Condo-Mints in Kitsap County WA?

A recent article in our local newspaper, the Kitsap Sun, written by Josh Farley, highlighted the apparent surge of growth in the condo market here on the Kitsap Peninsula WA. In the article, Mr. Farley reports that median condo prices in Kitsap County have soared dramatically from $186,450 a year ago up to $320,075, a 72% increase (according to numbers from the Northwest Multiple Listing Service).

To what do we attribute such explosive escalation of local condo prices? Will these prices continue to be sustained?

Inquiring minds want to know!!! If you want the answers to these and other 'provocative' questions, simply click through to SOUNDBITEBLOG (opens up into a separate window)

another fun, yet thought-provoking article by Sparky

Posted Friday Aug 17

( 08/18/07 12:14AM ) — Pasadena CA Real Estate - Irina Netchaev

That's quite an increase in a year. WOW!

( 08/18/07 10:47AM ) — Jay McGillicuddy~Real Estate Broker

We too had an increase in condo prices and activity is still strong. When people can't afford single family homes condos sure do seem like a great alternative. I hear the Seattle area is not experiencing the downturn most of us here in the rest of the country are experiencing.

( 08/18/07 03:29PM ) — Rich Jacobson ~ ActiveRain Community Builder

Irina - the numbers are extremely influenced by some high-end waterfront developments on Bainbridge Island and in Bremerton. Without those, the increase would have been significantly lower.

( 08/18/07 03:31PM ) — Rich Jacobson ~ ActiveRain Community Builder

Jay - the greater Seattle area is still doing very well. We've slowed here somewhat. 37% more inventory at this point of the year, compared to the same period in 2006. Same amount of buyers, just more to choose from. I actually prefer the current market myself. Weeds out the wannabes and part timers.