Tag Archives: sales

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. 

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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:

Commercial real estate roundup: Bainbridge development sells for $17 million

hildebrandA Bainbridge Island mixed-use development and a Port Orchard Walgreens building were among the prominent commercial properties that changed hands during a busy first quarter of 2016.

All told, 102 commercial parcels sold in January, February and March for a combined $111.1 million, according to county assessor’s records. 

Sales of large apartment complexes, including Santa Fe Ridge, Bremerton Gardens and Admiral Manor, accounted a large portion of that total. I detailed those sales in a recent rundown of apartment transactions.

Below is a look at some of the notable commercial sales of the year so far, plus a couple from the end of December that didn’t make my last roundup.

Madison Square, Bainbridge — $17.5 million

hildebrand.map

Sale date: March 9

Assessed value: $13.9 million

Sold by: Madison Square LLC. to LBG Bainbridge LLC.

Description: Seven tax parcels on Hildebrand Lane, south of the Island Village shopping complex. Buildings include a mix of retail, office and apartments.

Notes: The seller is a corporation headed by islander Michael Burns. LBG Bainbridge LLC is a subsidiary of Lord Baltimore Group Ltd., and lists a Vancouver, B.C. mailing address.

The same buyer also purchased the adjacent Camelia apartments for $4.6 million this year, and bought a commercial cluster in Poulsbo which I describe below, all from Burns.

Liberty Center, Poulsbo — $5.93 million

liberty.centerSale date: March 9

Assessed value: $5 million

Sold by: Liberty Centre LLC. to LBG Bainbridge LLC.

Description: Three buildings with a combined 30,000 square feet of space on 2 acres on the northeast corner of Liberty Road and Highway 305.

Notes: See notes above. Major tenants include John L. Scott and Key Bank.

Grow apartments, Bainbridge — $5.2 million

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Courtesy Grow Community

Sale date: Feb. 4

Assessed value: $973,560

Sold by: Bainbridge Community Development to Clarke Properties LLC.

Description: Two tax parcels at the southeast corner of Wyatt Way and Grow Avenue where the “Cooper” rental apartments were constructed as part of the Grow Community project.

Three-story, 10-unit buildings were slated for each parcel, according to city planning documents.

Walgreens building, Port Orchard — $5.18 million

walgreens

Sale date: Feb. 11

Assessed value: $3.26 million

Sold by: McCandless Port Orchard LLC. to Lease Fund II LLC.

Description: A 15,000-square-foot pharmacy building on 1.8 acres at the northeast corner of Lund Avenue and Bethel Road.

Notes: Across the street from the Bethel Junction shopping center, which also sold recently.
 Continue reading →

Coyote Woodshop opens Winslow showroom

Coyote Woodshop has built a business around giving new life to old trees. 

The Bainbridge Island shop turns reclaimed wood from the island into lumber and high-end furniture at its headquarters on Day Road.

This spring, customers will also be able to find Coyote Woodshop’s work downtown.

Coyote Woodshop has opened a pop-up showroom at 563 Madison Avenue N., just north of Wyatt Way. The store will be open 10 a.m. to 3 p.m. on Fridays and Saturdays in March and April.

The shop will also participate in First Friday Art Walks and be available to show furniture by appointment.

For information, email info@coyotewoodshop.com or call 206-855-3401, or check out the Facebook page. 

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 →

Kitsap marijuana sales rebounded in December

crockpot18_7542038_ver1.0_640_480Kitsap County’s first slump in legal marijuana sales proved short lived.

Revenue from licensed recreational marijuana stores rebounded in December, after dipping in November for the first time since the launch of the fledgling industry.

Statewide sales followed a similar trend, according to stats released this month by the state Liquor and Cannabis Board.

In Kitsap, eight shops reported a combined $1,439,266 in gross sales in December, marking a 10 percent gain from November. The county finished the calendar year with about $11.71 million in retail marijuana sales.


Like stats? Check out my big page of embeddable Kitsap County infographics.

Kitsap sees first drop in legal marijuana sales

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Kitsap County’s first recreational marijuana store opened in August of 2014 and sales soared for the next 14 months.

That trend changed abruptly in November, when the county saw its first month-to-month decline in retail marijuana sales.

Gross sales dipped by nearly 9 percent between October to November, according to numbers posted by the state Liquor and Cannabis Board:

The decline in sales wasn’t limited to Kitsap. Washington recorded its first statewide drop in retail marijuana revenue back in July, following a restructuring of the excise tax, and sales slipped again in November:

 

A one-month falloff in sales is far from a trend, but the decline does come at an interesting time for the industry.

The Liquor and Cannabis Board announced plans last week to lift the cap on retail licenses, as the state prepares to roll the marginally-regulated medical marijuana system into the tightly-controlled recreational marijuana system. The number of stores allowed in Kitsap would increase from 10 to 20.

