Welcome to The Real State of Real Estate, a consumer guide to Belfair and Allyn, Washington Real Estate.
An informative Weblog on what is Really going on in the Belfair and Allyn Real Estate Market; from market reports, opinion, todays Hot Real Estate Topics and other real estate news. You may have read my newspaper article in the Belfair Herald that lead to this Blog.
Explore Belfair’s Hood Canal Waterfront Homes for sale, Allyn’s Lakeland Village Golf Course Condominums and other Olympic and Kitsap Peninsula Real Estate listings.
Look forward to your input and questions.
Thank you for Visiting. Richard Bell, Managing Broker for Windermere Peninsula Properties .
June 30th, 2009
A Report of the Mason County Hospital Districts 1& 2 Public Meeting in LakeLand
I attended the Mason County Public Hospital districts public meeting last night at the Lakeland Village Community Club. The turnout was nearly standing room only. We heard from officials of Hospital Districts 1 & 2 speaking about their districts and answering questions from the audience.
The main reason for this public meeting was about the proposed redrawing of the District Boundaries. There is a petition going around asking voters within the Allyn, Lakeland and Victor precincts of District 1 to let those living within these boundaries to be withdrawn from District 1 and become apart of District 2.
There was a specified discussion about how this withdrawal would play out.
For example:
First, the petition going around must have 25% of the registered voters within the three precincts sign the petition asking to be withdrawn.
Then after verification of signatures etc., the three District 1 Commissioners would hold a public meeting and ask two questions:
1. Is it in the best interest of the area in question to be withdrawn?
2. Is it in the best interest of the District as a whole for the area to be withdrawn?
Next the County Commissioners would also hold a public meeting to answer the same questions.
Here is what is interesting. If the two boards answer “YES” to both questions, then the three precincts of District 1 are removed from District 1 without a vote.
However, if either board answers “NO” to either of the questions, the withdrawal would need the approval of all voters in the Mason County Hospital District 1.
If the three precincts of Allyn, LakeLand and Victor are withdrawn from District 1 then a similar process is needed to become a part of District 2.
Overall the meeting went well. The officials from both Districts gave the impression that they are cooperating. However, there was a feeling that District 1 does not want an adjustment to the boundaries.
June 29th, 2009
Mason County Real Estate Improving
The National Association of Realtors recently reported that pending sales have
shown steady improvement over the last three consecutive months. According to
Lawrence Yun, NAR chief economist, buyers are responding to current market
conditions. “Housing affordability conditions have been at historic highs, but
now the $8,000 first-time buyer tax credit is beginning to impact the market,”
he said. ”Since first-time buyers must finalize their purchase by November 30
to get the credit, we expect greater activity in the months ahead and that
should spark more sales by repeat buyers.”
Puget Sound Sales statistics, according to the NorthWest Multiple Listing
Service, posted 7,160 pending sales during May of 2009. That number is up by
17.7% from a year ago and an improvement of 3.5% from April. The large
metropolitan areas of Puget Sound had a 21.5% jump in Pending sales.
Rural areas like Mason County are still lagging behind this trend, however,
local inventories are beginning to be absorbed and prices are showing signs of
stabilizing. Local Realtors are reporting that well priced homes in the
$200,000 and under range and that show well are seeing good offers and in some
cases multiple offers.
I personally believe that the historic low interest rates, adjusted lower home
prices and the $8,000 tax credit has generated a lot of interest and terrific
opportunities for buyers.
Another trend in the current market is that buyers are still looking for Short
Sales. Many of these buyers, however, are beginning to realize that these
transactions can take a much longer time to close, in fact, sometimes twice as
long as a conventional sale. Many buyers have become frustrated with the long
process and have withdrawn from the sales. Many short sale properties end up in
foreclosure.
So the question is are we in a recovering market? Based on pending sales and
lower inventories, both locally and Nationally, Realtors are optimistic and
feel the worst is behind us.
The only unknown at this point is the mortgage rates. There has been some rate
fluctuation and hopefully rates will stay low. Who knows if we will see rates
under 5% again. Does this mean this is the time to buy. In my humble opinion,
waiting longer to buy a home may not be the best strategy.
