Tag Archives: homes

Home sales remained strong in November

RealEstate_FILE01_21275712_ver1.0_640_480Real estate sales activity remained elevated in Kitsap last month, as did home prices.

Pending sales in the county were up 16 percent in November compared with November of 2015, while closed sales were up 30 percent, according to Northwest Multiple Listing Service. 

A sales surge was reported across the Puget Sound region.

“November’s pending sales for the four-county area of King, Snohomish, Pierce and Kitsap were the highest since 2005,” John L. Scott CEO J. Lennox Scott noted in a NWMLS news release.

“Every time interest rates increase 0.5 percent we see these surges because buyers become anxious about increasing rates – but on a historical basis rates are still amazing,”

Those eager buyers competed over a dwindling supply of home listings.

In Kitsap, 330 new listings came on the market in November, bringing the number of homes for sale in the county to 758. Inventory was down only 1.3 percent from November of 2015, but still very low compared with previous years.

Homes sold in Kitsap in November fetched a median price of $280,000, up about 8 percent or $21,000 from the same time last year.

Here’s a graphical look at Kitsap real estate market trends:

And here’s a map showing real estate stats by submarket. Hover your mouse over each area for details.

Real estate: Home sales haven’t fallen off this fall

ferncliff01_23090926_ver1.0_640_480The real estate market typically cools off each fall. Not so much this year.

Pending sales were up nearly 21 percent in October compared with October of 2015, according to statistics from Northwest Multiple Listing Service.

Competition helped keep home prices elevated. The median price for homes sold in Kitsap in October was $292,000, an increase of 13 percent ($33,500) from last year.

“The market in Kitsap is still very active,” John L. Scott Poulsbo manager Frank Wilson said in an NWMLS release.

An influx of new listings continued, with 424 homes listed in October. But brisk sales drove down inventory.

The months supply of homes — the number of months it would take to sell off all the homes for sale if no new listings were added — dipped to 1.93. Real estate professionals consider a market balanced when it has a four- to six-month supply of homes.

Here’s a graphical look at real estate trends in Kitsap:

And here’s a map displaying real estate stats by submarket. Wave your mouse over the map to see specifics:

Kitsap real estate market was still hot in August

Kitsap’s real estate market ended the summer season with a bang.

Listings, sales and prices were all up in August, according to the latest numbers from Northwest Multiple Listing Service. 

More “for sale” signs popped up across the county last month, with 591 new listings added. About 970 homes were available in August, down 6 percent from August of 2015, marking a slight improvement in inventory from earlier in the year.

Sales continued at a torrid pace. More than 630 homes were pending in August, a 13 percent increase from last year. Closed sales were up 22 percent.

Kitsap’s median home price (including condominiums) bumped up to $292,000, up 12.3 percent from August of 2015.

Here’s a graphical look at real estate trends in the county:

And here’s a map showing real estate statistics by submarket:

Wave of home listings buoyed market in July

B0015078797--870950A wave of new listings hit Kitsap’s real estate market in July, helping to replenish — if only slightly — the county’s scant supply of homes for sale.

Other Western Washington markets enjoyed a similar influx of listings, Northwest Multiple Listing Service reported.

“We might actually be starting to move very slowly back toward a more balanced market,” OB Jacobi, president of Windermere Real Estate, said in a news release.

In Kitsap, 654 homes came on the market in Kitsap in July, raising the total number of available listings to 944.

Inventory was still down 10 percent from July 2015, but that marked a major improvement from January, when there were 30 percent fewer homes on the market compared with the previous year.

Pending sales remained strong in July, up 7 percent from 2015, while closed sales dipped. The county’s median home price was $290,000, up about 5 percent.

Here’s a map showing real estate data for Kitsap County submarkets. Hover your mouse over each area to see local stats:

Kitsap’s median home price hits $285,000

real.estateThe median price for homes sold in Kitsap County reached $285,000 last month, as sales activity ramped up and inventory remained low.

