Jeff,

February's closed sale price in Kitsap County was down 14% from the February median a year ago. There are a number of different ways of looking at prices, and they vary from area to area in the County. Please take a look at the market information section of our web site, where you can find graphs, tables, and commentary updated several times monthly relating our local market to the real estate national news. I'll post the link below. This drop in prices coupled with the drop in interest rates has significantly improved affordability in our area for qualified buyers.

Brenda Prowse

I think what buyers are willing to pay has changed in the past year. Lenders have changed their rules which has a huge impact often on what buyers are willing to "spend." As a career marketer, i think we call it a "buyers market" simply because there are so many choices for buyers on the market, plenty of inventory in just about every price range. Kitsap County is still a very stable place with a great quality of life, enough distance from the Seattle metro area, proximity to great outdoor activities and views and stable employment. If you're a buyer, your own personal economy and price range is what's important. You just might need an agent that will help you focus on your goals and help you attain them. If you want to wait for "prices to come down", you may end up paying for it in interest for many years to come.

I agree with everyone else who has answered thus far. It is definitely a Buyer's Market in Kitsap! Right now, we have a 12-month inventory of homes for sale in the county. That means that if no other homes were listed for sale from this date forward, it would take more than a year for all the homes currently listed to actually sell. In the last 30 days, only 8.25% of homes for sale actually sold.
If you are thinking of buying, go for it! If you are considering selling and reinvesting your money in another home, do it now! Better to move up in a Buyer's Market. If you are selling and using the money for something other than real estate, I would consider waiting....
Let me know if there is any other way I can help you!

Jeff, most of Kitsap's housing markets are buyers markets now. You can check my posted statistics on http://www.homesinkitsap.com. Good luck. Dave

Hi Jeff,
If you look at just the average prices for Kitsap County, the answer would be yes. This can be misleading because some types of homes and areas are in higher demand than others within the county. Here's the statistics for the county from the NWMLS:

Dec. 2006, average closed price: $343,847
Dec. 2007, average closed price: $307,345

If you need more specific feedback, let me know and I can fine tune these numbers for you.

Bill Slonaker, Windermere/Bainbridge Island, 206-780-7704 direct

Hey, there! Much of it depends on which particular area of Kitsap County you're concerned about. In some areas, valuations continue to hold and even increase slightly over this period last year. Other areas have experienced a significant increase in inventories (homes currently for sale) and that tends to influence price reductions. If you can give me a more specific part of Kitsap County, I can provide you with some very specific numbers.

Rich Jacobson, Windermere Silverdale (360) 440-4758

I would talk to Rich Jacobson. He is a Silverdale Realtor. Check out his blog below.