Real Estate Market Report for Kitsap County WA issued 10/07/2008

The following is a brief analysis of the combined single-family home and condo market within Kitsap County, Washington for October 2008.  Properties currently active on the market:  2599

• Properties closed in the last 180 days:  1386
• Average Sales Price:  $327,432
• Average List Price:  $338,006
• Ratio of List Price to Sales Price:  94%
• Average Days on Market:  101
• Sales Pending this Week:  13

 Current Market Conditions: Area 150 (East Central Kitsap) and Area 166 (Poulsbo) share the highest ratio of List Price vs. Sale Price with 99%.  The lowest ratio was 93% for Area 161 (Hansville). Shortest Days on Market (DOM) was Area 149 (East Bremerton) at 74, and Area 166 (Poulsbo) coming in 2nd with 79. Longest DOM goes to Area 168 (Indianola) with 150, followed by Area 167 (Suquamish) at 126.

Bainbridge Island Stats separately: (Area 170)

• Properties currently Active on the market:  367
• Properties closed in last 180 days:  137
• Average Sales Price:  $697,159
• Average List Price:  $738,505
• Ratio of List Price to Sales Price:  94%
• Average Days on Market:  105
• Sales Pending this week:  12

According to a recent Kitsap Sun news article, home prices have dropped by 18% when compared to this time last year. However, pending sales experienced a very sharp 31% increase in the month of September, but dont expect that to be as robust as we head into the Winter months.

For Buyers: While current market conditions obviously favor Buyers, obtaining loan approval can have its challenges. Meet with an experienced local Loan Officer first, to verify that buying a home is within your budget, and ensure that you qualify.

For Sellers: Sellers must be prepared to pull out all the stops to be successful in selling their homes. You must be priced aggressively and prepare the house to show well. Consider incentives, like a Buyers Home Warranty plan. Consult with your Listing Agent to determine ways to make your home stand out from the crowd.