Annual Real Estate Update for Kitsap County WA

At the end of each year I send out a letter to all of my clients with a 1 page update on what is happening in Kitsap County. Below is this years letter:

I hope this annual letter and calendar find you and yours doing well. Please note that your calendar starts on December 1st so go ahead and start planning next year today.

2006 has been a good year in real estate despite the doom and gloom you might have heard earlier in the year. The markets throughout the US that had the highest run up in value are the ones that had the biggest decline. Our area has done quite well. Though inventory and market time are up so is the value of your home. In general the value of your home has increased about 9% this year, a much more sustainable increase over the 20% increase of 2005.

Some Stats comparing 2006 to 2004 & 05 for Kitsap County (through Nov. 1 2006)

2004 2005 2006

# of New Listings: 5038 5237 5634

# of transactions: 3823 3871 3406

Avg. Days on Market: 65 58 63

Avg. Sale Price $254,809 $307,235 $336,299 (+9%)

If you were a seller in 2006 you had to be a bit more patient than you’ve had to have been over the past few years. You were not able to choose a list price as aggressive as in the past. Bottom line though is houses are still selling and sellers continue to see appreciation.

If you were a buyer in 2006 you’ve actually had the best of both worlds. Interest rates continue to stay low and you have more houses to choose from. The icing on the cake is that sellers have had to be a little more flexible in their sale price and have been more open to paying some of your closing costs.

I’ve developed two web resources to help you keep up with our market:


Blogsite: (see what is in store for 2007)

Politics/Taxes – This last election cycle has brought in a new County Commissioner. Since there are only 3 Commissioners involved in making decisions for us at the County level the change out of 1 can have a large impact. This last change brings with it an increased risk to your property rights and increases the likely hood of increased taxes. Now, more than ever you need to be prepared to speak out if you see something going on that you disagree with. Letters to your local and state representatives as well as letters to the editor are great tools to get your point across.

Around Town – Bremerton continues to flourish, its skyline almost unrecognizable from a few years ago. We have real, on purpose condominiums being built where in the past Kitsap has seen apartment looking condos or converted condos. The Tacoma Narrows Bridge continues its construction. Stay tuned to to sign up for your “good to go” sticker that will allow easy passage on the bridge without having to stop and pay a toll

Please have a wonderful holiday season and a safe, healthy and prosperous new year. Should you know of anyone thinking about buying or selling real estate in 2007 please let me know or if you just want a market update please feel free to call or check out one of my web resources mentioned above.

PS Sorry for the formatting, apparantly Blogger does not like info from MS Word.

Conventional Conforming Loan Limits for 2007

Though I'm not a lender this information will affect buyers in todays market.

2007 Loan Limits
for Conventional Conforming Loans

Oregon and
single-family to $417,000
two-family to $533,850
three-family to $645,300
four-family to $801,950

Thank you to Cherie Kesti of Windermere Mortgage Services for the above information;