Recent Addition, West Sound Waterfront Market Graphs
New Jefferson County Shoreline Management Plan
There is a new Shoreline Management Plan nearing completion for Jefferson County. Mandated by Washington State under the Washington State Shoreline Management Act of 1971, the new plan fulfills the requirement for each county to develop a plan governing the saltwater and freshwater shorelines within its boundaries. Jefferson County approved the new plan in December 2009 and has submitted it to the state for final review and adoption. The goal of the plan is to provide a set of consistent long-range regulations that both the county and property owners can use to plan future shoreline development.
For most owners of existing waterfront homes, the primary effect will be new definitions of the types of shoreline development, such as stairs or bulkheads, that will be allowed based on a new system of shoreline classifications.
For owners of undeveloped waterfront property, an additional change will be new setback requirements for structures. For saltwater shorelines, there is a standard 150 buffer zone measured from the high water mark, plus a 10-foot setback from the buffer for a total of 160 feet. This means new structures are normally not to be built within 160 feet of the high water mark. There are exceptions to that rule, such as when the combined buffers and setbacks exceed the depth of the lot.
Click on the link below to go to a county web page with a link to the full text of the plan (referred to as Exhibit A) and shoreline maps showing the new shoreline classifications. The setbacks are defined on page 6-5, and the exceptions begin on page 6-6 of Exhibit A.
The new rules are expected to go into effect no earlier than this spring. If you plan development that these new rules would not allow, you can still get approval under the old rules. The best way to do that is to apply for a Site Plan Approval Advance Determination (SPAAD). A SPAAD approval is the county�s statement that it would allow the development defined in the application. Approval is valid for five years. For a more detailed definition of a SPAAD, and the application requirements, click on the link below.
December 09 West Sound Market Graphs
The graphs reached through the link below show the average market time, average list price and average sales price for homes over the past several years for North Kitsap County (NK), Southeast Jefferson County (SEJ) and Bainbridge Island (BI).
The graphs continue to show buyer's markets. Average selling prices have stabilized, with prices continuing to hover at early 2005 levels for all three markets. The BI average selling prices have settled to the level they were at prior to an abrupt spike.
Inventories are declining in all three markets, a typical development caused by owners taking their homes off the market for the mid-winter season. Unit sales in NK in December were up slightly over the level of a year ago and up by about 50% in BI. They were less than half of last year's levels in SEJ.
Market Graphs
December 09 West Sound Market Statistics
| Bainbridge Island | 27-Dec-09 | Trend | |
| Total Active Listings | 172 | Slowly Downward | |
| Average List Price | $974,967 | Moderately Down | |
| Average Market Days (Sold) | 124 | Down | |
| Average Market Days (Active) | 180 | Upward | |
| Number of Pending New Sales | 3 | Steady | |
| Average Sales Price (Closed) | $580,872 | Down | |
| Sales Price to List Price Ratio | 97.90% | Steady | |
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| North Kitsap | 27-Dec-09 | Trend | |
| Total Active Listings | 330 | Down | |
| Average List Price | $425,242 | Down | |
| Average Market Days (Sold) | 89 | Down | |
| Average Market Days (Active) | 136 | Steady | |
| Number of Pending New Sales | 11 | Down | |
| Average Sales Price (Closed) | $319,251 | Slowly Downward | |
| Sales Price to List Price Ratio | 98.59% | Down Slightly | |
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| South East Jefferson | 27-Dec-09 | Trend | |
| Total Active Listings | 442 | Down | |
| Average List Price | $428,675 | Down | |
| Average Market Days (Sold) | 170 | Down | |
| Average Market Days (Active) | 242 | Upward | |
| Number of Pending New Sales | 4 | Down | |
| Average Sales Price (Closed) | $323,372 | Slightly Upward | |
| Sales Price to List Price Ratio | 95.23% | Steady | |
Interest Rates Predicted to Reach 6%
The end of the Federal Reserve program that buys mortgage-backed securities will drive rates higher because private buyers will demand more return than the Fed.
"Extraordinary resources have been put into keeping the rates down and supporting the mortgage markets and it's hard to imagine that the rates can go much lower than they are," Crews Cutts said. "Anything we get at or below 5 percent is a gift at this point."
Source: Washington Post, Dina ElBoghdady (12/26/2009)
Homebuyer Tax Credit Extended and Expanded
NAR Issue Brief - Homebuyer Tax Credit
