May 2014 Market Report
Along with our early summer weather has come early increased housing inventory! More houses are on the market, which has relieved buyers of the pressure they have been feeling this past spring and winter. Kitsap County as a whole has increased inventory just slightly breaking the 1300 properties on the market benchmark for the first time in a long time. This is great news, and a relief to buyers.
Inventory is still historically low. This is an interesting market – sales prices are slightly rising in some areas of Kitsap County – yet, the number of sales are lower. Think about this. What this tells me is that well-priced homes that are in great condition, staged, photographed well and ready for market are selling for top dollar. Homes that are overpriced, need updating for the price they are asking (again – overpriced), or have some other flaw for the price (you can sell any home for the right price in all likelihood) – these homes are sitting on the market. Homes are either selling (green light!) or not selling (red light!). To sell in this market, you need to price your home correctly for sale and ensure your home is in great condition (if it isn’t, price it accordingly – you can’t sell a Yugo for the price of a Porche). Further, take great photographs (AKA Professional Photographer) and stage. 1-2-3 hit the ball out of the ballpark.
Here are the Active Listings market numbers for Kitsap County for May 2014
As you can see in the graph, May’s active listings are up quite a bit from April. April had 1,187 active listings and May had 1,257 active listings. As of right now, there are 1,356 active listings in June! Inventory is rising and relieving buyers.
Manette Neighborhood Active Listings – May 2014
As you all know, I really enjoy selling homes in Manette. I live, volunteer and work in the Manette neighborhood and care about where we live.
Manette has some interesting activity going on in real estate. Statistically, active listings are relatively stable. April had 24 active listings, May has 26. However, Manette has six sold homes and three pending sales since last market report. Meaning, we are selling homes as fast as we are listing them. This is a result of buyers who have been waiting to buy in Manette during the low inventory of the spring and winter months. Buyers are buying now, and fast! The average days on market for Manette is 76 days – many areas are selling faster than Manette. The average for Kitsap County is 74 days. An interesting statistic, 2 bedroom homes are selling faster in Kitsap County (49 days) than 3 bedroom (74 days) and 4 bedroom (95 days) homes. Great information!
Median Sales Price May 2014
The median sales price in Manette is up in May to $176,000. There were six sold properties in May, which helps provide a more accurate median price (remember last month we saw a drastic dip in median sales price due to low sales activity – few houses sold, and of low value will skew the median sales price). We need to keep watching the median sales price over time. I believe it is too early to tell whether Manette prices are going up or down. One thing I’m seeing is that active listing prices are going up – and days on market are increasing. Remember, increasing your listing price will not get you a higher price if the market will not pay for that price. If a seller asks too high of a listing price, this will hurt them by keeping the property on the market too long, the seller ends up chasing the true market price (down to reality), and eventually ends up selling for less. This hurts the seller’s true goal of getting the most for their money, wastes value time by keeping their property on the market when it could of sold much earlier. Unfortunately, the trend is that sellers who chase the market price down end up selling for less than their property is worth because buyers think something is wrong with the property when a property has been on the market for a long time. Please do not put yourself in this position. Price your property to sell at market price (with a little wiggle room for negotiations – this amount varies in price brackets), and sell well.
Manette Pendings and Solds
Pendings: CDOM=Current Days On Market
1333 Hayward Ave. 2B/1B $79,000 CDOM=10 *will probably sell for more. Had multiple offers.
1109 Scott Ave. 2B/1B $159,000 CDOM=4
1318 Nipsic Ave. 3B/1.75BTH $267,000 CDOM=24
1611 Hayward Ave. 4B/2.5BTH $156,000 CDOM=160
1113 Scott Ave. 4B/1.5BTH $190,550 CDOM=153
1002 Ironsides Ave. 3B/1.75BTH 200,000 CDOM=2
2607 Holman Street 3B/1.75BTH $206,900 CDOM=71
1017 Samara Ave. 4B/2.5BTH $209,950 CDOM=197 *I do not consider this to be Manette. The MLS does and it is calculated into the MLS “Manette” statistics. FYI.
1739 Trenton Ave. 2B/1.75BTH $229,000 CDOM=2 *This was newly updated, in great shape.
Investor’s Corner: Summer is always a difficult time for investor buyers in Kitsap County. Prices tend to rise enough that buy/hold investors have an near impossible time finding cash flowing properties, wholesalers and rehabbers also work much harder, and deals go quickly. So far, we are not seeing the typical rise in prices that we experience come June in investor-class properties. This is great for investors. However, there is less inventory. In the past four weeks, properties are selling faster and there are less income producing properties on the market. However, investors are still able to find plenty of opportunities for their portfolio for those with a keen eye and quick action. If you are interested in income producing residential real estate, or simply want to have fun looking, keep an eye on my “Pick of the Week!” featuring a Kitsap County SFR/MFR income producing deal I’ve found just for you.