Silverdale Market Update

Based on average sold price, the Silverdale market reached it's peak in the between the summers of 2007 and 2008. The average sold price reached $374,000. Subsequently, the average sold price reached it's low this March when the average sold price dropped to $268,000.

Remember: there's lies; damned lies; and statistics. So let me qualify these statistics. I track sales in six month blocks (i.e., my end of month July 2009 chart includes sales from February 1st thru July 31st). But I concentrate on the trend which is what this chart shows you.

But just looking at the raw sales data, there have been 25 sales over $335,000 in this report and 23 of them have "closed" since May 1st.

Buyers and sellers ask me, "how's the market?" Well, it would seem the Silverdale market is beginning to improve.

Kitsap County Market Statistics for July 27, 2009

Several items of importance this past week: active listing count is up; new purchase contracts written are down; and closed sales are down.

• County-wide active listings are 1,842 (the highest so far this year)
• There were 45 new purchase contracts written (one short sale and nine foreclosures)
• Closed sales for the week were 43 (one short sale and eight foreclosures)
• Kitsap County's absorption rate increased to 43.1 weeks of inventory for sale
• Silverdale's absorption rate increased to 14.1 weeks of inventory

The market share of short sales and foreclosures remains in the 20% to 25% range.

I still believe our markets will trend from buyer's markets to neutral markets later this year after summer ends and fall begins. I expect the neutral markets to last for about 18 to 20 months (May-June 2011) then shift to gradual, annual appreciation for sales prices.

Over the past 28 years, our average annual sale price appreciation has been about 3.25%. That being the case, house prices will double every 22 years.

2010 Tax Assessments are Out

The clock is running...and you only have 60 days!

You should have received your 2010 property tax assessment the first week of July. If you agree with the revised assessed value, there's nothing to do. If you believe the valuation is too high, call the Kitsap County Assessor's office at 360-337-7160 (toll-free from Bainbridge Island at 842-2061) and make your case. But be certain to have enough information.

If this doesn't work, you may appeal your assessment to the Board of Equalization at 360-337-4424. Appeal forms must be submitted within 60 days of the mailing date of your 2010 evaluation.

Click here for the Assessor's web page (appeals on the left margin).

Kitsap County Market Statistics for July 20, 2009

For the second week in a row we stayed above 1,800 active listings county-wide.

• There were 1,817 active listings for purchase
• Silverdale had 81 active listings
• The county's absorption rate was 29.8 weeks of inventory
• Silverdale's absorption rate was 11.5 weeks of inventory
• There were 53 new purchase contracts written (four short sales and six foreclosures)
• There were 61 closed sales (one short sale and 11 foreclosures)

As you can see by the trend line imposed on the graph, Silverdale's absorption rate is "trending" downwards based on where we were three years ago.

Kitsap County Market Statistics for July 13, 2009

Our markets continued to "putter about" this past week. The only factor of note is that the number of active listings finally passed 1,800 (1,814).

Here are the numbers of note:

• Active listings county-wide was 1,814
• Active Silverdale listings was 77
• Kitsap County absorption rate was 49.1 weeks of inventory
• Silverdale absorption rate was 38.5 weeks of inventory
• There were 46 new purchase contracts written (one short sale and 11 foreclosures)
• There were 37 closed properties (seven short sales and four foreclosures)

Short sales and foreclosures still constitute one-quarter of our market activity.

Market Statistics for July 6, 2009

The number of closed short sale transactions county-wide actually increased this past week to five (normally we only have one or two). Not too many other differences though.

• Number of active listings county-wide was 1,788
• Number of active Silverdale listings was 77
• Number of new purchase contracts written was 44 (one short sale and seven foreclosed properties)
• Number of closed sales was 64 (five short sales and six foreclosed properties)
• County-wide absorption rate was 27.9 weeks of inventory for sale
• Silverdale absorption rate was 19.3 weeks of inventory for sale

You may have read or heard that our markets are "picking up" since the number of pending sales has increased. Baloney! Last November the Northwest Multiple Listing Service (NWMLS) had one category of pending (pending) now there are four (pending inspection, pending feasibility, pending backup (offer) and pending). This has resulted in an artificial increase and double counting as it's normal for other three pending type to move to pending when the buyer and seller negotiate the inspection results or decide they don't want to entertain a backup buyer's offer).

Watch out for this type of stuff!

Kitsap County Marketing Statistics for June 29, 2009

The number of newly written purchase contracts continues to be a positive indicator of the newly-found interest of buyers.

These are the statistics for the past week:

• Total number of listings for sale in Kitsap County - 1,772
• Total number of listings for sale in Silverdale - 73
• Number of new purchase contracts written in Kitsap County - 65 (seven short sales, five foreclosures)
• Number of closed sales in Kitsap County - 56 (five short sales, ten foreclosures)
• Absorption rate for Kitsap County - 31.6 weeks
• Absorption rate for Silverdale - 24.3 weeks

The absorption rate for the county is remaining relatively stable but the rate for Silverdale is fluctuating between 25 weeks and 80 weeks.

The number of active listings in Kitsap County remains below 2,000 houses.

Buyers continue to make offers on short sale properties but very few of these purchase offers ever close.