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Kitsap County

The Market Trends Toward Spring

With the increase in mortgage rates, the real estate market sees a surge in new listings, reaching a level not seen in nearly three years, says Realtor.com.

Mortgage rates climbed this week after the Federal Reserve opted to maintain its benchmark borrowing rates unchanged. According to Freddie Mac, the average rate for a 30-year fixed home loan rose from 6.74% to 6.87% for the week ending March 21. Despite this uptick, homebuilders remain optimistic about the housing market due to pent-up demand, supply shortages, and expectations of future rate cuts by the Federal Reserve.

Spring has brought positive news for the housing market as well, with a significant increase in new listings. Compared to last year, there was a notable 17.8% surge in sellers listing their homes in the week ending March 16, marking the highest year-over-year growth rate since May 2021. This influx of new listings provides buyers with more options as they enter the spring homebuying season.

Setting Records in Kitsap County: So Many Buyers. So Few Homes.

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According to real estate experts, record low-interest rates combined with a robust demand for homes in Kitsap County despite a pandemic-fueled economic downturn are making available homes a highly coveted commodity. That frenzy is pushing the market to record territory. Kitsap's median single-family home price surged from $383,500 last year to $428,193 in July, the highest level ever. Homes for sale now average less than one month on the market. In many cases, they sell far more quickly.

“I’ve never seen anything like this. It’s mindboggling. If you’re a buyer, you need to be prepared to compete for homes. If you’re a seller, you better be ready to move quickly.”
— Irene Garcia, President of the Kitsap Association of Realtors

Waterfront Living: Pending in One Day

400 Washington Avenue, #411
Bremerton, Washington 98337

1 Bedrooms / 1 Bathroom / 792 Sqft

Pending at $325,000

Spectacular waterfront living in town on the Top Floor! Upscale condominium with 10ft ceilings offering granite counters, stainless steel appliances, bamboo floors and office nook!. Fabulous amenities! Secured entry, underground parking, fitness room with view of Sinclair Bay, and the library. Entertain in the Washington Narrows Lounge while you admire the mountain and water views, plus enjoy movies in the theater room. Walkable 3 blocks to the Bremerton/Seattle Ferry. HOA dues include water/sewer/garbage. Up to two pets allowed.

Q1 2020 | The Gardner Report

A message from Matthew Gardner, Windermere Real Estate:

Needless to say, any discussion about the U.S. economy, state economy, or housing markets in the first quarter of this year is almost meaningless given events surrounding the COVID-19 virus.


Although you will see below data regarding housing activity in the region, many markets came close to halting transactions in March and many remain in some level of paralysis. As such, drawing conclusions from the data is almost a futile effort. I would say, though, it is my belief that the national and state housing markets were in good shape before the virus hit and will be in good shape again, once we come out on the other side. In a similar fashion, I anticipate the national and regional economies will start to thaw, and that many of the jobs lost will return with relative speed. Of course, all of these statements are wholly dependent on the country seeing a peak in new infections in the relatively near future. I stand by my contention that the housing market will survive the current economic crisis and it is likely we will resume a more normalized pattern of home sales in the second half of the year.

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This speedometer reflects the state of the region’s real estate market using housing inventory, price gains, home sales, interest rates, and larger economic factors.

Given the current economic environment, I have decided to freeze the needle in place until we see a restart in the economy. Once we have resumed “normal” economic activity, there will be a period of adjustment with regard to housing. Therefore, it is appropriate to wait until later in the year to offer my opinions about any quantitative impact the pandemic will have on the housing market.

What's happening with the Western Washington economy and the housing market? Read Windermere Chief Economist Matthew Gardner's fourth-quarter analysis.

Introducing Karen Keefe's Waterfront Lifestyle

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For 2020 I’m proud to announce the creation of the Waterfront Lifestyle page on my website; here you’ll find all things waterfront from Kitsap to Bainbridge Island, from what to see when you are looking to buy in the area to the best schools and so much more.


Q4 | The Gardner Report

The housing market ended the year on a high note, with transactions and prices picking up steam. I believe the uncertainty of 2018 (when we saw significant inventory enter the market) has passed and home buyers are back in the market. Unfortunately, buyers’ desire for more inventory is not being met and I do not see any significant increase in listing activity on the horizon. As such, I have moved the needle more in favor of home sellers.

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What's happening with the Western Washington economy and the housing market? Read Windermere Chief Economist Matthew Gardner's fourth-quarter analysis.

Like the PNW Weather, the Market is "Brisk"

brisk market real estate kitsap mason pierce jefferson county

Brokers in several counties outside of King County also commented on inventory shortages and the velocity of sales. NWMLS figures show December's inventory in Kitsap, Mason, Pierce and Jefferson counties declined more than 35% from the selection of a year ago, while prices jumped 10.4%. Collectively, there is less than a month's supply (0.94 months) in these South Sound counties. And it seems that local builders are finding that they are selling out of their new construction before it is ready for occupancy, this from a member of the Northwest MLS board of directors.  

Kitsap offers a better quality of life for the money. The fact that it’s a beautifully secluded place to live is just the icing on the cake. More and more often home buyers are happy to take the ferry every day - it adds to the experience of life.

“Looking ahead, brokers expect brisk activity.”

-NWMLS, January 2020

Thinking about buying or selling a home?

NEW TO RENT: One-Bedroom Overlooking Liberty Bay

Updated one-bedroom apartment has partial view of Liberty Bay. Features fresh paint, updated kitchen and bath. All new appliances included with a washer/dryer. Plenty of privacy from the main house with lovely grounds and a patio to enjoy the surroundings. Easy steps to Fjord Drive and Liberty Bay Marina. Water, sewer, garbage, landscaping, and electricity paid by owner. No pets, No smoking, and 1-car only. Security deposit, first & credit check. Appt's to view start 11/15. Owner is licensed Realtor.

997 NE Holm Court
Poulsbo, WA

1 Bedrooms
1 Bathrooms
700 sf

Offered at $1,400 a month