January 2013 was a good month for Real Estate in Kingston, Port Gamble & Hansville. There were 8 homes sold which is only a slight improvement from 7 in December. however; there was an 18% decline in distressed properties from the previous month (December 2012)!
The area experienced a decrease in average and median selling prices, to $282,775 and $238,850 respectively for January compared with December, but they were significantly higher than during the same period one year ago.
Only 2 of the 8 homes sold during January were distressed properties, and both of them were Short Sales. This equates to 25% of homes sold being distressed, which is consistent with the data from the rest of Kitsap County including Bainbridge Island. On the positive side, This is an improvement from the near 43% of sales in December being distressed and being comprised of both Bank REO’s and Short Sales.
We are currently seeing an increasing number of of BPO requests (Broker Price Opinions) in this area which tends to correlate with an increasing number of Bank Owned REO’s that will be coming on the market in the coming few months. Moving forward, we are less concerned about these properties having as much negative impact on home prices as in the past because there are fewer total homes on the market and homes are selling much more quickly than previously. We are also seeing the banks working harder to price these foreclosed properties much closer to actual market prices than in the past.
If you have been watching the market and wondering when you should put your home on the market, the answer is immediately. With the current low number of homes on the market, and increasing demand, this is a great time.
Now is a good time to beat the crowds and get great deals for your home or find the perfect house.
Thank You for visiting our Blog! Feel free to contact us for any tips or questions you may have.
By Briana Wilson
Reviewed by Brian Wilson, Broker
19723 10th Ave NE; Suite 200
Poulsbo, WA 98370