Homes Sales and average prices in Kitsap County January 2012 including 19 months data
{Note: In the event you got to this article from an older link, here is a link to the newest data for this category of monthly home sales in Kitsap County}
Homes sales and average home prices decreased in Kitsap County for the month of January 2012. The biggest factor affecting the lower average selling price compared to previous months was the jump in distressed property sales (Foreclosures and Short Sales) which comprised the largest percentage of total sales since I have been tracking the data going back beyond two years. Distressed real estate sales amounted to nearly 47% of all the sales for the month. These distressed home sales are more typically lower priced properties and are also selling for prices lower than comparable non-distressed properties.
I believe the January data is not particularly trend setting and that the February data will show significant improvement in sales numbers and average prices. For a few months we have been seeing fewer new listings coming onto the market on a daily basis compared to the number of homes that are going under contact and becoming closed sales. This imbalance is finally beginning to have an impact in certain areas and price ranges, resulting in many fewer available properties and shorter time on market for homes that have everything right. This tightening market along with continued historically low interest rates, is being recognized by many buyers as their signal that now is the time to jump in before prices or interest rates rise.
Stay tuned…this is starting to get interesting.
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Brian Wilson, Broker
John L. Scott – Poulsbo, WA
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