Real estate trends in Kitsap County: Buyers looking fine in 2009
Published 12:35 pm Wednesday, November 26, 2008
By TRACY CORRIVEAU and KIM POOLE
of Windermere Real Estate, Kingston
According to the most recent figures posted by the Kitsap Economic Development Alliance, we see a lot of positives for the New Year. As of September 2008, average weekly wages have gone up close to 3 percent; not a huge increase but going in the right direction.
The good news for buyers is prices continue to decline. When comparing October 2007 to October 2008 the difference is a negative (-) 18 percent for closed sales, a substantial amount. Along with that, interest rates have continued to remain low, further strengthening a buyer’s position. In today’s market the same buyer can now afford more home than last year, with plenty to choose from.
Our forecast for 2009 is a continued and steady buyers’ market. Currently, we have 11.5 months of inventory, and we will have to work through the bulk of that before we will see a leveling of home prices.
In the Kingston area, there are approximately 14 homes, including condos, for sale under $225,000; we anticipate there will be more homes listed in this price range in the upcoming year.
Remember that $7,500 tax credit is still available until July 1, 2009 for qualified first-time homebuyers. It’s a very favorable and valuable opportunity for first-time buyers and investors too!
We wish you a safe and happy holiday season.
Contact Tracy Corriveau and Kim Poole at Windermere in Kingston, (360) 297-2661.
