Wurden Team: Poulsbo Real Estate Market Update!
MONTHS SUPPLY OF INVENTORY:
You can easily see the downward trend we have been experiencing throughout Kitsap County since the Recession.
The Poulsbo Real Estate area currently has the lowest Months Supply of Homes for sale when compared to Kitsap county (as a whole) and Bainbridge island separately.
Poulsbo is experiencing 1.9 months of inventory. Which shows an incredibly strong Sellers Market.
As we usher in 2017 we start the year were at the low inventory period for new listings 2016.
In December 2016 there were only 26 new listings in Poulsbo 98370! Slightly below Bainbridge at 28.
This means that there are very few competing listings for those active on the market!
Buyers do not have many alternative choices so the negotiation power slides to our Sellers.
MEDIAN SALES PRICE
Overall, the Median Sales price of the Poulsbo area has recovered to pre-recession Bubble prices.
This is the best we have ever seen!
More information here on why the are not experiencing another bubble:
SOLD % OF LIST PRICE:
At 100.1% Houses in the Poulsbo Real Estate Market are selling for higher than list price more than in any area of Kitsap or Bainbridge Island separately.
This means there is more demand than supply in the Poulsbo area and multiple offer situations!
THE BOTTOM LINE?
Today is the best Poulsbo Real Estate Market we have seen since the Recession for Listing and Selling your home. Due to the low supply and high demand in your area it is possible that your home may sell for higher than list price.
We strongly recommend exposing your home to the current favorable market forces… Contact us for a Comparative Marketing Analysis to see what your home could sell for today!
Irene & Chris Wurden (360) 731-8821
Have you ever been flipping through the channels, only to find yourself glued to the couch in an HGTV Real Estate binge session? We’ve all been there… watching entire seasons of “Love it or List it,” “Fixer Upper,” “House Hunters,” “Property Brothers,” and so many more, just in one sitting.
When you’re in the middle of your real estate themed show marathon, you might start to think that everything you see on TV must be how it works in real life, but you may need a reality check.
Reality Real Estate TV Show Myths vs. Real Life:
Myth #1: Buyers look at 3 homes and make a decision to purchase one of them.
Truth: There may be buyers who fall in love and buy the first home they see, but according to the National Association of Realtors the average homebuyer tours 10 homes as a part of their search.
Myth #2: The houses the buyers are touring are still for sale.
Truth: The reality is being staged for TV. Many of the homes being shown are already sold and are off the market.
Myth #3: The buyers haven’t made a purchase decision yet.
Truth: Since there is no way to show the entire buying process in a 30-minute show, TV producers often choose buyers who are further along in the process and have already chosen a home to buy.
Myth #4: If you list your home for sale, it will ALWAYS sell at the Open House.
Truth: Of course this would be great! Open houses are important to guarantee the most exposure to buyers in your area, but are only a PIECE of the overall marketing of your home. Just realize that many homes are sold during regular listing appointments as well.
Myth #5: Homeowners make a decision about selling their home after a 5-minute conversation.
Truth: Similar to the buyers portrayed on the shows, many of the sellers have already spent hours deliberating the decision to list their homes and move on with their lives/goals.
Having an experienced professional on your side while navigating the real estate market is the best way to guarantee that you can make the home of your dreams a reality!
The Wurden Team
"Kitsap County Peninsula is the “Resort Destination” at your doorstep. Offering amazing values in the Luxury marketplace this county provides more value for less."
Kitsap has a population of 251,000. Whether you are visiting art galleries on the island of Bainbridge; Bremerton’s historic Navy Docks and waterfront; Hansville’s waterside communities of Pont No Point and Driftwood keys; The city of Kingston, beautiful and accessible just 30 minutes from Edmonds, Poulsbo the proud Scandinavian town also known as “Little Norway on the Fjord”; Port Orchard the county seat and first incorporated city of Kitsap, Home to Differential Energy Global the fast growing high tech light company, Silverdale the growing geographic, commercial center, and home to Silver City Brewery; Or the stunning panoramic mountain and sunset views of Seabeck, Lofall, and Hood Canal Drive.
The 254 nautical miles of affordable waterfront property that defines Kitsap County is never far away.
All of these places I just mentioned, are located between 30 minutes and no more than 1 hour 45 minutes from down town Seattle. The peninsula is accessible by the largest ferry system in the United States (carrying 22 million passengers in 2014 alone), by car (just 1h 20 minutes to the center of Kitsap), even quicker by personal boat (only taking 20 minutes to arrive in Bremerton vs the 1 hr it takes with the Bremerton ferry), or if you would prefer to take the high road…. the peninsula is serviced by Kenmore Air.
We also have 28 marinas hidden throughout our many coves. 7 world class golf courses to play rounds on…. and are just over an hour away from the hundreds of miles of trails, camping, and vistas offered by the World Renowned Olympic National Park. The mountains are an unforgettable sight no matter where you are on the peninsula…. But especially when you are kayaking, crabbing, fishing, or shrimping right across from their foothills or if you prefer, enjoying the view with a glass of wine on your private beach.
