Average sales price in 2021 = $911,586 / Up 7.1%
Understanding the 2022 real estate market requires historical data from 2021 sales. They are the comps upon which 2022 listings are based.
The following is every 2021 real estate listing on Port Orchard with saltwater frontage taken directly from the Northwest Multiple Listing Service (NWMLS). Not include in this list is manufactured homes, condominiums, and land sales – only “single-family homes”. Most listings closed however some were still for sale when the data was taken while others were either withdrawn (With) or expired (Exp) – some perhaps more than once. Those not closed in 2021 were also not included.
To determine the new average price, each dot on this chart is a waterfront home sale from the listing chart above, placed on the chart by its price verses its square footage. The red line is a mathematical average calculated from these dots to determine the average sale price at any given size of home. Prices vary according to beach frontage, tideland rights, the proximity and access to the beach, a dock, the home’s condition & lot size however price per square foot is an appraiser’s approach to comparing area values.
The same dots are now marked by the sale price vs. how much time it took to sell. This shows how active this market was in 2021. The “time to sell” is defined from the day it is listed to the day it closes. That includes showings and an average of 45 days of escrow. Some areas close quicker but for example, a home “sold” in June was probably negotiated in April or May. Sellers should be prepared to move quickly.
I am often asked, “When is the best time to list my home?” My answer – When people are buying. This is the buying pattern in the Port Orchard area. Why is it different? Each beach is different depending upon the concentration of full-time residents’ verses vacation property.