June 18th, 2009
Mason County Real Estate Sales May 16 through May 31 2009
The Mason County real estate sales statistics for May 16 through May 31, 2009 posted 51 total sales in the amount of $10,131,995. Single family resales on less than 5 acres accounted for 30 of the 51 sales.
Good news for new construction with 5 sales of new single family homes. 4 new homes sold in the Area C (Ayers Point, Belfair, East Shore) and 1 new home sold in Area B (Hartstene Island, Agate). There was 1 sale for a single family resale on more than 5 acres.
Other real estate sales include 1 commercial, 5 mobiles with land, 6 platted lots and 3 short plats.
Sales activity by area revealed that Area C produced 20 sales in the amount of $4,660,597 with Area A and Area D (Triton Head, Hoodsport, Union) each had 11 sales. Area A’s 11 sales amounted to $2,051,400 and Area D’s amount was $2,297,598. Area B posted 9 sales in the amount of $1,122,400.
Prices for single family resale’s, on less than 5 acres, ranged from a high of $497,250 for a waterfront property on hwy 101 in Potlatch to a low of $19,500 in Area B. There were 3 homes sold in the $400,000- $499,999 range, 1 in the $350,000-$399,999 range, 2 in the $300,000 – 349,999 and 2 in the $250,000 – 299,999 range.
The majority price range was $200,000 – $249,999 with 7 sales recorded. 1 sold in the range of $180,000 - $199,999, 4 in $145,000 – $159,999, 2 in $130,000 – $144,999, 4 in $115,000 – $129,999 and 3 in the $80,000 – $99,999 price range.
For this two week period the average price for a single family home on less than 5 acres was $210,638 and the Median price was $191,250. New single family homes sold averaged $196,990 with a Median price of $200,000.
Mason County also posted 189 Loans and Mortgages in the amount of $33,617,847. The average rate was 4.86% for a 30 year conventional loan.
An analysis of the Mason County Loans for the past 12 months shows that 65.241% of all loans taken out were conventional loans. FHA loans accounted for 12.445%, Adjustable rate loans were 9.16%, Private loans were 7.977% and VA loans represented 5.181% of the loans taken out.
June 11th, 2009
Mason County Real Estate Market Report
Mason County had 813 homes for sale during the month of May 2009 compared to the 928 homes that were for sale in the same month one year before. The month of May 09 also posted 52 single family homes sales, while May of 08 produced 76 sales that is a percentage change of -31.6%.
Pending sales for the month of May was only off by -5.8% from a year ago. May 09 had reported 65 pending sales compared to 69 pending in May of 08.
Months of Inventory, based on the Closed Sales, at the end of the Month of May 09 was at 15.6. Months of Inventory, based on pending sales, was 12.5.
The Average Active Price for a single family home in Mason County during the month of May 09 was $302,000. The Average Sold Price came in at $192,000.
The Average Square Foot Price of a single family home in May of 09 was $130.00 per foot, up from the $104 a foot reported in April 09. The average square foot price in May 08 was $148.
The Sold price to List price percentage difference was a noteworthy 101% in May 09. Historically 2009 and 2008 had a percentage difference that averaged around the 95%. The Sold price to the Original price in May 09 was 92% compared to 91% during the same period a year ago.
Days on Market, for May 09, was 106 days. Median price was $161,000.
June 10th, 2009
Bremerton/Silverdale Number One in Housing Appreciation
According to a U.S. News & World Report the Bremerton/Silverdale area has been listed as the number one area in the Nation where home prices are expected to rise 5% annually over the next decade.
A team of researchers from Moody’s Economy.com provided the report and needless to say the local Realtors were delighted to hear some good news for a change.
Bremerton and Silverdale, located on the Kitsap Peninsula and Puget Sound, is positioned very favorably for job stability because of their close proximity to the Naval Bases i.e. Bangor, Bremerton Shipyard and Keyport Naval station. The large metropolitan cities of Seattle and Tacoma are also in close proximity.
The economists of the Moody team looked at income growth and housing affordability. For example, in the year 2000, per capital income in the region was 1 percent below the national average. In 2008, it was 8 percent higher than the national average. “Few metro areas had such a dramatic turnaround in relative income” said Andrew Gledhill an economist with Moody’s Economy.com.
Another important dynamic was in housing affordability. According to the economist a local household with a median income can afford much more than the median-priced home…”56 percent more”. “This will be a positive factor to help drive long run price growth” he said.
