The greater Puget Sound area is experiencing some exciting news lately. Seattle and King County have been boasting some increased activity with multiple offers and home sale prices rising. As with every thing real estate the word local should be kept in mind. The market in the Kitsap County area isn’t as robust. Are we at the bottom in Port Orchard Real Estate? I think, almost. The area was mentioned in Forbes’ article “Cities Where Home Prices Are Still Tumbling”, is the area really still “tumbling”, I don’t think so but the area isn’t enjoying the start of a housing recovery like other parts of Puget Sound. Olympia also made that list of the 25 cities still tumbling. I’m not worried about the data.
For the most part Port Orchard ended 2012 still in a buyers market if you look at only the total months of inventory. Just like every thing real estate local plays a role in individual neighborhoods. There are homes that had multiple offers, there are homes that sold more than they were listed for, which can either be due to closing costs being paid out of the increased priced or due to multiple offers and a highest and best type situation. The first quarter will be able show if we are still in a downturn market or if we have finally hit bottom.
[table id=66 /]
[optima_express_toppicks id=111708 includeMap=true]