, most which are normally between 6,000 to 7,000 square feet in size.

It will be interesting to see what, if any, impact this store opening will have on other area markets. Silverdale Red Apple Market recently sold its building to the group that operates The Grocery Outlet in East Bremerton. But Trader Joe’s is unique in the food-stuff space. It takes the mundane chore of food shopping and turns it into a cool cultural experience. The Monrovia CA-based company is one of the hottest retailers in the country, a reputation they’ve achieved mainly through viral word-of-mouth marketing spread by highly satisfied and happy customers.

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Rich Jacobson is a licensed real estate professional with Windermere Real Estate, 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: june 2011, Kitsap County WA real estate, market report, trader joes

Real Estate Market Report for Kitsap County WA 04/08/10

I thought I would do something a bit different this month, and show all of the specific MLS zones within our county, rather than just collective county-wide figures.

As you can see, each area is broken down by ‘Active Listings’ (how many homes are currently available for sale), the calculated ‘Months of Inventory’ for each area, how many homes have ‘Sold’ in the past 6 months, the average ‘sales’ price of those homes sold, the average ‘Listing’ price of the homes sold, the ratio % of sales price versus list price, and the average ‘Days On Market.’

Obviously, East Central Kitsap and West Bremerton are still the selling ‘hot spots’ as are Poulsbo, Port Orchard, and South Kitsap West of Hwy 16.

Where the market is heading right now is anybody’s guess. The tax credits courtesy of Uncle Sam for 1st Time Buyers and Repeat Buyers are soon to expire, so there will probably be some spurt of last minute activity for those. The changing season to warmer weather tends to bring out more Buyers and more Sellers as well. Additional short sales and bank-owned properties will continue to have a negative effect on pricing and appraisal valuations.

Whether you’re a Buyer or a Seller, there are opportunities out there. Give me a call and I can help you make better sense of the market, and determine what is your most wise and prudent direction.

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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, ActiveRain, Everyday CK, and Crabbing in the Hood, or e-mail:  kitsapagent@gmail.com

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Tags: april 2010, Kitsap County WA, market report, real estate

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)

• 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

WHAT’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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Tags: august 2009, Kitsap County WA real estate, market report, Silverdale WA Real Estate, Sparks from Sparky

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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Tags: december 2008, Kitsap County WA, market report, poulsbo real estate, seabeck wa real estate, Silverdale WA Real Estate

Real Estate Market Report/Conditions in Kitsap County WA for 11/17/2008

The following is a brief analysis of the combined single-family home and condo market within Kitsap County, Washington for November 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:  2455
• Properties closed in the last 180 days:  1357
• Average Sales Price:  $318,608
• Average List Price:  $329,358
• Ratio of List Price to Sales Price:  97%
• Average Days on Market:  102
• Sales Pending this Week: 24

Current Market Conditions: Area 150 (East Central Kitsap) continues to be the selling ‘Hot Spot’ here in Kitsap County WA with 6 properties pending this week, and DOM (Days on Market) at 89. Port Orchard (Area 143) had the longest DOM at 152.  The lowest Listing Price to Sales Price ratio  was 92% for Area 161 (Hansville).

Bainbridge Island Stats separately: (Area 170)

• Properties currently Active on the market:  338
• Properties closed in last 180 days:  123
• Average Sales Price:  $671,303
• Average List Price:  $716,862
• Ratio of List Price to Sales Price:  94%
• Average Days on Market:  101
• Sales Pending this week: 2

In a recent Kitsap Sun news article submitted by Rachel Pritchett, home values in Kitsap County WA have been estimated to have fallen 12 percent since the Spring of 2007, and are now back down at 2005 levels, according to Seattle-based company Zillow.com, which calculates its home values based on median price, tax assessments, physical characteristics of the house, and comparable sales.

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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Tags: Kitsap County WA, kitsaplife.com, market report, november 2008, real estate, silverdale wa, Sparks from Sparky