Each separate market area, has it own unique characteristics, but one thing everyone in all areas seemed to agree on was that business is good.

The market on Bainbridge Island more closely resembles Seattle than the rest of Kitsap, making it difficult to handicap prices countywide because prices there are so much higher they skew the averages.

To illustrate how the averages can be impacted by sale prices in places like Bainbridge, one only needs to look at the high and low selling prices for the same periods. In March of this year, they were $1,390,000 and $7,950. A year ago, they were $1,040,000 and $14,950 compared with $1,200,000 and $35,000 in 1998. All the $1 million plus sales were on Bainbridge.

What the Realtors say...

Starting with Bainbridge Island, a random sampling of brokers found a number of common threads.

Penny McLaughlin, co-owner of RE/Max Unlimited on Bainbridge is one the busiest agents in Kitsap County. According to statistics from the RE/Max franchise, she’s also one of the top 100 busiest agents in the world. “Business is good,” she said. “It was a little slow at the beginning of this year, but it’s picked up considerably and looks to hold steady for the foreseeable future. In comparison to the rest of Kitsap County, here on Bainbridge, the market is reflected more by the general state of the regional economy than it is by interest rates. So as long as the economy in the Puget Sound region remains strong, the market should as well.”

Georg Syvertsen, the new owner of Deschamps Realty echoed McLaughlin, commenting that business has picked up steam as the year has moved forward. “It’s been kind of peculiar this year. “Closings are down approximately 35 percent from last year, but a lot of people are attributing that to the Y2K issue,” he said. “We saw closings down by two thirds just in January. But we’ve seen a rebound occurring and its catching up quickly now. We’re back to the pace we were on last year.”

At John L. Scott, Bainbridge manager Barbara Crabtree noted, “We’re seeing a lot of the upper end buyers — $700,000 to over a million. We just a listed a house at $1,035,000 and have had seven showings in five days.”

She said that buyers in that price range aren’t usually impacted by interest rates, agreeing with McLaughlin it was more a matter of the economy. “We have a lot of people here who are professionals and work at home, She said. “I call these ‘lifestyle buyers’ because they’re looking for a home that suits how they work as well as how they live.”

Crabtree also commented that sale prices are cyclical as well. “There are a lot of homes in the $250,000 to $350,000 range right now that are just sitting. A couple of years ago it was homes in the $400,000 to $600,000 range that didn’t move while the low and high end were both hot.”

In Kingston...

Neil Swanson, broker at Coldwell Banker, Kingston Cove Realty stated that land is moving well, saying his firm had sold over 200 acres since the beginning of this year. “People coming over here from Seattle are really looking for space. They’re tired of being so close to their neighbors.”
He also said that homes in the $200,000 to $300,000 dollar price range are selling especially well. “You’ve got to be positioned and ready to go if you’re going to buy because there’s a lot of buyers looking in that range.”
He added, “In Kingston, many of our clients are looking for proximity to the ferry so they can commute.”

That sentiment was reinforced by Kingston agent Sonny Woodward of John L. Scott. Woodward specializes in high-dollar waterfront and has been very active in lobbying efforts to bring high-speed passenger ferry service to Kingston.

“Anything within a couple mile radius of the ferry is selling rapidly in caparison to years past,” he observed. “Sales from the $150,000 range in and around town, to big waterfront in the $350,000 and up range are selling very well. Hansville is selling pretty briskly as well,” he noted.

In Poulsbo...

John L. Scott manager Karen Ramsay noted that business is better than it was last year at this time. “It’s not just a few agents either, it’s all of them. Everyone’s busy. We’re seeing $500,000 to $600,000 places being listed and going right away. We’re seeing multiple offers in many cases. The buyers are out there.”

Brenda Prowse, owner of Brenda Prowse Properties quipped, “I’m thrilled, because for the first time in a long time we’re seeing prices rise in the north end. The market’s been good, but prices have been flat ever since that 30 percent jump back in 1989-90.”

When asked what was selling, she said, “Homes close enough to the ferry to allow people to commute is where it’s at right now. That’s where prices are appreciating the fastest as well.”

In Silverdale...

“We’re up about 25 percent over last year as an office, but I’ve been so busy I haven’t had time to come up for air to see how we match up with the rest of the market,” exclaimed Frank Wilson, broker at Windermere Real Estate in Silverdale.
He also said that business is good in all price ranges. “We’ve got active buyers all across the board in all price ranges.”

“In Silverdale, we’re up 26 percent over the same month last year,” said Dave Walden, owner of Prudential Northwest Real Estate. Walden owns Prudential offices in Port Orchard and Belfair as well as Central Kitsap and says business is up across the board for him.