The median price for May was 7.6 percent higher than in May of 2015, according to report from Northwest Multiple Listing Service. 

price.change
CLICK HERE FOR A MAP SHOWING YEAR-OVER-YEAR PRICE CHANGE BY SUBMARKET

The year-to-date (January-May) median home price for the county was $266,914, up about 11.5 percent from the same period of last year.

Prices have increased most dramatically in West Bremerton, where homes are selling for 40 percent more so far this year than in 2015.

Despite the price jump, West Bremerton remains the county’s least expensive submarket.

Home sales also ticked up in May. Pending sales were up 9.4 percent from May 2015, while closed sales jumped 12.5 percent.

The number of homes available for sale inched up to 734, with 608 listings added. Inventory remained 23 percent lower than a year ago.

The months supply of homes — the number of months it would take to sell off all homes on the market if no new listings were added — rested at 1.85. A market is considered balanced when it has a four- to six-month supply.

“Inventory is being squeezed from all directions,” Frank Wilson of John L. Scott in Poulsbo, said in a statement released by NWMLS. “With less than two months of inventory, every new listing seems to draw multiple offers.”

Wilson doesn’t see the inventory crunch easing “for some time to come.” Even if the Fed raises interest rates, he believes shortages will persist because of the backlog of buyers.

Here’s a graphical look at Kitsap real estate trends:

And here’s a map showing real estate stats by submarket. Wave your clicker over each area to see details:

Real estate update: More homes came on the market in April

ferncliff01_23090926_ver1.0_640_480Kitsap’s depleted inventory of homes for sale received a much needed injection of new listings in April.

A total of 568 new listings were added last month, 71 more than were added in April 2015, according to Northwest Multiple Listing Service. The influx raised the total number of active listings from 566 in March to 655 in April.

0411_KitsapIndicator_MonthsSupply_KSThough surely welcome, the added listings did little to ease the tight market.

The inventory of available homes remained 22 percent lower than in April 2015, and 56 percent lower than in April 2012.

Sales were steady last month, with 584 transactions pending, up 5 percent from the previous year. The county’s median home price hovered at $270,000, up 7 percent year-over-year.

The months supply of homes (the number of months it would take to sell off all the homes for sale if no new listings were added) eased slightly to 1.83 months.

A market is generally considered balanced when it has a supply of four to six months. Kitsap’s market still strongly favors sellers.

Here’s a graphical look at Kitsap real estate trends:

And here’s a map showing April real estate stats by submarket. Wave your clicker each MLS area for details. Drop me a note if there are other stats you’d like to see included:

Bremerton Gardens apartments sell for $13M

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A Los Angeles-based real estate company purchased the Bremerton Gardens apartments for $13 million, according to a Friday news release.

The 20-acre, 182-unit Parkside Drive complex was listed for sale two years ago. The transaction closed Monday, according to public documents.

The buyer, New Standard Equities, plans to spend $3.5 million upgrading the grounds and World War II-era buildings.

9k=Planned improvements include new paths, signage, landscaping and gazebos. New façades will “evoke the vibe of a 1940s village,” according to the release. Interior updates will include hardwood flooring, new cabinetry, appliances, paint and countertops.

New Standard Equities executives were attracted to Bremerton’s strong military employment base.

“Furthermore, this property is in a prime, irreplaceable location, offering residents beautiful, unobstructed views of Puget Sound,” CEO Edward Ring said in the release. “It is also near great dining and entertainment, and a short walk to the ferry.”

Bremerton Gardens includes 113 one-bedroom apartments, 63 two-bedroom apartments, five three-bedroom apartments. The complex is served by 242 parking spaces and features a laundry center and dog park.

Redwood-Kairos Real Estate Partners supplied joint venture equity for the transaction, according to the release. Freddie Mac provided financing through CBRE, and Jim Jensen and Kenny Dudunakis of Berkadia represented both buyer and seller in the sale.

