Year-To-Date
SINGLE FAMILY HOMES
- Median Sale Price: -10% compared to 2007
- # Sales: -50% compared to 2007
It's not surprising to see the median price down 10%, but activity down 50% compared to the same period last year is staggering, especially with our available housing inventory up by 25%. Where we do see more activity is in the under-600K market. This can be linked directly to the lending market. Conforming loans (up to $417,000) and Jumbo Conforming Loans (up to $475,000 in Kitsap County) have hovered around 6% for months. Jumbo loan rates, on the other hand, are considerable higher. And, the criteria for getting a loan has become much more stringent. While inventory is high, it has passed it's peak. I expect that prices will continue to drop for at least the next 6 months.
CONDOMINIUMS
- Median Sale Price: -16% compared to 2007
- # Sales: -66% compared to 2007
Condominium madness is over. The buying frenzy that started with the Harbor Square Development is long past. Harbor Square now has 20 re-sale condos on the market, ranging in price from $274,900 to $1,195,000. Ouch. More established condominium communities on the Island have done better with getting homes sold, such as Townhomes on Madison, Grow Village, and Vineyard Lane.
VACANT LAND
- Median Sale Price: -33% compared to 200
- # Sales: -64% compared to 2007
Not too many people out there buying land these days. With 44 new construction homes (18% of the available inventory) on the market, builders aren't running out there to buy land and build on spec.
Where does this leave you? If you are selling a home, you need to price aggressively and plan to be patient. If you are buying, get working on your financing before you start looking. If you are doing neither, enjoy your home. It is still a great asset, and real estate is a long-term proposition.
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