Monday, August 14, 2006
Waterfront and View Property Trends in Kitsap County
In our last Market Update I spoke about trends in the general Kitsap County Market Real Estate Market. I want to follow up regarding some aspects of the waterfront and view specialty home markets in Kitsap County.
Residential Highlights...
I have statistics for waterfront listings. Kitsap County’s waterfront residential inventory in July (102 active listings) was up about 1% from 2005 (compared with a 48% increase in inventory in the general market). Bainbridge Island’s waterfront inventory was 22% lower than last year. The number of closed waterfront sales (114) is down 31% from a year ago. The number of closed view properties sales (95) is down about 25% from a year ago. These closed sale statistics compare with the year to date closed sales in the general market being down only about 8% compared to a year ago.
Looking across the price ranges you might expect that sales in the higher price ranges are suffering the most; however, waterfront sales over $1 million are nearly the same as last year to date (14 this year vs 15 last year), whereas most of the reduction in volume has taken place in the price range under $600k (61 this year vs 94 last year).
Appreciation Continues...
The median sales price of $270,000 countywide was up 11% from a year ago, (13% last month). For waterfront the median sales price is $594,500, up 13% from a year ago. For view properties the median sales price is $317,000, up less than 1% from a year ago, which is certainly inconsistent with other trends.Residential Highlights…
I have statistics for waterfront listings. Kitsap County’s waterfront residential inventory in July (102 active listings) was up about 1% from 2005 (compared with a 48% increase in inventory in the general market). Bainbridge Island’s waterfront inventory was 22% lower than last year. The number of closed waterfront sales (114) is down 31% from a year ago. The number of closed view properties sales (95) is down about 25% from a year ago. These closed sale statistics compare with the year to date closed sales in the general market being down only about 8% compared to a year ago.
Looking across the price ranges you might expect that sales in the higher price ranges are suffering the most; however, waterfront sales over $1 million are nearly the same as last year to date (14 this year vs 15 last year), whereas most of the reduction in volume has taken place in the price range under $600k (61 this year vs 94 last year).
Statistics not compiled or published by NWMLS
