Monthly Archives: October 2016

Kingston farm named finalist for $20k prize

A Kingston cattle farm is the last Kitsap company left in the running for the $20,000 edg3 FUND small business prize.

Silver Creek Angus was one of five finalists Kitsap Bank announced for the prize last week.

The longtime family farm raises Black Angus cattle and sells beef. You can learn more about their operation in the video above.

The edg3 FUND competition, now in its third year, promotes entrepreneurs “dedicated to growing our local community economically, socially and environmentally.”

This year’s $20,000 winner will be selected by a panel of judges during a live event Nov. 17 at Kitsap Conference Center in Bremerton.

An additional $5,000 will be awarded to the entrant that best embodies “the spirit of community.”

Apartment rents keep climbing in Kitsap

Tad Sooter

Average rent for apartments in Kitsap climbed to $1,186 in the third quarter of 2016, marking the 10th-straight quarter rents have increased in the county.

Per-unit rent at large apartment complexes has risen $109 since the start of the year, according to Tom Cain of Apartment Insights Washington.

Port Orchard and Bremerton reported the largest rent increases in the West Sound region in the third quarter.

Vacancy rates remained low in Kitsap, with 4.35 percent of units available.

The market was tightest in Port Orchard where just 3.32 percent of apartment were vacant, while Silverdale’s vacancy rate jumped to 5.21 percent.

Cain said a balanced rental apartment market typically has a vacancy rate of 5 percent.

Here’s a graphic showing apartment rental trends in Kitsap:

CHI Franciscan names chief medical officer

Tad Sooter

Former Harrison Medical Center Chief Medical Officer Dr. Michael Anderson has been tabbed to fill the same role for all of CHI Franciscan Health.

CHI Franciscan announced Anderson as its new chief medical officer Monday. He was named to the position in an interim capacity in February.

Anderson will oversee medical operations, medical staff services, regulatory compliance and quality of care for all eight CHI Franciscan hospitals, including Harrison.

“With Dr. Anderson’s guidance, we will continue to elevate physician leadership within our system to position us to set the standard for quality care, patient safety, and patient outcomes,” CHI Franciscan CEO Ketul J. Patel said in an announcement.

Anderson received his medical degree from the Uniformed Services University of Health Sciences in Bethesda, Maryland, and his master’s in health administration from the University of North Carolina, Chapel Hill.

He previously served as medical officer to the Marine Corps and medical inspector general for the Navy.

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

Tad Sooter

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). Concomitantly, this surge affected other housing sectors. For example, if you were to read a review of Liberty Home Guard, you’d know how much the cost of warranties has dwindled. This was one of the many effects of the surge in home listings.

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.

Kitsap 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

Tad Sooter

More 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.

Sierra Trading Post announces opening date in Silverdale

Tad Sooter

Sierra Trading Post will open its first Washington store at 8 a.m. Oct. 27 in The Trails at Silverdale shopping center.

The 17,000-square-foot store will offer a wide range of outdoor gear and apparel, according to a news release. Interactive kiosks will allow customers to search the retailer’s in-store and online inventory while shopping.

The store is handing out prizes customers in line early on Oct. 27 and will make a $5,000 donation to Seattle Adaptive Sports.

Sierra Trading Post is hiring full-time and part-time staff Silverdale store. Click here for details.

Central Kitsap is suddenly rich in sporting goods and outdoor stores. DICK’S Sporting Goods opened at Kitsap Mall last week, joining Big 5, REI and Sportsman’s Warehouse in Silverdale.

State predicts an increase in holiday season hiring

Tad Sooter

The holidays should be brighter this year for seasonal workers in Washington.

State economists predict increased holiday hiring by retailers this fall and winter, after two years of decline.

Employment Security Department projects 12,726 holiday hires statewide in the fourth quarter of 2016, compared with 10,542 in 2015.

The same report forecasts 375 hires in Kitsap county this year, up from 333 last year.

General merchandise stores do the bulk of the hiring.

“Healthier wage growth amidst an improving employment situation should help raise holiday sales to a level that boosts hiring,” Turek said in the release.

Fourth quarter retail sales surged in the past few years, but seasonal staffing didn’t followed suit.

Turek told me statewide holiday hiring peaked in 2013 at 16,500. Hires dropped to 14,753 in 2014 and plunged to 10,542 in 2015, falling well short of the state’s forecast.

The decline was partially attributed to retailers moving away from brick-and-mortar storefronts to focus on online sales. Downsizing by food stores like Haggen also took a toll, Turek said.

This year, Turek sees fewer stores restructuring and believes improving employment and wages will bolster seasonal hiring.