What's Hot in Waterfront Property for Kitsap County, WA

Kitsap County, WA, is a beautiful area with stunning coastal views that includes the Kitsap Peninsula, as well as Bainbridge Island and Blake Island. Throughout Western Washington State, waterfront houses are in short supply with rising prices. Kitsap County is no different.

If you’re curious about what types of waterfront homes in Kitsap County are selling the fastest right now, read on.

What You Should Know About Waterfront Homes for Sale in Kitsap County, WA

For anyone interested in buying or selling a waterfront home in Kitsap County, knowing what buyers are most interested in can be very helpful. Here’s what our proprietary data shows.

Waterfront Homes in Kitsap County are Selling Fast

Over the past five years, the length of time Kitsap County waterfront property has spent on the market has steadily decreased. In 2016, the annual median days on market (DOM) for waterfront homes in Kitsap County was 47.5. In 2020, annual median DOM was 20. In the first quarter of 2021, it was just seven.

Here’s a comparison of Kitsap County annual median DOM with a handful of other counties across 2016, 2018, 2020, and the first quarter of 2021. Throughout all of Western Washington State, waterfront homes that sell are spending fewer and fewer days on the market before being purchased. Kitsap County's sold waterfront property is among the fastest selling in the region.

	2016	2018	2020	1st Q, 2021
Kitsap County	47.5	20	20	7
King County	22	19	10	14
Pierce County	56	33	14	6
San Juan County	219.5	144	104	63

Waterfront Home Inventory Has Plummeted in Kitsap County

Kitsap County homes on the waterfront have long been desirable, and there are usually scores of homes on the market for homebuyers to choose from. That is no longer the case.

In 2016, the median monthly inventory for waterfront homes in Kitsap County was 118. In 2018, that number dropped to 64. In 2020? Just 45 homes were on the market each month. During the first quarter of 2021, the median number of waterfront houses on the market in Kitsap County was a meager 18.

Low inventory levels in an already high-demand market have, of course, increased competition between buyers, resulting in higher sales volume and higher selling prices. Here’s exactly what that has looked like in Kitsap County.

• Between 2016 and 2020, the transactional sales volume of waterfront homes in Kitsap County rose from $228,992,672 to $339,577,851 — an increase of 48.29%.
• In 2016, 301 Kitsap County waterfront homes sold. In 2020, the number of waterfront homes that sold in Kitsap County was 292, nine fewer than in 2016, yet the total sales volume increased by $110,585,179 — money that, for the most part, went into the pockets of Kitsap County waterfront homesellers.
• In 2016, the median sold price in Kitsap County was $626,050. In 2020, that figure was $908,000. For the first quarter of 2021, the median sold price was $930,000.

Waterfront Home Sellers in Kitsap County Are Increasingly Getting Their Asking Price — & Then Some

The sales price to listing price (SP/LP) ratio is a helpful way to gauge a particular real estate market’s competitiveness. In 2016, the average sale-to-list ratio for Kitsap County was 95.89%. In 2018, it was 97.32%. In 2020, the SP/LP for Kitsap County was 98.93%. In the first quarter of 2021, the SP/LP was 101.43%. 

Over the past five years, then, the Kitsap County waterfront home market has been getting more and more competitive. This is no surprise as inventory levels are at historic lows. As a result, homesellers in Kitsap County are unlikely to take less than their asking price. In fact, as data from the first quarter of 2021 shows, in many cases, buyers must be willing to offer more than the list price to get the waterfront home they desire.

Waterfront Median Sold Prices are on the Rise in Kitsap County

High desirability coupled with high demand and low supply has resulted in excellent sale prices for homesellers in Kitsap County.  

The median sold price for Kitsap County single-family waterfront residences rose 45.04% between 2016 and 2020. From the first quarter of 2020 to the first quarter of 2021, it rose another 14.96%.

A Look At What Fast-Selling Homes on the Water in Kitsap County Have in Common

While most listed waterfront homes in Kitsap County are selling relatively fast, some are selling faster than others. Here is a closer look at the size, features, and amenities for those waterfront houses in Kitsap County that spent less than 10 days on the market (DOM) during the first quarter of 2021.

Average Square Footage, Price Per Square Foot, and SP/LP

Waterfront homes in Kitsap County that sold in 10 days or less during the first three months of 2021 had an average of 2,160 square feet, while the average square footage for homes that took longer to sell was 3,249 square feet. For waterfront homes that sold in 10 days or less, the price per square foot was $438.45. For those that took more than 10 days to sell, the price per square foot was slightly lower at $426.81. Homebuyers who move fast, then, seem to prefer waterfront homes that are more modest in size.

The sales price to list price ratio (SP/LP) of waterfront houses that sold quickly as opposed to those that took longer to sell sheds more light on what buyers are after and the options home sellers have. Kitsap County waterfront residences that took longer than 10 days to sell saw a SP/LP ratio of 92.55%, meaning that homesellers accepted offers that were more than 7% less than their listing price. Homes that sold in 10 days or less, on the other hand, had a SP/LP ratio of 103.87%. The takeaway? Homes that took longer to sell were listed at prices higher than buyers wanted to pay — even in the current tight market. This likely increased the amount of negotiating involved, which furthered the time to sale. A higher listing price also required many homeowners to accept an offer below their asking price.

Desirable Waterfront Views in Kitsap County, WA

While almost any type of waterfront view is universally enjoyed, some types of views are more desirable than others in terms of how fast a Kitsap County waterfront home sells. Here is a list of the waterfront types and views that homes with a DOM of 10 days or less in the first quarter of 2021 offered.

Waterfront and View Type	Percent of Properties Sold in 10 Days or Less in Q1 2021 with Attribute
Bay View	50%
Mountain View	50%
Puget Sound View	71%
Low Bank or No Bank	64%
Saltwater Waterfront	64%
Bulkhead	43%

Topographical Attributes, Site Features and Amenities

Waterfront homes in Kitsap County offer much more than awe-inspiring views. The land on which a home sits, the site’s features, and a home’s amenities all feature into homebuyers’ preferences. Here are some of the most common topographical traits, site features, and amenities for those Kitsap County waterfront homes that sold in 10 days or less in the first quarter of 2021.

Topography, Site Features, and Amenities	Percentage of Homes with Attribute (Less than 10 DOM - Q1 2021)
Garden Space	64%
Level Ground and/or Partial Slope	71%
Dock	57%
Deck and/or Patio	93%
Full or Partial Fencing	64%
Cable TV	57%
High Speed Internet	50%
Outbuildings	57%
Bath Off Primary Bedroom	79%

 

Contact Washington Waterfronts Today to Buy or Sell a Kitsap County Waterfront Home

Whether you’re looking to sell your waterfront property or you’d like to purchase a new waterfront home, we can help. Our waterfront specialists are knowledgeable, experienced, and dedicated to helping our clients reach their waterfront real estate goals. Contact us today.