{"id":2006,"date":"2013-05-20T16:50:46","date_gmt":"2013-05-20T23:50:46","guid":{"rendered":"https:\/\/mykitsaprealestate.net\/wordpress\/?p=2006"},"modified":"2013-05-20T16:50:46","modified_gmt":"2013-05-20T23:50:46","slug":"kitsap-county-real-estate-report-for-april-2013-home-sales-prices-trends","status":"publish","type":"post","link":"https:\/\/mykitsaprealestate.net\/wordpress\/2013\/05\/20\/kitsap-county-real-estate-report-for-april-2013-home-sales-prices-trends\/","title":{"rendered":"Kitsap County Real Estate Report for April 2013; Home Sales, Prices Trends"},"content":{"rendered":"
Note:<\/strong> In the event you got to this article from an older link, here is a link to the newest data<\/a> for this category of monthly home sales in Kitsap County<\/h6>\n

There were 285 closed home sales in Kitsap County during April 2013 which is just a few homes shy of a record number of monthly sales looking back as far as October of 2009.\u00a0 In the time since then, the only month with more sales was August of 2012 with 299 homes Sold.\u00a0 On average during the previous 12 months, about 250 homes were sold every month in Kitsap County.<\/h3>\n
\"graph<\/a>

Kitsap County Home Sales Data for April 2013<\/p><\/div>\n

The median selling price<\/strong> for the 285 homes sold during April was $226,000<\/strong> which is about 3.8%<\/span><\/strong> less than during the same period one year ago.\u00a0 However; for some perspective, the monthly median selling price<\/strong> for homes sold during the previous year<\/em> has varied<\/strong> monthly from a low of $214,500<\/strong> in February 2013 to a high of $250,000<\/strong> during August of 2012 with an average for the monthly median coming in at $230,400 over the previous 12 months.<\/strong><\/em><\/p>\n

The average selling price<\/strong> for homes sold during April 2013 was about $269,000<\/strong><\/p>\n

Another important data set is that of distressed properties.\u00a0 Of the total homes sold during April, ~25% of them were distressed sales<\/strong>, with bank owned foreclosures (REO’s) comprising 15% and Short Sales comprising about 10%.\u00a0 This is about the same rate we’ve seen recently, and about in line with the monthly percentage of distressed sales we’ve seen over the previous year.\u00a0 So while some market areas like Poulsbo and Bainbridge Island are seeing declining numbers of distressed sales, county-wide the number of distressed home sales continue to be in a range from about a low of 20% to a high of over 35%.<\/p>\n

We are noticing a significant shift in the composition of distressed properties sold in Kitsap County.<\/strong>\u00a0 For the first time for as far back as our data goes, we are seeing Short Sales comprising a larger percentage of distressed sales than REO’s (bank owned foreclosures).\u00a0 Of the month-to-date sold properties 14% are closed Short Sales<\/strong> and only11% are REO’s.\u00a0<\/strong>\u00a0\u00a0 This is the first time there are more Short Sales than REO’s. A review of the “Pending Sales” data shows an even more impressive shift: 13% are REO’s<\/strong> while 23% are Short Sales!<\/strong>\u00a0 This is almost a 100% reversal of the composition of distressed sales data going back as far as 2009!\u00a0 We will certainly be watching to see if it continues.\u00a0 There may be many factors involved in the apparent shift in the data, but this may finally indicate a meaningful change, with lenders making a bigger good faith effort to close short sales rather than go to foreclosure.\u00a0 Wow!<\/strong><\/p>\n

So far, during the month of May through 5\/20, there have been 168 closed sales\u00a0<\/strong>and the median selling price for these closed sales has increased nearly $10,000<\/strong> or just over 4%<\/span> <\/strong>from the April median to $240,000, <\/strong>while the average has declined slightly to about $264,500.\u00a0<\/strong> Overall, home prices in Kitsap County appear to be stable but biased toward increasing and we will be tracking this data closely every month.<\/p>\n

Some of the significant factors affecting home prices are the quantity of new home sales<\/em><\/strong> which generally have been priced below the average resale home price and the number of distressed home sales<\/em> which have also typically been priced below market.\u00a0\u00a0 With some areas in the County seeing a decline in the quantity of distressed properties<\/strong> and with rapidly increasing new home prices<\/strong>, the bias moving forward appears to be toward increasing home prices.<\/strong><\/span><\/p>\n

As for current and future sales activity, there is a tsunami of home sales in Kitsap County.\u00a0<\/strong> Currently<\/strong> as of May 20, 2013 there are 910 homes under contract<\/span><\/strong><\/span> as Pending<\/strong><\/em> or Contingent<\/strong><\/em> home sales.\u00a0 Adding the current month-t0-date sales to the resale homes that have been “Pending” prior to April 15, it appears there should be a record number of closed sales for the month of May<\/strong>, which we estimate will be over 350<\/strong> and may surprise to the upside nearing 400<\/strong> or more!<\/p>\n

New home sales in the County<\/strong> comprise about 17% of the total pending backlog<\/strong> and distressed home sales<\/strong> (REO’s & Short Sales) comprise about 36%, <\/strong>which is at the high end of the range we’ve seen over the previous year.\u00a0 Because of the long time it takes for distressed properties to close (mostly the Short Sales are the big problem<\/strong>), they do tend to comprise a higher proportion of the pending sales as they accumulate over a longer time while non distressed properties close much more quickly<\/strong> (about 45 days).\u00a0 With the new construction cycle running at about 5 months and Short Sales taking anywhere from 3-6 months or more….a lot of the Pending backlog will be closing over an extended period of time.<\/p>\n

Thank You for visiting our blog.\u00a0 We hope you will bookmark it in your browser and come back often, or we invite you to \"\"<\/a> Get the RSS feed<\/b><\/a><\/p>\n

Brian Wilson, Broker;<\/strong><\/em><\/a><\/span>\u00a0<\/span> mobile: 360-689-2466
\n-and-
\nJana Salmans, Managing Broker;<\/strong><\/em><\/a><\/span>\u00a0 <\/span>mobile: 360-509-9684<\/p>\n

John L. Scott Real Estate<\/strong><\/span>
\n 19723 10th Ave NE; Suite 200<\/strong><\/span>
\n Poulsbo, WA 98370<\/strong><\/span><\/p>\n

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Note: In the event you got to this article from an older link, here is a link to the newest data for this category of monthly home sales in Kitsap County There were 285 closed home sales in Kitsap County … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0,"footnotes":""},"categories":[6],"tags":[343,293,337,308,44,344,299],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/mykitsaprealestate.net\/wordpress\/wp-json\/wp\/v2\/posts\/2006"}],"collection":[{"href":"https:\/\/mykitsaprealestate.net\/wordpress\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mykitsaprealestate.net\/wordpress\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mykitsaprealestate.net\/wordpress\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/mykitsaprealestate.net\/wordpress\/wp-json\/wp\/v2\/comments?post=2006"}],"version-history":[{"count":3,"href":"https:\/\/mykitsaprealestate.net\/wordpress\/wp-json\/wp\/v2\/posts\/2006\/revisions"}],"predecessor-version":[{"id":2024,"href":"https:\/\/mykitsaprealestate.net\/wordpress\/wp-json\/wp\/v2\/posts\/2006\/revisions\/2024"}],"wp:attachment":[{"href":"https:\/\/mykitsaprealestate.net\/wordpress\/wp-json\/wp\/v2\/media?parent=2006"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mykitsaprealestate.net\/wordpress\/wp-json\/wp\/v2\/categories?post=2006"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mykitsaprealestate.net\/wordpress\/wp-json\/wp\/v2\/tags?post=2006"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}