The economist also noted that the Bremerton housing correction began earlier than elsewhere in Washington State. He said that makes Bremerton home prices closer to the bottom now and will rise sooner.
Mason County Realtors are pleased to hear this good news about our neighbors to the North because many of those home sellers relocate to our shorelines, golf communities and rural neighborhoods.
Here are the Markets in which home appreciation is expected to grow in the next Decade. TOP TEN IN APPRECIATION list:
- Bremerton-Silverdale, Washington: 5.22%
- Glens Falls NY: 4.71%
- Fort Collins-Loveland Colo: 4.06%
- Corvallis, Ore: 3.95%
- Anchorage, Alaska: 3.8%
- Duluth, Minn.:3.74%
- Sandusky, Ohio: 3.66%
- Santa Fe, N.M: 3.57%
- Pittsfield, Mass.: 3.51%
- Decatur, Ill.: 3.44%
June 10th, 2009
The $8000 “TAX CREDIT” COMMUNITY WORKSHOP
Allyn, Washington - - Windermere Peninsula Properties will host a FREE educational event for 1st Time Home Buyers and anyone who has not owned a home in the past 3 years. Get “Straight Answers” about the $8,000 Tax Credit.
The Community Workshop will take place in the LakeLand Village Club House, Allyn Washington on Thursday June 18, 2009 from 7:00 p.m. to 8:30 p.m.
The Workshop speakers providing the “Straight Answers” will include Catherine Wolf, CPA and Pattie Bigford, Washington Financial Group. Richard Bell, Managing Broker, Windermere Peninsula Properties will Moderate.
Topics to include: What is the $8,000 credit for new homebuyers? Who is eligible? What do I need to know BEFORE trying to buy? Amend your taxes and get your credit this year! Buying vs. renting…$$$ and house payments, tax credits and more.
This Tax credit is a part of the American Recovery and Reinvestment Act of 2009. This tax credit does not have to be repaid. The credit is available for homes purchased on or before January 1, 2009 and before December 1, 2009. Single family tax payers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
The American Dream is homeownership! The “Community Workshop” is a great way to talk with professionals that care.
The Goal of this Workshop is to educate our community members that there are options, solutions and resources available to help them.
This event is sponsored by Windermere Peninsula Properties Allyn and Belfair Washington. For more information please contact Richard Bell – Managing Broker at 360 275 5002 or email at rbell@windermere.com.
June 3rd, 2009
Mason County Real Estate Sales for May1-15 2009
Mason County Real Estate sales for the period of May 1 through May 15, 2009 totaled 42 in the amount of $5,242,160. Area A (Shelton, Arcadia, Kamilche) had 12 sales in the amount of $1,691,500, Area C (Belfair, Ayers Point, East Shore) also posted 12 sales in the amount of $1,151,100. Area B (Hartstene Island, Agate) had 10 sales totaling $1,307,060 and Area D (Triton Head, Hoodsport, Union) recorded 8 sales in the amount of $1,092,500.
An Analysis of the Sales show that Single Family Resale’s on less than 5 acres lead sales with 24 sold. Single Family Resale’s with 5+ acres had 1 sold. There were also 2 New Single Family homes sold.
There were no sales of Multi-family, Commercial or Condominiums. There were 4 sales of Land Sold with a Mobile, 7 Platted Lots, and 4 Short plats sold.
The highest priced home sold in the County was along Hwy 106 at $409.000. There were 5 Single Family Resale’s for this period in the $200,000 - $249,999 price range. The lowest priced home sold was for under $25,000.
The Average Price for a Single Family Resale during this period came in at $160,202 with a Median price of $149,200. The two New Single Family homes that sold averaged $178,655. Lots average $16,857.
On the Loan side of Mason County Real Estate for this period there were 160 Loans taken out in the amount of $29,417,650. The average conventional 30 year real estate loan was 4.86%.
June 3rd, 2009
Top 20 Employers in Mason County Washington
Most of my past blog topics have been about Mason County and the Pacific Northwest lifestyle and local real estate statistics. I have written about the variety of outdoor recreation we enjoy, the splendor of the Olympic Mountains and the distinctive history of the villages, hamlets and towns that make up rural Mason County in the state of Washington.
