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Kitsap Real Estate Local Markets in February 2012
Posted on 2012 02 21 by hdnelson
Each month we try to compare some reports about the national real estate market to what we see in our local markets. While nationally the blog Calculated Risk reported that short sales increased significantly in the 4th quarter, we only saw 27% (a very modest rise if any) of last year’s short sales close in Q4. There was also a report from Marc Hanson that the percentage of REO (bank owned) sales In December fell in California as an overall percentage of sales in that market. In our market the number of closed sales that were bank owned rose from 38 in November to 43 in December (up 12%). Our market agrees with the article that $200-300k is the new normal for homebuilders. The article shows that the percentage of sales in the west under $300k was 42% in 2007, but is now 65%. In Kitsap County, the percentage of sales under $300k was 54% (1945 of 3615 total sales) in 2007 and in 2011 was 72% (1829 of 2538 total sales). More at http://tinyurl.com/7pljyjx
Report that the Housing Bottom is Here
Posted on 2012 02 06 by hdnelson
The influential real estate and economics blog Calculated Risk has posted that “The Housing Bottom is Here”. He differentiates between new home sales increasing - this is happening already - and housing prices reaching a bottom, which he thinks nationally will occur in March 2012.
There are several reasons I think that house prices are close to a bottom. First prices are close to normal looking at the price-to-rent ratio and real prices (especially if prices fall another 4% to 5% NSA between the November Case-Shiller report and the March report). Second the large decline in listed inventory means less downward pressure on house prices, and third, I think that several policy initiatives will lessen the pressure from distressed sales.
See http://www.calculatedriskblog.com/2012/02/housing-bottom-is-here.html
Kitsap Trails Plan Continues to Move Forward
Posted on 2012 02 02 by hdnelson
From the Kitsap Sun:
PORT ORCHARD — By the end of the year, Kitsap County will have a comprehensive trail plan outlining routes for walkers, cyclists, and even equestrians from the south end of the county to trails already approved for North Kitsap. The trail system would include direct routes between Kitsap’s cities and unincorporated population centers to make it safe for bicyclists to get to and from work, as well as routes that spur off from the main connector trails to link to parks and recreational areas.
More at http://www.kitsapsun.com/news/2012/jan/27/kitsap-county-begins-work-on-plan-for-highway/
Are Real Estate Sales Stirring for Kitsap County?
Posted on 2012 01 22 by hdnelson
The Wall Street Journal reported on December sales in our national market.
Sales of previously owned homes rose in December for the third straight month, bringing the supply of homes listed for sale to the lowest level since 2006 and offering a glimmer of hope that the housing market could be starting to climb out of a profound downturn.
Kitsap County’s market saw an increase in two of the last three months, but has not seen the level of sustained sales growth discussed in the article. The inventory of homes in Kitsap has fallen to the lowest since 2006. Similar to the US market, Kitsap has an inventory of 6.7 months and saw home prices in December fall 3% compared to a year earlier.
Harrison Hospital Looking for Partner Organization
Posted on 2012 01 17 by hdnelson
Harrison Hospital, the largest private employer in Kitsap County, remains an independent hospital in an era when health organizations large and small are joining together to extend their reach and remain competitive in an era of declining budgets and greater political and regulatory pressure. This article from the Kitsap Business Journal describes how Harrison is now requesting proposals from larger Healthcare networks to maintain or enhance their level of service in the face of the State’s budget crisis and anticipated cuts to Medicare and Medicaid payments. More at http://kpbj.com/breaking_news/2012-01-17/harrison_medical_center_faces_future_with_mission_in_mind
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