Tag Archives: sales

Kitsap median home price steadies at $265k

Kitsap home sales remained strong in June, while the county’s median home price leveled off at $265,000.

Pending sales were up 18 percent compared with June 2014, according to numbers released Monday by Northwest Multiple Listing Service.

The $265,000 median price for closed sales was 6 percent higher than a year ago. Year-to-date, homes are selling for about 8 percent more this year than in 2014.

Inventory remained very low in June with 956 homes on the market, 35 percent fewer than in June 2014.

The months supply of homes (the time it would take to sell off all available homes if no new listings were added) dropped to 2.23 months. A six-months supply is considered a balanced market.

I’ll be writing a more in depth story about Kitsap’s real estate market through the first half of 2015 a little later this week. For now, here’s a graphical look at June real estate trends:

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Marijuana retailer approved for Bainbridge

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A company called Paper and Leaf was given the green light this week to become Bainbridge Island’s first recreational marijuana retailer.

The state Liquor Control Board approved the shop’s license Tuesday. The business will open at 8040 Day Road, sharing a building with the island’s first licensed marijuana grow. 

The Day Road industrial area is the only area of Bainbridge where marijuana businesses are allowed.

Brendan Hill and Steven Kessler are partners in the retail shop. Kessler previously ran a pet training business but is now focused on getting the marijuana store up and running.

“Both Brendan and I live on the island, we have kids on the island, and we felt it was very important that folks like us open this store,” Kessler told the Kitsap Peninsula Business Journal in May. “Our entire business model is about making this legitimate.”

As it stands now, the state plans to authorize only one marijuana retailer on the island. License allocations could change as medical marijuana providers are rolled into the recreational system. 

Paper and Leaf is the twelfth recreational marijuana business approved in Kitsap. Expand the map above, or click here, to see all the I-502 business locations.

Kitsap businesses enjoyed record-setting fourth quarter sales

The fourth quarter of 2014 was kind to Kitsap County retailers.

Taxable sales across all industries in Kitsap were up 4.26 percent in October, November and December of 2014, compared with the same months of 2013.

Retail trade sales (sales made by traditional stores, dealerships, etc.) were up 5.56 percent, according to numbers released Monday by the state Department of Revenue.

Retailers posting the largest revenue gains in 2014 included auto dealers, drug stores, building material sellers, home furnishing stores and e-commerce enterprises.

More impressive than the year-over-year gains, sales in the fourth quarter of 2014 actually topped pre-recession highs:

With the fourth quarter numbers in the books, we can see how 2014 stacked up against previous retail years. While retail trade sales have rebounded from the recession, other industries are still catching up:

Kitsap home prices may finally be headed up

For a while it seemed Kitsap’s real estate market was defying the basic law of supply and demand.

Real Estate for sale in Bremerton on Wednesday, January 16, 2012. MEEGAN M. REID / KITSAP SUNSales were high, inventory was low, but somehow prices hardly seemed to budge.

That trend appeared to changed over the last couple of months.

The median price for a home in Kitsap was about 7 percent higher in March of this year than in March 2014, according to numbers from Northwest Multiple Listing Service.

April saw a more convincing 9 percent year-over-year price jump (see chart below).

The median price of a home (including condos) topped $250,000 in April, already rivaling last year’s peak summer prices. Bainbridge Island set the pace with a median price of $641,500.

The median asking price for active listings in April was $297,950, 11 percent higher than April 2014.

Here’s a peek at price trends:

Familiar sales and inventory trends continued through April. Pending sales activity remained strong and the inventory of available homes remained extremely low.

The months supply of homes — the number of months it would take to sell off all the homes on the market if no listings were added — slipped to 2.38.

That’s a low supply, but actually just about average for Western Washington at the moment. King County recorded a 1.3-month supply in April, as Northwest MLS reported record pending sales across the region.

Here’s a graphical look at sales and inventory trends in Kitsap:

Retail sales continued to climb in 2014

shoopersWe now have retail sales data for the first three quarters of 2014, and the numbers are looking good.

Taxable sales across all industries were 7.5 percent higher during the third quarter of 2014 than during the same months of 2013, according to a report from the Department of Revenue.

Retail trade sales (sales made by traditional stores, dealerships, online sellers, etc.) were up by 5.7 percent.

This was the first quarter taxable sales for recreational marijuana were included in DOR’s report. Those totaled about $1.5 million in Kitsap for all of 2014.

We’ll find out how retailers faired during the holiday season, and 2014 as a whole, when fourth quarter numbers are released this summer.

Here are charts showing sales over the first three quarters of 2014, as well as longterm sales trends in the county:

Kitsap retailers enjoying banner year

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This year is shaping up to the best ever for retail trade sales in Kitsap County.

Traditional retailers (shops, dealerships, etc.) recorded more taxable sales in the second quarter of 2014 than they did over the same period in 2006 or 2007, before the recession slide began.

Sales in the first quarter of 2014 also topped pre-recession levels. Combined retail trade sales in the first half of 2014 were about 2 percent higher than in 2007.

