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Real Estate Market Report/Conditions in Kitsap County WA for 05/11/2009 The following is a brief analysis of the combined single-family home and condo market within Kitsap County, Washington for May 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: 1961
• Properties closed in the last 180 days: 944
• Average Sales Price: $295,729
• Average List Price: $309,030
• Ratio of List Price to Sales Price: 96%
• Average Days on Market: 106
• Sales Pending this Week: 94

Bainbridge Island Stats separately: (Area 170)

• Properties currently Active on the market: 332
• Properties closed in last 180 days: 102
• Average Sales Price: $651,507
• Average List Price: $692,622
• Ratio of List Price to Sales Price: 94%
• Average Days on Market: 135
• Sales Pending this week: 9

Home prices in Kitsap County WA continued to drop in April, while pending sales rose sharply.

New numbers from the Northwest Multiple Listing Service show the median $240,000 closing price for a home in April was a 10.7 percent drop from April 2008 and a 2.6 percent drop from March 2009.

Prices are predicted to go down a bit more, with families moving at the end of the school year and the supply of available homes growing slightly.

Meanwhile, the 377 pending home sales in Kitsap County in April was a 44 percent jump over the same month a year ago. That figure was by far the highest of all 19 Washington counties tracked by the NWMLS and four times the average of those 19 counties.

Top neighborhoods for pending sales in Kitsap County WA were West Bremerton, East Central Kitsap, East Bremerton and Bainbridge Island, according to the NWMLS.

Due to the drop in home prices, the current dampened market gives first-time homebuyers an opportunity to jump in. Under new stimulus rules to encourage home-buying, first-timers who purchase a home in 2009 can earn an $8,000 credit on their taxes. The Secretary of HUD recently announced that the $8,000 tax credit could be used as part of the down payment, giving even greater incentive to the program.

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