Kitsap Condo Market
Kitsap Condo Prices Slide From a Year Ago
The January median closing price of $299,900 was down $135,000 from a year ago. The average closing price fell nearly $87,000, to $346,980, according to the Northwest Multiple Listing Service.
Lee Avery, branch manager for the Bremerton John L. Scott office in Bremerton, is optimistic about tomorrow. "From here, it's only going to go up," Avery said.
Comments
Let's see, if prices are going up then that means prices will go up. If prices go down then that means they have to go back up.
OK, Google told me that we are talking are talking about WA state here. But at least it's east of the mountains. I mean, who would pay $435k for a condo surrounded by desert rather than mountains and water anyways. Maybe I had better double check my geography here.
My bad. According to Google Earth, Kitsap county actually borders the Puget Sound, kind of like Seattle. They also apparently have a nice view of some mountains called the Olympics.
I've looked at all the possible explanations for this precipitous decline. Based on the fundamentals of not being in WA and not being near water or mountains, I can tell you these declines aren't really happening. It's probably just an artifact of the median measurement being a little flaky sometimes.
cheers!
"From here, it's only going to go up." (Lee Avery)
"It's a great time to buy." (Maureen Buckley)
"We are starting to see more and more buyers who have been on the fence now making their move ..." (J. Lennox Scott)
If I didn't know for sure that these are real people, I might think that the reporter made up the story as a parody of the insipid, robotic responses that RE professionals have in every single article about the RE downturn. I could literally take a random list of prominent area realtors and another list of commonplace RE-booster quotes, mix them up in a hat, and use them write an article that no one would know was fake. I don't think even the realtors would realize it!
Maybe it will keep dropping at the same rate for a few more years. -30% x2 takes $300k to around $150k.
Funny this week: checking in at Virginia Mason the receptionist confirmed "Bainbridge Island" then said "Fantasy Island?" Patient responded, "You were at our last City Counsel meeting?" All got a good laugh.