Kitsap attracts many types of people. We see retirees looking to move out of the city, a large population of medical service professionals attending the new state of the art Harrison Hospital in Silverdale (which is set to build yet another building). We see families who are looking for a peaceful, private, environment with highly rated schools to raise their kids. Young professionals & Entrepreneurs who enjoy the freedom of working from home with high speed internet. And of course Second Home Buyers looking for retreats on the water or stunning acreage at a great value.
We have two markets in Kitsap. Because of its proximity to Seattle (just 30 minutes away) the Bainbridge market enjoys a relatively higher price point than the rest of Kitsap County. The Luxury market qualifies at $1.1million on the island. Where the rest of Kitsap County qualifies at about $725,000. This means that at $725,000 homes offer a similar physical value to those with much higher prices elsewhere.
Last year about 32% of our Luxury sales were second home sales. There were a total of 200 luxury sales in our market (44% of those being waterfront sales).
Now I would like to give you a quick comparison. The average price/sqft of +1mil Waterfront home sales in 2014.
– King County: 683 $/sf
– Bainbridge Island: 454 $/sf
– Kitsap (exclude BI): 322 $/sf
As you can see, you can find amazing value for your clients in Kitsap County.
On a personal note: The Kitsap County Peninsula holds a special place in my heart. I have spent over 3 years traveling outside of the United States to over 25 countries. I have lived as a dive instructor in Thailand, worked for over 5 and a half months in Australia, Hiked 100 miles through the Overland Trek in Tasmania, and Canoed the National Parks in Quebec… yet I always find myself arriving in wonder on the beautiful Kitsap Peninsula nestled between the Cascades, Seattle, and the Olympic Mountains… it is one of the most spectacular places in the world.
We encourage you to look just a little bit further, Kitsap has a lot to offer and we guarantee you will find value, beauty and an amazing lifestyle if you just open the door…
Or in this case hop on a ferry!
If you have questions feel free to reach out to Irene Wurden or Myself. We are the second and third generation Brokers in our family and have been working in Kitsap County since 1972. We are happy to share our world with you.
May 27, 2015, Broadmoor Golf & Country Club, Seattle WA
Panel: Keith Wells (Lake Chelan), Pat O'Day (San Juan Islands), Lisa Hatem (Maui), Chris Wurden (Kitsap Peninsula), Wally Gudgell (Orcas Island), Jay West (Cabo)
More than 100 agents came together on May 27 for the monthly Windermere Premier breakfast to network and learn about the growing vacation/second home market. This month's panel consisted of agents from popular second home markets in Cabo, Lake Chelan, Maui, Orcas Island, Kitsap Peninsula, and San Juan Island.
The overall message was that the second home market is still in recovery mode. Those areas located in the Pacific Northwest say that their proximity to Seattle and its growing economy’s starting to have a positive impact in their markets. For example, the Kitsap Peninsula is seeing an uptick in second home owners wanting a reprieve from the city. The same is true on San Juan Is and where 80% of the homes are vacation properties. San Juan has an abundance or waterfront homes for sale, many of which are well under a million dollars. On Orcas, 60% of their market is priced at $900,000 and above, and prices are expected to see double digit appreciation next year.
Maui is a different story; they actually have a shortage of inventory which is driving up prices. They're seeing a lot of international and cash buyers, even for homes priced in the multi-mil ions. Los Cabos’s still recovering from last year's hurricane which brought the real estate market to a standstill. Thiers a buyer's market and 20% of their inventory is luxury listings priced at $l million and above.
Special thank you to the six agents who took the time to share their insights on the second home market in their local areas.
Bellow are the Featured Properties in Kitsap County at the Event.
Lots of Treasures!
Gardening and Farming Supplies: Sprinklers, Hoses, irrigation T tape, gardening tools, decorative pots, fencing, wheelbarrows, t-posts Old farming hardware, ramps Kids toys, trikes, colorful kids desk, Teaching supplies, office supplies, books, shelving, craft supplies.
Horse tack, saddles, bridles, halters, show clothes, boots and hats, feeding bins, horse blankets, saddle racks.
Halloween stuff galore! Christmas stuff, decorations and trees and lights.
A Berg pedal cart for $520
No earlies! Cash only!
We are looking for volunteers: to help take money, help do some last minute pricing and wrap up peoples goods. Most things have been priced but some last minute reasonable pricing will have to be done. We greatly appreciate any help to run this sale.
Food and drinks will be available for all volunteers!
If you’re interested in giving some time please call Kim at. Thanks!
Every year Windermere closes its offices for one day to help make a positive difference in our local communities. It all started in 1984 when a handful of Windermere owners and agents came together to make repairs at a local elementary school. Thirty years and more than one million hours of community service later, we've continued this tradition through neighborhood-enhancing projects in the areas where our Windermere teams live, work, and play. Follow our projects online at www.facebook.com/TheWurdenTeam
The Poulsbo Office will be working at the Poulsbo Fish park on NW Lindvig Way starting at 9am this Friday. We will be helping to place over 1000ft of rough roof decking on the trails and bridges to help complete the park.
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