Today I was doing some market research and decided to compare 2007 and 2008. Not too indepth but just to see the solds and some price information. Here is what I found for Kitsap County. After my head stops hurting I will post some on the individual areas just so you can see how each city area compares. I have compiled figures for Silverdale, Bremerton, Port Orchard and Poulsbo.
Kitsap County : During the year of 2008 there were 2410 homes sold in Kitsap County with an Average Sales Price of $324,301. I would rather use Median and for 2008 the Median Sales Price was $265,000. The Average Market Time was 101 days and the Median Market Time was 71 days. Homes sold very close to the list price during 2008. Average list to average sale ratio for these 2410 homes was 96.85% while the Median list to sale ratio was 98.18%. It seems that we are pricing property correctly. So how is that pricing compared to the year 2007?
Kitsap County : During the year of 2007 there were 3223 homes sold in Kitsap County with an Average Sales Price of $363,657. The Median Sales Price was $291,500. The Average Market Time was on average 89 days and the Median Market Time was 65 days. Let’s look at the 2007 list to sale ratio. the Average list to average sale ratio for the 3223 homes was 98.19% while the Median list to sale ration was 98.83%.
There were 813 more homes sold in 2007 than in 2008. The Average List Price for 2008 was $35,526 lower than for the year 2007. The Median List Price for 2008 was $25,050 lower than for the year 2007. Those figures just don’t look to fun do they? So what was the actual sale price differences? The Average Sales Price for 2008 was $39,356 lower than for the year 2007. The Median Sales Price for 2008 was $26,500 lower than 2007. See why using Median figures doesn’t seem to sting as much!
What do these numbers mean? Is it a good time to buy? Is it a good time to sell. It all depends on your individual situation. I would rather buy in a buyers market and I would rather sell in a buyers market if I have to buy another home with the proceeds. I am a fan of the NORMAL market – everyone can feel more comfortable and real estate transactions are not as stressful.
If you would like to find out the value of your home please feel free to contact me via phone or email. I would be more than happy to supply you with a FREE Market Analysis.
If you would like to purchase a home in theKitsap County Real Estate Area please give me a call or contact me via email. We can discuss your future plans and I can set you up on an email campaign to receive the hot new listings quicker than YOU can find them.
“Statistics not compiled or published by NWMLS.”
Equal Opportunity Housing
All information deemed reliable, but not guaranteed
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Market research is always essential for the succes of any kind of business.-*;
all businesses need market research to make sure that a product will succeed.*`.
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