Kitsap Real Estate Blog

Everyone knows market forces that determine values are made up of supply and demand, right? In terms of say Bremerton real estate housing what exactly does supply consist of? Well you could count the homes that exist on a given day within the city limits of Bremerton. That gives us a number. But since counters (people who count things) are usually looking backward they will likely miss say completed new homes on that day because maybe they haven’t yet been entered onto the assessor’s tax roles. I suppose we could add a little fudge factor to estiimate the size of this adjustment.

But what about homes that are not completed but under construction? Then, maybe we could count the numbers of homes under construction on that day and estimate their completion schedule to add a little more to our count but what day do you want to say is the right day to count them. Oh and by the way, how about homes permitted but not yet started? Or how about those that are designed but not yet submitted for permits? How about those that are just a gleam in the developer’s eye?

Another thing, maybe our boundaries are flawed. Should we only think about homes within the city limits? Don’t homes adjoining the borders in the suburbs count? What about the condition of the homes included inthe count? Will some Bremerton homes or silverdale real estate for sale just be uninhabitable? How would you tell that? Can’t prospective buyers for Bremerton consider other Kitsap real estate areas like Silverdale real estate or Port Orchard real estate? Sure they can. People looking in Bremerton might also consider Pierce, King, Mason or Jefferson Counties but a smaller number will consider ranging that far afield.

Jim Avery, Kitsap County Assessor tells me that there are about 85,000 one to four family dwellings in the county and maybe up to 90,000 living units within that data set. How do these factors affect housing prices and values? What other factors influence values? What are the most important factors? Do they change over time?

There are some big changes in store for Kitsap County real estate due to the entry into the market by large homebuilders like D.R. Horton and Quadrant Corporation. They have purchased large tracts of land for housing development that when completed will represent a huge change in Kitsap real estate and way of life. What are your thoughts? We will continue this thread in future posts.