The county nearly bested pre-recession sales records in 2013, but came up just short. Sales in the second quarter of 2014 improved by 5.9 percent from the same period in 2013.

Growth in retail trade sales were on par with the state as a whole, which posted a 5.4 percent increase over the same period, according to the Department of Revenue.

This chart compares Kitsap retail trade sales by quarter for 2014 with 2007 (the pre-recession high) and 2009 (the rocky bottom of the recession).

 

Sales in all industries

The picture is still positive but a little less bright when you factor in sales made in industries outside traditional retail.

Sales in fields like construction, hospitality and manufacturing are growing, but they haven’t caught up with pre-recession levels yet. Those industries outside traditional retail posted 5 percent higher sales in the second quarter of 2014 than in 2013.

The chart below looks at second quarter retail trade sales and sales in other industries over the past decade. It shows the rebound of traditional retail and the steady recovery of taxable sales overall:

Port Orchard is state’s fastest growing retail market

POwalmarttopretailRetail sales in Port Orchard grew at a faster rate than in any city in the state between 2008 and 2013.

That’s according to the Washington State Retail Survey, which recently published a list of fastest growing retail markets.

Port Orchard topped the rankings, posting an average annual increase of 9 percent over the six-year period.

The survey looked only at sales by traditional retail trade businesses like stores and dealerships to compile the list. It didn’t include taxable sales made in other industries like construction and manufacturing.

So what spurred Port Orchard’s rampant growth in sales? For starters, the city itself was growing.

Port Orchard went on an annexation spree during the years sampled for the rankings, roping in Bethel Corridor and other areas south of downtown. That brought Fred Meyer and a swath of commercial property into the city’s fold. The Port Orchard Walmart also upgraded to a Walmart Supercenter in 2012.

The addition of Fred Meyer and expansion of Walmart appeared to have a meteoric effect:

Here’s a more detailed breakdown of Port Orchard sales activity, provided by the Washington State Retail Survey: Continue reading

Retail sales picked up across Kitsap in 2013

Some are still digging out from the recession, some are reaching new heights, but all Kitsap cities reported growth in retail sales last year.

The chart below shows total taxable sales by year, as reported to the state Department of Revenue, which released fresh figures from 2013 last week.

These sales include stores, along with many services, and industries like construction and hospitality. Wave your pointer over the lines to see exact values:

Growth was rampant in Port Orchard, which posted 17 percent gain in sales between 2012 and 2013. Bremerton recorded the slowest growth but is still trending upward.

The Department of Revenue also broke out retail trade statistics for 2012 and 2013. Retail trade includes stores, dealerships and online sellers and excludes services and industries like construction.

Here’s a look at just retail trade sales by city: Continue reading

Holiday retail sales in Kitsap rivaled pre-recession highs

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The 2013 holiday season was kind to Kitsap retailers, according to number released Tuesday by the state Department of Revenue.

Retail trade, which includes traditional stores, dealerships and online sellers, generated $487,117,141 in taxable sales in October, November and December. That was a 5 percent improvement over the fourth quarter of 2012. Car dealers, blog.retail2furniture stores, sporting goods suppliers and e-commerce, did especially well.

Sales for all industries were up 6.4 percent from 2012, totaling $895,050,130. Industries showing healthy growth included manufacturing, construction, information (software, telecom, print and other media) and restaurants.

Kitsap sales were in step with the rest of Washington, which saw a 5.8 percent rise in overall sales in the fourth quarter.

The long-term trend is positive for our county. Fourth quarter retail trade sales have climbed steadily since 2008 and are close to matching the pre-recession high of $493,353,867 recorded in 2006.

Fourth quarter sales in all industries have been on the rise since 2009 and are also closing in on a 2007 high of $925,280713.

Kitsap also enjoyed a 6 percent rise in third quarter sales last year.

A detailed breakdown of fourth quarter retail sales in Kitsap for 2012 and 2013 is posted below. Use the zoom or full screen buttons at the bottom so you don’t have to squint: Continue reading

Third quarter retail sales up from 2012

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Taxable retail sales in Kitsap County for the third quarter of 2013 were up 6 percent compared to 2012.

A total of $865 million in taxable sales were made in the county in July, August and September, according to a report released Tuesday by the state Department of Revenue. That included $455 million from retail trade, a gain of 5 percent from the third quarter of 2012. Retail trade includes businesses like auto dealerships, stores and online sellers.

Statewide, third quarter taxable retail sales were up 7.6 percent from 2012 to 2013. Numbers from auto dealers and the construction industry were especially strong.

“The increase in taxable retail sales was driven by auto sales and new construction,” Revenue Director Carol K. Nelson said in a news release. “This increase in spending shows that consumer confidence in Washington continues to improve and is at its highest level since the Great Recession.”

In Kitsap, sales of motor vehicles and parts rose from $101 million in the third quarter of 2012 to nearly $109 million in 2013. Taxable sales from the construction industry jumped $109 million to $125 million in 2013.

A breakdown of third quarter taxable sales for Kitsap is posted below with a comparison to 2012: Continue reading