(For the most recent Kitsap County Real Estate data, go here )
This graph shows the Monthly Average Original Asking Price, the Average Listing Price at which an offer was received and then the Average Selling Price. It also overlays and shows the monthly total number of Single Family Residential Homes Sold in Kitsap County from April 2010 – September 2011 plus month-to-date data through October 21, 2011.
Reviewing this data, there are some interesting trends that seem to be developing. The actual Selling price has been declining for each of the previous 3 months and appears to have declined about 8% County-wide during these months.
In the past 2 Months, the average County-wide Selling prices have dropped to the lowest level in more than 2 years!
I believe a significant contributor to this pricing weakness is the relentless REO (Bank Owned) inventory which continues to put heavy pressure on the market, and is weighing much heavier on some communities & neighborhoods (Bremerton, Port Orchard) while others with less REO activity (Bainbridge Island) are seeing less direct impact.
We are also seeing what I’d call capitulation from some sellers who have had their homes on the market for much longer than the average times and are finally pricing their homes to the market, which in many cases means they are becoming Short Sales.
Lastly, sellers in general are much more aware of current market conditions than ever before, and therefore are more willing to aggressively price their homes to sell in the current market.
I believe with low prices and historically low interest rates; that now is a great time to be looking to buy a home. It’s actually an exciting time to be a Buyer. I also believe this is now a terrific time to be considering investment properties of all kinds, particularly if you are a cash Buyer or have at least 25% to put down.
-Brian Wilson, Broker
John L. Scott Real Estate – Poulsbo