{"id":759,"date":"2012-03-03T14:28:45","date_gmt":"2012-03-03T21:28:45","guid":{"rendered":"https:\/\/mykitsaprealestate.net\/wordpress\/?p=759"},"modified":"2013-06-12T14:19:58","modified_gmt":"2013-06-12T21:19:58","slug":"home-sales-and-prices-in-kitsap-county-for-february-2012-and-18-months-prior-data","status":"publish","type":"post","link":"https:\/\/mykitsaprealestate.net\/wordpress\/2012\/03\/03\/home-sales-and-prices-in-kitsap-county-for-february-2012-and-18-months-prior-data\/","title":{"rendered":"Home Sales and Prices in Kitsap County for February 2012 and 18 months prior data"},"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

February 2012 was an interesting month for real estate in Kitsap County<\/strong>.\u00a0 Here’s how home sales for February 2012 compared with the same period one year ago:<\/strong><\/em>
\n<\/span><\/p>\n

\"Kitsap<\/a>

Kitsap County Home Sales & Prices February 2012 & 18 months prior data<\/p><\/div>\n\n\n\n\n\n
# of Homes Sold<\/td>\n+ 9.8%<\/span><\/strong><\/td>\n<\/tr>\n
Average Home Selling Price<\/td>\n– 8.3%<\/span><\/strong><\/td>\n<\/tr>\n
% of Homes Sold that were Distressed<\/strong><\/span><\/td>\n+ 38%<\/strong><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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The significant increase in the number of distressed properties being Sold is the most significant factor in the decrease of the average home selling price in February 2012.\u00a0 Many of these distressed properties (Bank owned foreclosures & Short Sales) are selling for significantly less than the current market prices at any given time and area.<\/p>\n

According to an article which appeared in DSnews on January 25. 2011, \u00a0foreclosure homes sold for 34% less than the average price of a non-distressed home during the 3rd quarter of 2011.\u00a0 <\/strong><\/em><\/span>In Kitsap County we are also seeing a similar trend, but REO properties (foreclosures)\u00a0are not being discounted quite as much,\u00a0however; they are on average being Sold at a\u00a0discount to current market prices.\u00a0 So, when we see\u00a0foreclosed (REO)\u00a0properties comprising an increasing percentage of the home sales\u00a0during any given month, the average selling prices tend to decrease.<\/span><\/p>\n

Interestingly, Short Sales were down significantly for the month so as a percentage of the total distressed properties that were Sold in February, Short Sales only comprised about 18%.\u00a0 In our business, we have noticed increasing difficulty getting Short Sales approved and we have also noticed less willingness on the part of some lenders to negotiate the selling price or anything with regard to Short Sales.\u00a0 Therefore there are fewer Short Sales.<\/span><\/p>\n

The challenges<\/em> and often excessively long times involved<\/em> in getting Short Sales approved has finally drawn the attention of congress.\u00a0 Recently, Senators Lisa Murkowski (R-AK), Scott Brown (R-MA), and Sherrod Brown (D-OH) proposed a Bill that would require mortgage lenders to make a prompt decision regarding a short sale.\u00a0 It will require a written response from the lender no later than 75 days after the receipt of the written request by a Buyer.<\/span><\/p>\n

If approved, the impact should be positive.\u00a0 Short Sales sell at closer to market prices than foreclosed properties.\u00a0 So, in my opinion this will have the effect of stabilizing home resale prices\u00a0and will significantly reduce the number of Short Sales that flip back onto the market.\u00a0 Currently, many of the flipped short sales are the direct result of\u00a0buyers becoming frustrated from\u00a0waiting ridiculously long periods of time with no response from the lender(s).<\/span><\/p>\n

Overall, the current Real Estate market in Kitsap County is very active and we believe\u00a0the current situation with relatively affordable home prices, good inventory of bargain properties, (which sell quickly)\u00a0and continuing low interest rates; combined with an improving economy make this a great\u00a0time to be Buying\u00a0Real Estate.\u00a0<\/span><\/p>\n

We are seeing a lot of activity in all sectors of the real estate market but particularly note the increasing activity from real estate investors.\u00a0 The other areas that are starting to see increasing activity after a long period of very slow sales are land sales and second homes in rural areas offering coveted amenities like waterfront, view and secluded quality acreage.<\/span><\/p>\n

Thank You for visiting our blog.
\nAs always, we welcome your comments and hope you find our information useful.<\/span><\/p>\n

-Brian Wilson, Broker
\nJohn L. Scott Real Estate
\n\"\"<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

{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} February 2012 was an interesting month for real estate … 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":[6,1],"tags":[276,275,278,277,273,271,279,270,272,274,35],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/mykitsaprealestate.net\/wordpress\/wp-json\/wp\/v2\/posts\/759"}],"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=759"}],"version-history":[{"count":3,"href":"https:\/\/mykitsaprealestate.net\/wordpress\/wp-json\/wp\/v2\/posts\/759\/revisions"}],"predecessor-version":[{"id":771,"href":"https:\/\/mykitsaprealestate.net\/wordpress\/wp-json\/wp\/v2\/posts\/759\/revisions\/771"}],"wp:attachment":[{"href":"https:\/\/mykitsaprealestate.net\/wordpress\/wp-json\/wp\/v2\/media?parent=759"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mykitsaprealestate.net\/wordpress\/wp-json\/wp\/v2\/categories?post=759"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mykitsaprealestate.net\/wordpress\/wp-json\/wp\/v2\/tags?post=759"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}