Bremerton landlords are enjoying a hot rental market this year. The apartment vacancy rate for Bremerton was about 2.6 percent at the end of 2015. The average apartment rent in Kitsap increased 15 percent in 2015, according to Apartment Insights Washington.

Bremerton Gardens wasn’t the first major apartment complex to change hands this year. In January a Seattle real estate firm bought Bremerton’s Admiral Manor apartments for $5.83 million.

Real estate update: Low inventory, high demand still define market

This map shows the percent change in active home listings from February 2015 to February 2016 for each Kitsap submarket. You can hover your mouse over the map to see how active listings fluctuated during the past four years.

Kitsap homebuyers were still picking through a thin selection of houses February, but the lack of inventory didn’t dampen sales.

About 600 homes were listed for sale in the county last month, 28 percent fewer than in February 2015, according to Northwest Multiple Listing Service. (You can see where inventory declined the most using the interactive map embedded above.)

real estateSales activity in February was still stronger than a year ago. NWMLS reported 483 pending sales (up 9 percent) and 263 closed sales (up 13 percent) for the month.

The homes that sold in February were on the market for an average of 65 days, which was 26 fewer days than in February 2015, according to stats made available by Pacific Northwest Title. Continue reading →

Subdivision, dog training center planned on Bainbridge Island

Planning activity is picking up on Bainbridge this year, with a bevy of land use proposals in various stages of permitting.

Here’s a look at proposals for a residential subdivision and an assistance dog training center:

Winslow Grove subdivision

winslow.grove
Click to enlarge

The applicant: DeNova Northwest of Kent. They’re also behind the “Ashbury” subdivision between Wyatt and Shepard.

The property:  Four parcels totaling 8.77 acres west of Weaver Road, across from the Rotary Park ball fields (pictured above).

There’s a 1,500-square foot rambler on the main parcel.

The proposal: A subdivision creating 19 residential lots, surrounding a street and cul-de-sac, with access from Weaver (see inset image).

Next steps: The city has posted a notice of application for the project. A SEPA comment period will be open until March 4.

Assistance dog training center

dog.training

dog trainingThe applicant: Assistance Dogs of Hawaii, a national non-profit organization

The property: A 4.3-acre vacant parcel at the corner of Bucklin Hill Road and Ridge Lane.

It’s next door to the American Legion hall and across from Hyla Middle School.

The proposal: The project would create two buildings, each about 1,800 square feet.

One building (pictured above) would be a teaching barn to provide training for students and assistance dogs. The other building would house an instructor/caretaker and two students.

Lawns, a courtyard and parking lot are also planned. The development would be tucked in the northwest corner of the property, with access from Ridge Lane (not Bucklin).

Wenzlau Architects is designing the center. You can see more preliminary plans here.

Next steps: The proposal is in the pre-application phase. A public participation meeting will be held at 6:30 p.m., March 1 at Waterfront Park Community Center, 370 Brien Drive.

Real estate: Prices up, inventory down in January

New year, same tight real estate market.

The key real estate trends of 2015 carried through January, according to numbers released last week by Northwest Multiple Listing Service.

Inventory? Still low. There were 587 active listings in the county last month, compared with 843 in January 2015.

Prices? Still rising. The median price for houses and condominiums was about $265,000 in January, a jump of nearly 18 percent from the start of 2015. The median price for houses, excluding condos, was up 15 percent.

Prices were buoyed by sales on Bainbridge Island, where 19 homes sold with a median price of $690,000.

Sales? Still strong. Pending and closed sales were both higher last month than in January 2015, up 5.7 percent and 7.6 percent respectively.

Kitsap bucked a sales trend in January, as an inventory shortage drove down sales across much of the state. King County saw a 14.5 percent drop in pending sales from the previous year.

Here’s a graphical look at real estate statistics in Kitsap County in January:

And here’s a map showing statistics by local MLS area. Hover your mouse over the map to see details: