In 2016, voters backed the establishment of a fast ferry system bridging Downtown Seattle to Kingston, Southworth, and Bremerton. The Seattle-Bremerton route opened the following year, making travel between these two areas more convenient.
This new transport route has somehow affected the local property market and real estate professionals couldnt be happier about it.
Unlocking new opportunities
K5 News reported recently that about 130 homes have been sold in the Kitsap County, where Bremerton is located. The said figure might not seem significant at first. It becomes impressive when you realize that these homes were all sold above $700,000. It seems that Kitsap Transit did not just open a new transport route but also a new luxury real estate market.
In fact, high-end properties in Kitsap are typically on the market for just 60 to 90 days. Theyre flying off the shelves, despite their hefty asking price. There are even reports of homes being snapped up in just a matter of days.
The most in-demand properties in the area are waterfront homes that provide access to private beaches and views of the nearby Olympics Mountains. As it usually is with luxury home buyers, they look for homes that offer deluxe amenities and are practically move-in ready with little modification needed.
A tale of two counties
Census data shows that the Kitsap and Seattle real estate markets are more closely linked than most people think. Between 2012 and 2016, about 2,200 people moved to King County from Kitsap County; conversely, 1,786 people chose to leave Kitsap to live in King County.
In many ways, the two areas are the perfect foil for each other. Seattle, one of the biggest metropolises in the country, offers all the conveniences and excitement of a major city. Kitsap County, just across the water, offers idyllic living with gorgeous views of islets and mountain ranges.
For buyers owning high-end properties in Seattle, Kitsap is an attractive locale for buying a second home. They can do so either for investment or as a getaway from the urban bustle.
Meanwhile, Kistap Countys burgeoning real estate market is also buoying real estate prices in surrounding counties, including King County where Seattle is.
Coupled with the fast ferry services connecting these two places, its now easier than ever to travel between these two in-demand markets.
Encouraging signs ahead
Overall, the local real estate market is still striving to balance supply and demand, and current conditions here make it more of a sellers market. More real estate figures show that home values have increased at four times the inflation rate since December 2014. With buyer attention now also trained toward surrounding counties, both buyers and sellers will see this as good news.
Hence, now is an excellent time to invest in a home in either Seattle or Kitsap County. If you need help in looking for your dream home, dont hesitate to contact the Metropolist Group at 2016-623-5118 or via [email protected].