There are hundreds of miles of salt and freshwater shorelines. We are known for the many scenic and popular launches for kayaking, boating and fishing. There are numerous trails and trailheads for hiking and exploring. County and State Parks are abundant for camping and play. And of course there is The Hood Canal…deep water diving, oysters and shrimping. Mason County is truly a very cool Pacific Northwest location for engaging in recreation.
But what about… Work? Employment? Jobs?
Mason County has a Labor Force of approximately 25,695. Nearly 30% plus of the workers are employed outside the County. Our unemployment comes in at around 7.0%. Mason County employ’s about 14,719 with an average wage per job at $31,061. The list of the top 20 Mason County Employers is an interesting study of the economics of rural Mason County
Here is a List of the Top 20 Mason County Employers:
EMPLOYER (employees) 2008 2009
1. Little Creek Cassino 714 720 Tribal
2. Shelton School District 675 675 Public
3. Washington Correction Center 646 657 Public
4. Mason General Hospital 511 475 Public
5. Wal-Mart 406 430 Retail
6. Mason County 421 360 Gov’t
7. North Mason School District 358 351 Public
8. Taylor Shellfish, Inc 400 325 Private
9. Olympic Panel Products 340 280 Manufacturing
10. Squaxin Indian Tribe 237 249 Tribal
11. Simpson Timber 360 170 Timber
12. Fir Lane Health 140 153 Health Care
13. Island Enterprises 104 145 Tribal
14. Alderbrook Resort 125 125 Hotel/Spa
15. Skokomish Indian Tribe 130 124 Tribal
16. Safeway 96 121 Grocery
17. Mason County PUD 3 116 116 Utilities
18. Fred Meyer 114 115 Retail
19. City of Shelton 127 105 Gov’t
20. Mason County Forest Products 177 101 Timber
Is Mason County job opportunities akin to other rural Counties in the Nation?
May 27th, 2009
A Time of Remembering
On Monday May 25, 2009 at 1200 hours, Veterans, families and community members gathered together in the Allyn Waterfront Park for a Memorial Day Observance. This event has been a North Mason Tradition for the past 10 years. The event was presented by the Allyn Community Association, North Mason Chamber of Commerce and the Port of Allyn.
Our close nit community’s Observance of Memorial day is very special. There is a part within the program where attending Veterans are given a moment to speak about their service, share a war tale or two and to remember and give thanks for those whose gave the ultimate sacrifice.
This year we paid special tribute to those “Greatest Generation” Veterans who served during World War II and Korea. We also recognized the spouses and families who kept the home fires burning and made sacrifices for the nation during that time. We even heard from a “Rosie the Riveter” who shared a few stories.
Each time I host this portion of the program, I am humbled and awed by the number of Veterans who turn out. The living history these veterans offer is extraordinary. All branches of the Services are represented. All the Veterans share a unique bond of Brotherhood.
In fact, many of the Veterans have expressed that, although this is one of the toughest Veteran Events for them to attend, it is also the most Healing.
I too am a Veteran. I served in Vietnam with the 25th Infantry Division - March 68 to March 69. Memorial Day is very special to me. It is a time of Remembering. I will not let people forget the sacrifice of the fallen.
Freedom isn’t Free! Those who fight for Freedom do so in belief of it!
May 12th, 2009
Pending Real Estate Sales up for April 09 in Mason County
A review of the April 2009 pending real estate statistics for Mason County had a 5.7% positive growth compared to April 08. In April 08 there were 70 pending and for April 09 pending sales numbered 74.
Property for sale was down 17.1% for April 09 at 734 active listings compared to the 885 active’s a year ago. The same goes for Sold properties where there were 47 recorded sales in April 09 compared to the 63 Sold in April 08.
Months of Inventory based on Closed Sales went lower from March 09 of 21.0 to 15.6 for April 09. The Months of Inventory based on Pending Sales was 9.9 for April 09.
The Average Active List Price was slightly higher in April 09 at $305,000. The Average Sold price in April was $146,000 compared to the $155,000 a year ago. Average sq. ft price County wide was $104.00 per foot. A year ago at this time it was $155.00.
The Sold Price to List Price percentage difference for April 09 was 96% compared to a year ago at 97%, not to bad. However, the Sold Price to Original List Price percentage difference was 89% in April 09.
Days on Market averaged 108 days for those properties that sold. The Median price was $140,000.