For the period of March 2012 through June 2012, Salt Waterfront home sales have nearly doubled in terms of the number of homes sold each month and the average price per Sq. Ft. has increased about 5% compared with the same period one year ago.
Homes offering compelling features are being selectively acquired and homes with the most desirable combination of location, price, type of waterfront and features such as: deep water moorage, direct beach access and beachfront boat storage and ownership of tidelands are quickly seeing offers and in some cases multiple offers.
It appears that the number of Salt Waterfront Homes sold on a monthly basis that are distressed (REO’s, Bank Owned Foreclosures and Short Sales) are declining. This market segment had a much lower than average default rate throughout the recent financial crisis and it is starting to appear that distressed properties in this category may become increasingly scarce as the economy and the housing market continue to improve.
Here is a graph comparing sales of distressed with total sales for Salt Waterfront homes in Kitsap County:
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Brian Wilson, Broker
John L. Scott Real Estate
19723 10th Ave NE; suite 200
Poulsbo, WA 98370