The number of Homes Sold in the combined area of Kingston, Port Gamble & Hansville for February 2013 was 11, which is an increase from the 8 Homes sold in January.
Both the Average and Median Selling prices declined in these areas during February. The average selling price of homes dropped about $20,000 from the January level to $267,518, while the Median Selling Price for February was $225,000, about $13K less than in January. These declines can likely be attributed to the increase in distressed properties sold during February, which was just over 45% of all homes sold in this area, a 20% increase from January 2013 and nearing the high levels since we’ve tracked the data. Most of these distressed properties were Short Sales, where the owner sells the home for less than what they owe the lender. When distressed properties comprise a larger percentage of sales for any given period, we typically see the Average & Median selling prices decline during that same period.
On a good note, an increase from 8 home sales in January to 11 homes sold in February means this area (like virtually all others in Kitsap County) has happily entered the spring real estate market emerging from only a short Winter slowdown. Home owners who are thinking of selling should take advantage of this Spring season, during which the economics are now favoring Sellers.
All indications point to a very strong Spring Market, with increasing numbers of Buyers and a decreasing number of homes available for sale. This classic Supply/Demand situation will favor Sellers and if it continues for a few months, we should see some significant home price increases, however; if you need to sell, don’t wait, talk to us about listing your home in time to catch this market upswing.
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By Briana Wilson
Reviewed by Brian Wilson, Broker
19723 10th Ave NE; Suite 200
Poulsbo, WA 98370