Port Orchard : During the year of 2008 there were 684 homes sold in Port Orchard with an Average Sales Price of $288,403. I would rather use Median and for 2008 the Median Sales Price was $255,000. The Average Market Time was 112 days and the Median Market Time was 82 days.
Homes sold very close to the list price during 2008. Average list to average sale ratio for these 684 homes was 97.59% while the Median list to sale ratio was 100% and yes I checked that figure twice! It seems that we are pricing property correctly. So how is that pricing compared to the year 2007?
Port Orchard : During the year of 2007 there were 914 homes sold in Port Orchard with an Average Sales Price of $302,031. The Median Sales Price was $280,949. The Average Market Time was on average 97 days and the Median Market Time was 70 days. Let’s look at the 2007 list to sale ratio. the Average list to average sale ratio for the 914 homes was 98.68% while the Median list to sale ration was 98.60%.
There were 230 more homes sold in 2007 than in 2008. The Average List Price for 2008 was $17,670 lower than for the year 2007. The Median List Price for 2008 was $29,950 lower than for the year 2007. Those figures just don’t look too fun do they? So what was the actual sale price differences? The Average Sales Price for 2008 was $20,572 lower than for the year 2007. The Median Sales Price for 2008 was $25,949 lower than 2007.
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 the Kitsap 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.
Similar Posts:
- Kitsap County Real Estate Market Data 2007 vs 2008
- Bremerton Real Estate Market Data 2007 vs 2008
- Silverdale Real Estate Market Data 2007 vs 2008
“Statistics not compiled or published by NWMLS.” Equal Opportunity Housing All information deemed reliable, but not guaranteed
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Hello Jo,
It’s always interesting to see what other real estate markets in the state are doing. Everyone asks when will we hit bottom & once we do, how long will it take to get things back to normal. Unfortunately the real estate crystal ball is still way to merky for anyone to predict with any degree of accuracy but I think your statistics are especially helpful for your clients in helping them to try to understand what is happening in your market.
A favorite quote of mine of Mark Twain’s is particularly appropriate in this instance:
“I was seldom able to see an opportunity until it had ceased to be one”
Rich Johnson
rich@JohnsonTeamRealEstate.com
http://www.JohnsonTeamRealEstate.com
Hi,
Rich
Mark Twain was right – by the time we figure out the bottom we have already seen an increase.
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