Timing is everything, in the stock market and in real estate. What year you purchased your home will determine if you are one of the lucky ones that can sale today and enjoy the lower prices and lower interest rates or have to stay put for a few more years. Those that purchased prior to 2004 and sold in 2007 hit the Kitsap County Real Estate lottery! Those of us that purchased in 2006 and 2007 are still in a huge puddle from that bubble! Unless you have funds to take to escrow or you are willing to short sale it is probably best to stay put a couple more years.
The real estate boom started in 2004 with a huge increase in sales which led to a huge increase in median home sale prices for 2005. The next 3 years sellers would see multiple offers and lower market times. The Kitsap County Real Estate Bubble hit its high note in 2007 with a median sold price of $291,500! There were 3,224 homes sold in 2007 with an average days on market of 89. Days on market over the last 10 years haven’t’ seen the fluctuation like the quantity of sales or sales prices.
The chart below is an easy glimpse at the bust and how we came through it. This last year, 2013 seemed to finish strong with a 2010 median sold price and a lower days on market of 78. If interest rates stay low and if the inventory can continue to improve we might be on our way to a more stable real estate market.
The Real Estate Bubble is local so even though you are in Kitsap County there are pockets that were hit harder by the bust and have taken longer to recover. See the article here on the Bremerton Real Estate Bubble.
If you would like to see what your home’s value is today you can just follow this link to our evaluation site. We will prepare a full market anaysis for you and email it to your inbox. Because this is a real report it will take us a couple of days depending on volume. KitsapCountyHomeValues
“Statistics not compiled or published by NWMLS.” “Equal Opportunity Housing All information deemed reliable, but not guaranteed.”