http://www.kitsaphomefinder.net/ en hugh@prowseandcompany.com Copyright 2012 2012-02-22T05:34:27+00:00 http://www.kitsaphomefinder.net/index.php/news_articles/view/kitsap-real-estate-local-markets-in-february-2012 http://www.kitsaphomefinder.net/index.php/news_articles/view/kitsap-real-estate-local-markets-in-february-2012#When:05:34:27Z 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 News-US, Short Sale and Foreclosure, Real Estate Market, Kitsap, Bainbridge Market, Bremerton Market, North Kitsap Market, Poulsbo Market, Silverdale Market, 2012-02-22T05:34:27+00:00 http://www.kitsaphomefinder.net/index.php/news_articles/view/kitsap-real-estate-market-report-february-2012 http://www.kitsaphomefinder.net/index.php/news_articles/view/kitsap-real-estate-market-report-february-2012#When:21:51:35Z The number of closed sales in Kitsap County in January fell about 37% from December and was about 6% lower than a year ago. Pending sales rose about 42% compared to last month and were about 16% higher than a year ago. In December, there were 195 closed sales and 191 pending sales. In January there were 123 closed sales and 275 pending sales. 48% of the closed sales were distressed properties (compared to 32% last month). 46% of the pending sales were distressed properties (compared with 38% last month). Among closed distressed sales, bank owned sales were more than 3 times the number of short sales closed. This month we will report that the median price dropped sharply. This reflects the higher percentage of sales that were distress properties. More at http://www.prowserealestate.com/Blog/Kitsap-Real-Estate-Market-Report-February-2012 News-US, Real Estate, Short Sale and Foreclosure, Real Estate Market, Kitsap, 2012-02-19T21:51:35+00:00 http://www.kitsaphomefinder.net/index.php/news_articles/view/kitsap-waterfront-update-january-2012 http://www.kitsaphomefinder.net/index.php/news_articles/view/kitsap-waterfront-update-january-2012#When:18:15:05Z Prowse and Company’s January Waterfront Update is out - see the graphs and download the latest newsletter and stats, as well as our current waterfront listings. Prowse and Company’s January Waterfront Update is out - see the graphs and download the latest newsletter and stats, as well as our current waterfront listings.  Closed waterfront sales fell 33% in December compared to November and were down 9% compared to a year ago. Though December sales were down, sales on whole were better in 2011 than in recent years, particularly in the last quarter. December’s listing inventory lags last year by 25% and also fell 24% compared to November. Listing inven- tory is at a 5 year low. Pending sales were the same as last month. December’s inventory turnover rate is about 12 months. This is still definitely a buyer’s market. See more at http://bprowse.com/kitsap_waterfront Real Estate Market, Waterfront, 2012-02-06T18:15:05+00:00 http://www.kitsaphomefinder.net/index.php/news_articles/view/report-that-the-housing-bottom-is-here http://www.kitsaphomefinder.net/index.php/news_articles/view/report-that-the-housing-bottom-is-here#When:17:54:51Z 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 News-US, Real Estate, Real Estate Market, Kitsap, Bainbridge Market, Bremerton Market, North Kitsap Market, Poulsbo Market, Silverdale Market, 2012-02-06T17:54:51+00:00 http://www.kitsaphomefinder.net/index.php/news_articles/view/kitsap-trails-plan-continues-to-move-forward http://www.kitsaphomefinder.net/index.php/news_articles/view/kitsap-trails-plan-continues-to-move-forward#When:21:38:59Z 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/ News-Local, Kitsap News, Bremerton, North Kitsap, Poulsbo, Silverdale, 2012-02-02T21:38:59+00:00 http://www.kitsaphomefinder.net/index.php/news_articles/view/are-real-estate-sales-stirring-for-kitsap-county http://www.kitsaphomefinder.net/index.php/news_articles/view/are-real-estate-sales-stirring-for-kitsap-county#When:06:24:13Z 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. News-US, Real Estate, Real Estate Market, Kitsap, 2012-01-23T06:24:13+00:00 http://www.kitsaphomefinder.net/index.php/news_articles/view/is-housing-market-recovering-from-the-bottom-up http://www.kitsaphomefinder.net/index.php/news_articles/view/is-housing-market-recovering-from-the-bottom-up#When:05:37:22Z An article in the blog Calculated Risk commented on a Wall Street Journal Article, “From the Bottom Up, Signs of a Housing Recovery.” The article refers to strong buying among lower priced homes in the New York market. We sampled the low end Kitsap Market to see whether it looks like we might be seeing a recovery from the bottom up. Note that the recovery we speak of is an increase in the number of sales, not an increase in prices.  Above is number of sales each month in the Kitsap market for 2011 in the under $200k market and the $200-300k market. Trends are hard to discern, but it looks like we might be on to something.  See article at http://www.calculatedriskblog.com/2012/01/qotd-housing-markets-get-healthy-from.html News-US, Real Estate, Real Estate Market, Kitsap, Bainbridge Market, Bremerton Market, North Kitsap Market, Poulsbo Market, Silverdale Market, 2012-01-19T05:37:22+00:00 http://www.kitsaphomefinder.net/index.php/news_articles/view/kitsap-real-estate-local-markets-in-january-2012 http://www.kitsaphomefinder.net/index.php/news_articles/view/kitsap-real-estate-local-markets-in-january-2012#When:03:57:53Z Each month we publish a snapshot of several local markets to show variations in our larger Kitsap County real estate market. Kitsap County’s residential inventory in December(1304 listings) fell 12% from November and is about 6% lower than a year ago. The County has a listing inventory turnover rate of about6.7 months, faster than the 7.8 month turnover rate in November. The turnover rate has recently been driven by the under $200k market, which this month had a turnover rate of 5.6 months, and the $200-300k market with an inventory of 5 months. All other price ranges were 8.5 months or more. There were no sales above $500k in South Kitsap, Bremerton, or Silverdale (second month in a row). Kitsap County’s 3 month moving average of median closed sale price ($233,800) is less than 1% lower than last month and about 1% lower than a year ago. See more at http://bprowse.com/kitsap_market_blog/view/1428/kitsap_real_estate_local_markets_in_january_2012 Real Estate Market, Kitsap, Bainbridge Market, Bremerton Market, North Kitsap Market, Poulsbo Market, Silverdale Market, 2012-01-19T03:57:53+00:00 http://www.kitsaphomefinder.net/index.php/news_articles/view/harrison-hospital-looking-for-partner-organization http://www.kitsaphomefinder.net/index.php/news_articles/view/harrison-hospital-looking-for-partner-organization#When:04:56:20Z 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 News-Local, Kitsap News, Bainbridge Island, Bremerton, North Kitsap, Poulsbo, Silverdale, 2012-01-18T04:56:20+00:00 http://www.kitsaphomefinder.net/index.php/news_articles/view/report-that-veterans-cant-get-mortgages-they-need http://www.kitsaphomefinder.net/index.php/news_articles/view/report-that-veterans-cant-get-mortgages-they-need#When:21:18:48Z Jody Kahn at John Burns Real Estate Consulting filed this report based on interviews with construction executives. In essence it boils down to saying that difficulties with getting VA appraisals to come in at value are affecting many new construction home sales. This reflects the overall problems in the construction industry, the inability of home builders to compete on price with distressed property sales and a resale market that is still falling in price. Our experience in residential resale is that buyers of well priced homes are able to get VA financing. News-US, Real Estate, News-Local, Kitsap News, Military, Real Estate Market, Kitsap, 2012-01-17T21:18:48+00:00