Two more tenants — Purpose Boutique and The Habit Burger Grill — were announced for The Trails at Silverdale shopping center last week.
Here’s an updated graphic showing where the businesses will be
located:
Tenants have not been named for seven spaces at the trails, including the grocery store building. These include a couple of very large retail spaces, and a restaurant space in the northwest corner.
Kitsap’s
rental market remains tight, but rents and vacancy rates seem
to be steadying.
Average rent at large apartment complexes was $1,077 a month in the first quarter of 2016, a $6 increase from the fourth quarter of 2015.
Rent was up about $116 from a year ago, a 12 percent change, according to numbers provided by Tom Cain of Apartment Insights Washington.
Vacancy rates ticked up for the third straight quarter, reaching 4.22 percent.
The opening of the 71-unit 606 apartments in downtown Bremerton likely played a role in increasing vacancies. Bremerton’s vacancy rate jumped from 2.64 percent in the fourth quarter of 2015 to 4.53 percent in first quarter of 2016.
Poulsbo/Bainbridge Island remained the tightest submarket, with a 2.91 percent vacancy rate.
In his quarterly report, Cain noted the shortage of homes for sale in the region has been a boon for rental owners.
“The tight home sale market and moderate level of new apartment construction will help keep pressure on rentals,” Cain wrote. “We expect the market to flourish this year.”
Here’s a graphical look at Kitsap rental trends:
Kitsap’s
already-strained housing market somehow squeezed tighter
in March.
There were nearly as many home sales pending in the county last month (559) as there were homes available for sale (566), according to Northwest Multiple Listing Service.
Active listings were down nearly 33 percent in March from the same period of 2015.
Low inventory dampened sales activity across the Puget Sound region, but not in Kitsap where pending sales were up 4.5 percent.
The months supply of homes in Kitsap (the number of months it would take to sell off all the homes on the market if no new listings were added) fell to 1.6 months. A market is considered “balanced” when it has a supply of four to six months.
(Click here for a map showing the county’s tightest submarkets.)
Kitsap home prices remain elevated from 2015. Houses and condominiums sold for a median price of $276,387 in March, a year-over-year increase of 15 percent.
Here’s a graphical look at Kitsap real estate trends:
And here’s a map showing detailed real estate statistics by submarket. Wave your mouse over each area for details:
Here’s a graphical look at Kitsap County in-migration trends, based on Department of Licensing driver reports:
Want a more detailed look at migration to and from Kitsap? Check out this map graphic built from Census data:
