During the month of January there were 42. [only 7 homes less than December] homes that sold in Port Orchard. These Port Orchard homes actually had a transfer of home ownership. Contracts complete and Lender funds available the home buyer and seller signed all of their documents as escrow prepared the closing packages. Once all the I’s were dotted and the T’s crossed there where deeds recorded at the Kitsap County courthouse that transferred the property into the new home owner’s name!
If you want to learn more about how we transfer property in Washington State a really great site to visit is the Escrow Association of Washington site. There you can find definitions and explanations of the home buying process for Port Orchard Washington.
Let’s look at those 42 Port Orchard homes -
Average List Price
- $245,351 [$275,956 December]
- $126 per sq ft
Average Sold Price
- $239,603 [$270,345 December]
- $123 per sq ft
The average sq ft of these 42 Port Orchard homes was 1991 sq ft. These homes spent an average of 152 days on the market (DOM).
The list to sale ratio for these homes was 97.65 percent. What that meas is that buyers offered 97.65% of what the seller requested.
Not a bad time to purchase a home in Port Orchard, Washington. Prices are down, interest rates are at an all time low and with the incentives from the government you might want to look at what it means to you. In fact it is a great time if you are a 1st time home buyer and qualify for the $8,000 tax credit – CREDIT! NOT loan! Read the information I have written about the program here
It is finally official. The hombuyer’s tax credit has been extended to April 30, 2010
So what can $6,500 really do? Incentive for “step-up” buyers
What do these numbers mean? Is it a good time to buy? Is it a good time to sell. It all depends on your individual situation. I would rather buy in a buyers market and I would rather sell in a buyers market if I have to buy another home with the proceeds. I am a fan of the NORMAL market – everyone can feel more comfortable and real estate transactions are not as stressful.
So what is the absorption rate at this point in time? Check here for the definition of absorption rates – Absorption Rates
Using the formula and only including active and contingent homes on the market the absorption rate for January would be 8.9 months – ouch! We had been down to 6 months in the last quarter of 2009. Of course remember we are looking at a trend, so as we go through 2010 we will get a better picture. Hopefully, low number of closings in January is not a trend.
If you would like to find out the value of your home please feel free to contact me via phone or email. I would be more than happy to supply you with a FREE Market Analysis.
If you would like to purchase a home in the Kitsap County Real Estate Area please give me a call or contact me via email. We can discuss your future plans and I can set you up on an email campaign to receive the hot new listings quicker than YOU can find them.
“Statistics not compiled or published by NWMLS.” Equal Opportunity Housing All information deemed reliable, but not guaranteed.”
Author:Jo Soss
Jo Soss is the designated Broker and the owner of Homefront Realty in Bremerton Washington. Selling real estate in the greater Puget Sound area since 1994 she has vast knowledge in all aspects of a real estate transaction. Using today's technology with her signature personal service allows her to achieve complete customer satisfaction.
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