Some legal marijuana sellers believe the market is already becoming saturated in Bremerton and Port Orchard, pointing to a plateau in per-store sales this fall.

The chart below shows gross sales for each of the seven active marijuana stores in Kitsap (an eighth store, called The Reef, just opened in Bremerton, and a tribally-owned store opened in Suquamish).

You can wave your mouse over the store names to highlight their sales:

Click here for more Kitsap marijuana industry coverage.

Kitsap retail sales jumped 11 percent in second quarter

Q2.retail.graphicTaxable retail sales in Kitsap County took a big jump in the second quarter of 2015, increasing 11 percent from the same quarter of 2014.

That was the largest year-over-year jump in quarterly sales for the county since the start of the recession.

Sales totaled more than $963 million in the second quarter, according to the Department of Revenue. 

Statewide, retail sales reached $33.9 billion, marking a 9.4 percent increase from the same quarter of 2014.

Retail trade sales

retail trade sales

Sales reported by Kitsap’s retail trade industry in the second quarter were up 10 percent from the same period of 2014.

Retail trade accounted for about $512 million of Kitsap’s taxable sales in the second quarter.

Retail trade sales include sales made by stores, dealerships, online sellers and other traditional retailers.

County comparison

Here’s a look at how Kitsap’s second quarter sales stacked with other Puget Sound counties:

 

Kitsap highlights

The auto, building material and construction sectors continued their resurgence, posting double-digit increases from the second quarter of 2014.

Though a much smaller player by sales volume, manufacturing enjoyed a 19 percent increase in taxable sales.

Here’s a look at year-over-year growth for a few major industries in Kitsap:

Sales by industry

And finally, I’ve posted a full breakdown of second quarter retail sales by industry for Kitsap County:

These are Kitsap’s highest grossing marijuana shops

pacific.cannabis
Pacific Cannabis on Callow Avenue. Josh Farley photo.

Kitsap County’s legal marijuana marketplace is still in its infancy, but total sales now easily top $1 million each month and are growing rapidly.

The handful of shops approved over the summer are just beginning to compete with the four established stores opened last year. The Suquamish Tribe is expected to open a store within the next month.

Some of those new stores quickly climbed the ranks of top grossing marijuana businesses in the county.

Here’s a look at the top five recreational marijuana stores in Kitsap County in September, based on total sales reported: 

  1. HWY 420, Bremerton — $305,616
  2. Crock Pot, Port Orchard — $254,148
  3. Paper & Leaf, Bainbridge Island — $243,724*
  4. Greenway, Port Orchard — $164,788
  5. Pacific Cannabis Company, Bremerton — $161,890*

(* Opened in June 2015 or later.)

Sales reported by legal marijuana businesses are actually available for public inspection, for anyone who wants to spend a lot of time staring at Excel spreadsheets.

The state Liquor and Cannabis board publishes revenue so banks can check money deposited by marijuana businesses against revenue being reported to the state and flag potential fraud. Whether marijuana businesses can find a bank to take their money is another story.

The graphic below gives a more in-depth view of marijuana sales trends in the county:

Kitsap pot businesses grossed $6M in first year

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Rachel Seymour photo

One year ago Wednesday, a shop in Bellingham sold the first bag of legal marijuana in Washington state.

The sale marked a milestone for Kitsap County too: That first bag of pot was grown Bremerton. 

In the year that followed, Washington recreational marijuana businesses recorded more than $250 million in gross sales, generating $62 million for the state in excise taxes. Add in other state and local taxes and the total tax bill topped $70 million.

Kitsap marijuana retailers, growers and processors grossed about $5.75 million, generating $1.44 million in excise tax, according to statistics made available by the Liquor Control Board. Nearly $5 million of gross revenue came from the retail side.

Kitsap’s busiest marijuana shop made $430,000 in sales in June alone.

The county can expect much higher sales totals in the coming year.

Ten Kitsap marijuana enterprises — four shops and six producer/processors — recorded sales between July 2014 and the end of June. As of this week the county had 16 licensed pot businesses, with several more in the works.

Relaxed taxes could also lure more customers to recreational shops.

During the first year of sales, marijuana was taxed 25 percent when sold between a producer and processor, another 25 percent when sold to the retailer, and a final 25 percent when sold to the consumer, resulting in an excise tax of up to 75 percent.

A law enacted this summer will reduce the overall tax to 37 percent.

And that’s not the only sweeping change ahead for the fledgling industry. At the direction of the Legislature, the state will essentially dismantle the existing medical marijuana system over the next year, and roll what’s left into the recreational system.

The expected closure of medical dispensaries will reduce competition for the licensed shops and drive up recreational pot sales.

Here’s a graphical look at the first year of marijuana sales in Kitsap:

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