Tag Archives: sales

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.

Poulsbo store hosts state’s first Walmart training academy

20060124-061050-pic-244474290_5739339_ver1-0_640_480-1The inaugural class of Walmart’s first training academy in Washington will don caps and gowns in Poulsbo next week.

The new training center at the Poulsbo Walmart Supercenter is among 200 the retail giant plans to open in the next year.

The academies are aimed at helping department managers and hourly supervisors gain retail skills and the knowledge needed to run their specific departments, according to a news release. Participants receive two weeks of hands-on training in classrooms and on the sales floor.

A ceremony for the Poulsbo academy graduates is scheduled for 8 a.m. Tuesday.

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:

Real estate report: Supply of homes for sale is gradually increasing

After scraping bottom last winter, the supply of homes available for sale in Kitsap increased gradually since March.

Notably, the number of home listings active in September nearly matched the number reported in September of 2015 (see chart below).

There were 593 listings added last month, a 21 percent increase from the previous year, according to a report from Northwest Multiple Listing Service.

Based on the stats, Kitsap remains squarely a seller’s market.

Real estate professionals consider a market balanced when it has a four- to six-month supply of homes, meaning it would take four to six months to sell off all the houses available if no new listings were added.

B0015078797--870950Kitsap had just a  2.15-month supply of homes in September. In other words, the market would need about 1,000 more active listings or a slowdown in sales to achieve some balance.

But even an incremental increase in supply could be good news, as sales activity didn’t cool off all that much in September.

Pending sales were down in the county from August to September — as is typical for the season — but were up 13 percent from September of 2015. The 448 deals closed in September marked a 15 percent increase from 2015.

Home prices remained elevated. The median price for houses and condominiums sold in September was $284,999, a 10 percent jump from last year.

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:

Kitsap will receive $200k from marijuana excise tax in FY 2017

paper_leaf_img_6126_webMore than $200,000 in marijuana excise tax revenue will flow into Kitsap in the coming year.

Kitsap County is in line to receive $126,774, according to a list of fiscal year 2017 tax distributions posted by the Liquor and Cannabis Board.

Port Orchard will receive $40,107, Bremerton $27,989 and Bainbridge Island $16,419.

Poulsbo, which has a moratorium on marijuana businesses, will not receive any money.

The state committed to distributing $6 million in revenue from the 37 percent tax on recreational marijuana to local governments in both fiscal years 2016 and 2017. (The fiscal year runs July through June.)

The money is divvied up based on the amount of marijuana tax generated in each jurisdiction in the previous year. Kitsap governments are spending the money on law enforcement.

Beginning in fiscal year 2018, the state will distribute 30 percent of marijuana excise tax revenue to local governments. Thirty percent of that amount will go to cities and towns. Seventy percent will go to counties.

Commercial real estate roundup: South Kitsap timberland sells for $9M

b0012744021-852179A massive swath of South Kitsap changed hands this summer.

In June a buyer paid $9.25 million to McCormick Land Company for nearly 2,000 acres of timberland south of McCormick Woods.

The deal highlighted a busy spring and summer for commercial land transactions in Kitsap County. Below is a roundup of other high-profile sales recorded from April through July, with details from assessor’s documents and additional research.

This list doesn’t include the $20 million sale of the Silverdale Ridge apartments, which I reported on earlier this year.

Keep in mind these are property transactions, and the businesses occupying these properties may not have changed hands.

McCormick timberland — $9.25 million

Sale date: June 22

Sold by: McCormick Land Company LLC to Bar MH Timber WA LLC.

Description: More than 1,800 acres of timberland divided into 166 tax parcels, located south of McCormick Woods and east of Bremerton National Airport.

Notes:  McCormick Land Company also recently sold off its residential development land surrounding McCormick Woods.

I’m working to get in touch with the buyers of the timberland to find out what their plans are.

Best Western, Bainbridge Island — $7.25 million

bestwestern

Sale date: June 29

Assessed value: About $4 million

Sold by: Bainbridge Island Commons LLC. to BB Hotel LLC.

Description: A four story, 51-room hotel on 2.7 acres at 350 NE High School Road.

Notes:  BB Hotel LLC. has a Honolulu mailing address. Continue reading

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 retail sales up 10 percent in first quarter

Retail sales increased 9.7 percent in Kitsap County during the first three months of the year, outpacing the statewide growth in sales.

shoes6_22899584_ver1.0_640_480Kitsap establishments reported $914 million in taxable sales in the first quarter of 2016, compared with $834 million in the first quarter of 2015, according to the state Department of Revenue.

Retail trade sales (subset of retail sales that includes transactions made by dealerships, stores and other businesses selling merchandise directly to consumers) were up 6.7 percent, marking the largest percentage increase in the region.

Statewide, retail sales grew 8.9 percent in the first quarter and retail trade sales grew 5.1 percent.

Here’s a chart showing sales growth in Puget Sound area counties:

Sales by industry

Major retail trade industries reporting increased sales included auto dealers and parts stores (up 12.4 percent), building and garden material suppliers (up 10.7 percent),  drug and health stores (up 31.3 percent), and sporting goods, toys, book and music stores (up 7.1 percent).

General merchandise stores experienced a 1.5 percent dip in sales, after enjoying a strong fourth quarter.

Outside of retail trade, building construction climbed 24.7 percent, manufacturing 7.1 percent, wholesale trade 16.5 percent, and accommodations and food services 12.5 percent.

Here’s a full breakdown of sales by industry (click the full screen button to avoid squinting):

Boat sales are back in a big way

20080627-173841-pic-90777257_5695367_ver1.0_640_480It’s hard to beat boat sales as an indicator of luxury spending.

Boats are typically expensive to buy, expensive to maintain, and expensive to use. In short, owning a boat is a great way to dispose of disposable income.

With the exception of live-aboards, maritime professionals and remote island dwellers, very few boat owners can claim to really need their boats.

Like sales of many other luxury goods, boat sales took a dive during the recession. Droves of underwater boat owners literally walked away from their vessels.

20070619-190929-pic-800119525_5727290_ver1.0_640_480Now the boating industry is rising from the depths. Boat sales seemed to turn a corner in 2013, as I noted  in a story a couple of springs ago.

Sales continued to grow during the past two years, likely buoyed by the improving economy, falling gas prices and long, hot summers.

Puget Sound Business Journal reported this week that more than a quarter of Washington households own a boat, and sales in the state jumped 24 percent in 2015.

harbor3_18647849_ver1.0_640_480We don’t have access to boat sales as a dollar amount here in Kitsap, but we do know how many vessels were sold to people who keep their boats in the county, thanks to data from Washington Sea Grant and the Northwest Marine Trade Association.

By their count, total boat sales for Kitsap increased 21 percent between 2010 (when activity bottomed out) and 2015. The rebound of new boats sales was more dramatic, jumping 102 percent over the same period.

New vessels accounted for 12 percent of Kitsap boat sales in 2015. The data include all power boats and sailboats with titles (so no kayaks or paddle boards).

Here’s a graphic showing boat sales for Kitsap since 2009: