Kitsap Real Estate Affordability
Below are a couple of graphs from our blog article on bprowse.com discussing in more detail how Kitsap Real Estate affordability has been drastically reduced in the mid to high end home price range because the lending qualification standards are so much higher now.
Compare year-to-date closed sales in 2009 with 2006 (when exotic loans were still widely available) in the table and graph below. Although sales $200,000 and below compare well in 2009 with 2006, between $300,000 and about $1 million current sales are only about half what they were in 2006. Unlike then, despite lower interest rates now, buyers must now provide down payments, must prove their income, and no longer receive super low teaser interest rates on their loans.
Year-to-date Kitsap Residential Sales - 2006 vs 2009
| Price range | 2006 | 2009 | %diff 2009 vs 2006 |
|---|---|---|---|
| 0-100k | 26 | 66 | +153% |
| 100k to 200k | 533 | 492 | -8% |
| 200k-300k | 1378 | 819 | -40% |
| 300k-400k | 631 | 311 | -51% |
| 400k-500k | 279 | 126 | -54% |
| 500k-600k | 161 | 56 | -65% |
| 600k-700k | 86 | 43 | -50% |
| 700k-800k | 58 | 22 | -62% |
| 800k-900k | 46 | 17 | -63% |
| 900k-1000k | 35 | 11 | -68% |
| 1000k-1250k | 28 | 13 | -53% |
| 1250k-1500k | 8 | 9 | 12.5% |
| 1500k-1750k | 6 | 3 | -50% |
| 1750k-2000k | 2 | 1 | -50% |
Note that in this same $300k - $1 Million range the shape of the 2007 (when the number of listings and the median sales price were near peak) and 2009 listings for sale showed a slight bulge in inventory compared with the shape of the curves for listings sold. Also see how the inventory in this price range has fallen in 2009 compared to 2007, while the inventory in the $200k and under market is larger now than it was in 2007.
