Here's the recap for last week:

• Kitsap County active listings back below 1,800 to 1,787
• Silverdale active listings down to 78
• New contracts written county-wide was 66 (strong week)
• Kitsap County closed sales was 51 (about average)
• Kitsap County absorption rate was 35.1 weeks of inventory for sale
• Silverdale absorption rate was 78 weeks of inventory for sale

Of the 66 new purchase contracts written last week, 11 were foreclosed properties and only one was for a short sale. Of the closed sales last week, 12 were foreclosed properties and three were short sales.

The percentages of short sales and foreclosures to total contracts written and closed sales stayed within the 18% to 25% range.

Potential Buyer Incentive Program Changes in the Works???

(I believe) the American Recovery and Revitalization Act (H.R. 1) established the $8000.00 first-time buyer tax credit. What you may not know is the US Senate version was for $15,000.00 originally but didn't clear the House/Senate conference.

Well...some of our elected representatives, as well as some powerful lobbying groups, aren't satisfied with the slow recovery of the real estate markets. So, there have been some discussions about increasing the credit amount to $15,000.00, making the credit available to any home buyer and extending the program (to qualify the home must fund and recond on or before November 30, 2009).

Stay tuned!

Weekly Kitsap Marketing Statistics for June 1, 2009

The past two weeks the trend of new purchase offers written and accepted has decreased to 43 and then 39. The average over the previous six weeks was 54. Not a good trend! And as the number of accepted offers decreases, so will the number of closed sales (six week delay).

Here is the Kitsap recap for the week:

• 39 new purchase offers accepted by sellers (10 foreclosures and one short sale)
• 43 closed transactions (five foreclosures and one short sale)
• 1,770 active listings for sale county-wide
• 85 active listings for sale in Silverdale
• Absorption rate for Silverdale was 14.2 weeks (not bad)
• Absorption rate for Kitsap County was 41.2 weeks

Since I started "breaking out" the foreclosures and short sales the past two weeks it's evident that many buyers are avoiding short sales and focusing on foreclosures.

That's what I expected. Now I have proof.