“It’s been real good for me,” smiled Don Pennington, a longtime agent known among his peers as the “Dean of Real Estate.” He attributed that to interest rates. “It’s been my experience that when rates are rising, or the perception is they’re going to, buyers become active. When the perception is they’re stable, people tend to procrastinate. Almost every one of my listings has an offer on it right now — and some of them have been on the market longer than I would have liked,” he chuckled. “What’s that tell you?”

In Bremerton...

Jerry Reid has offices in Bremerton, Silverdale, Port Orchard and Belfair, and is the largest non-franchise broker in the county. He observed that Bremerton is the hottest market in the county right now, and attributed that to the fact there are still bargains to be had there. “Business is improved over the last couple of years, and although it may have slowed down up north, the Bremerton market is still very strong. We’re continuing to see a strong showing of commuter-type buyers from the Seattle area.”

Mary Ellen Hooks, owner/broker of All Points Properties in Bremerton agreed with Reid about where people are coming from, and especially about the current popularity of the Bremerton market. “Very similar to last year, which was excellent,” chuckled Hooks when asked about business. “Our board is full of things under $150,000, but that’s reflective of housing which is affordable for most people. A fair number of homes in the $150,000 to $225,000 range in the Silverdale area are also selling,” she added.

“The fact that Bremerton sales have grown in the past couple of years certainly indicates that as interest rates continue to be fairly low, people are stepping forward to purchase homes. We see increased numbers of people from Seattle and Tacoma because of the relative high prices there. The number of people willing to commute if they can own a home has increased every year,” Hooks stated.

Jessica Kennedy broker at Windermere Real Estate in Bremerton agreed with Reid and Hooks about Bremerton. “So far this year we’re up about 26 percent over last year. Anything that’s well priced and in fairly good shape is selling quickly. There’s a lot of pent-up demand and interest rates are still good.”

She added, “The average sale price in our market area — East and West Bremerton and the southern part of Silverdale, has gone from about $96,000 last year at this time to $125,000 for three bedroom homes.”

In Port Orchard...

“Great!” exclaimed Jacqui Curtis, manager of the Port Orchard John L. Scott office when questioned about how business is. “The first quarter of the year is historically a bit slower than the rest of the year. However, we’ve hit record highs in February and March and it looks like April is on track to as well.”

When asked what’s selling, Curtis added, “There’s no one price range that’s moving faster than others. It appears the entire market is generally healthy.”

“Business is great! chuckled Doug Murphy, broker at the Port Orchard Windermere office. “Our first quarter was up 42 percent on pending sales over last year, and 66 percent on new listings. I don’t know if it’s interest rate related — people jumping in before rates go up or not, but I do know things are moving.”

“March was a record month for the Port Orchard office,” said Prudential’s Walden. Never in the entire history of the company, even when it was Spot Realty, have we had a month like that.”

In North Mason County...

Don Cady, broker at the Reid Real Estate office commented, “The market’s been good. We’re seeing a real mix from lots to starter homes, Hood Canal waterfront, as well as second homes and move-up homes.”

When asked if there was one strong area of the market, Cady answered, “The whole market’s active. If you look at my deal board you’ll see it covers the entire gamut.”

Walden said his Belfair office is up 12 percent above last year for March as well. “Every time one our agents has a record month, we buy them breakfast,” said Walden. “I’ve bought more breakfasts in the past few months than ever before, and I’ll be thrilled to keep on buying them,” he laughed.

Common threads...

Local Realtors across the county agree that business remains healthy in all areas, and it’s a borderline seller’s market in some areas; Seattle commuters are in search of comparative bargains, but they want to be near the ferry corridors, and prices are appreciating rapidly in those places; Interest rates are still low and that’s partly what’s fueling the market as well as a good selection of homes.

What the numbers say...

Statistics published by the NWMLS on April 17 (the latest available, for the month ending March 31), appear to confirm what the Realtors say.

There were 287 closed residential and condominium sales in March, compared to 309 a year ago and 239 in 1998. The average sale price has actually decreased from $179,643 a year ago to $173,512, although both are up from $161,897 in 1998. The median price, which is a little more accurate barometer, was $132,000 in 1998, $146,500 a year ago and is down to $138,900 for March of this year.

On the listing side, the numbers have remained fairly constant as well, meaning homes are being listed at almost the same rate they’re selling, and that’s one reason prices have stayed relatively stable — except in the ferry corridors. In March, the number of new listings was 584 compared to 563 a year ago. The total number of listings on the market was 1,663 compared to 1,781 last year and there were 354 pending sales compared to 349 a year ago.

Another accurate reading of just how hot the market really is — and other than sale price the one sellers are most concerned with is, average days on the market. It has declined steadily in the past three years from 105 in 1998, to 103 a year ago and 93 this past March. That tells the story.