Kitsap County Distressed Real Estate Sales Compared to Non-Distressed Sales

Distressed Residential Real Estate Sales Compared to Non-Distressed Sales in Kitsap County

¬†This graph shows the monthly distressed single family residential sales (SFR)¬†compared to total SFR¬†for all of Kitsap¬†County.¬† REO is an acronym for “Real Estate Owned” which are Bank Owned Properties and SS is an acronym for “Short Sales”. Total distressed Sales in my data are comprised of¬†both REO and SS properties.¬† Of these two types, REO¬†comprised¬†about 75%, while SS is about 25%.¬† So on average in Kitsap¬†County, Short Sales comprise about 8% of the total closed SFR sales, and REO are about 22%.

Another interesting fact derived from the graph/data is how remarkably consistent the monthly total distressed property sales have been as a percentage of total sales for over 1.5 years.  To me this implies central planning and control of the rate of distressed sales being allowed on the market, most likely to control the negative impact distressed properties have on resale home prices.

In Kitsap County last month (March 2011), the total percentage of sales that were distressed jumped nearly 10% from all previous months, going back over 1.5 years.   For the most part, this recent monthly increase is consistent with National Data for total percentage of properties sold that are distressed, as reported by in a recent article.

From recent conversations I’ve had with several Real Estate Brokers; in the previous month through this week, we have been seeing more appraisals coming in below the agreed upon terms between a willing buyer and willing seller.¬† If this continues, we will see prices decline on average.

About admin

Presently I'm a full time Real Estate Broker with John L. Scott Real Estate in Poulsbo, WA. In Kitsap County, our team of two earned one of only four "Presidents Elite" awards for Sales in 2010! I received my degee in Electrical Engineering (BSEE) from the University of Washington in 1999 and then worked as a Sr. System Engineer for Cerner Corp. in Kansas City, MO. I worked on IBM/AIX Servers running Oracle Databases, and MS Windows workstations on the client side installing, updating, and educating clients in the Hospital & Healthcare industries. Previous to all this, I co-founded 2 electronics companies which designed and manufactured a variety of electronic products including test equipment for Volve Penta and Volvo Cars of N. America, Marine Sonar equipment and fish finders, and then our own unique non-intrusive unltrasonic tank fluid monitoring system, which found applications in diverse industries including: cosmetics, nuclear, food, chemicals and semi-conductor processing. In these ventures my positions varied from product design, product development management, and marketing. If you haven't see the new Real Estate Site, for my partner Jana Salmans and I, please visit: Thank You for visiting, please come back often. -Brian Wilson (admin)
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