Real estate trends in Kitsap County: Buyers looking fine in 2009

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.

Comment on this story.

COMMENTING RULES: We encourage an open exchange of ideas in our online community, but we ask you to follow our guidelines for respecting community standards. In a nutshell, don't say anything you wouldn't want your mother to read.