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We track several key indicators to determine the current state of the market and anticipate future trends. If you would like to know what's happening in your neighborhood, give us a call. We've got the data and expertise to help you make an informed decision.
CURRENT PRICE TRENDS: PRICES WILL RISE!
This report is for all of Kitsap County excluding Bainbridge Island as their statistics throw the rest of the county off. The median price for 2014 is $220,733 down –2% from 2013. Low inventory is still a problem which is keeping upward price pressure on our existing market. Homes that are priced well and in good showing condition seem to be selling well, often receiving multiple offers especially if they are in particularly good locations. Interest rates are holding steady and Windermere continues to be the market leader in the county for 2014 with a 31% market share of the dollar volume. Our Windermere economist predicts prices will continue to rise in 2014 by 1% to 2% and interest rates should continue to be exceptional!
MARKET ACTIVITY: INCREASED!
Inventory took a sharp dip in January but then recovered very nicely by March and stayed very steady until Holiday time in November. We currently have 856 home available as opposed to 1340 homes available at the end of August – a 36% reduction. There were 3217 sales in 2014 vs 2926 in 2013 – a 10% increase in volume of sales. We anticipate seeing another large increase in inventory coming on the market by March so if you are thinking of selling, now is the me while inventory is low. Prices have leveled off with no significant signs of deep reductions as long as sellers price at market value. Absorption of inventory varies between area and price range.
FINANCIAL MARKET TRENDS: GREAT TERMS!
Interest rates fluctuate regularly, particularly in today’s market. A 30 year fixed rate mortgage today will cost approximately 3.75 – 4%. Don’t wait for better terms!
Remember, every 1% increase in interest rates reduces your purchasing power by approximately 10%. Don’t miss this extraordinary opportunity to purchase a home near the bottom of the market, with fantastic interest rates!
– Irene & Chris Wurden
