It was a rare find — the three-bedroom, two-bathroom Seabeck home with stunning views of Big Beef Harbor and the Olympic Mountains that was listed on the market this summer had never before been put up for sale.
The "extremely rare and legacy-making" 6-acre property boasts more than 400 feet of western-facing waterfront tidelands with access to a private beach that has "world-class" shellfishing and fishing opportunities, in addition to a separate guest house and private pier, according to the property listing.
The opportunity to snap up the home didn't last long. The property sold for more than $2.9 million in November after spending just over a month on the market.
In the past year, more than 130 homes in Kitsap County — not including properties sold on Bainbridge Island — have sold at prices higher than $700,000, which is what many local brokers consider the threshold for luxury properties in the area.
More than 30 of those homes sold for more than $1 million.
Unlike Kitsap's stiffly competitive housing market for more affordable properties, buyers seeking out properties in Kitsap's high-end real estate market have a greater supply of available homes to choose from with fewer people in the marketplace to compete with.
"It's a really healthy market, it's a strong market at million and above," said Brian Wilson, a broker with the John L. Scott office in Poulsbo.
Brokers consider a market to be balanced when it has three to six months' supply — calculated based on how long it would take to sell all of the homes currently listed on the market.
Kitsap County has about three to four months of inventory in the luxury price range. That's compared to the market's overall supply of less than two months, according to Northwest Multiple Listing Service.
Luxury homes are currently spending about 60 to 90 days on the market, but that doesn't mean some homes aren't snapped up only a few days after they were listed "if they're exquisite and just what people are looking for," Wilson said.
Generally, Wilson finds luxury home seekers are choosy when it comes to the amenities they'd like to have on their new properties, which is one of the primary factors why homes often sit on the market for a while.
"Buyers in the higher-end luxury market are very selective of what they want. They have a very big list," Wilson said. "What they're all looking for is their unicorn property, whatever that is to them, and they're willing to spend a lot of time and wait for that."
Such buyers are often looking for their dream retirement property, where they can host gatherings for their friends and extended family, Wilson said.
The most sought-after homes in this price range often include waterfront property with beach access and views of the Olympic Mountains, downtown Seattle or active shipping lanes with marine traffic. Buyers look for secluded properties where they can spread out in their own private getaway.
Wilson has also found that many luxury buyers look for properties that are essentially move-in ready, with few changes that need to be made when picking up the keys to their new house.
"For sellers, it's super important when it comes to high-end buyers don't want to do any work to the property," Wilson said. "It needs to be ready to go — no structural problems, anything that needs to be done needs to be done."
Those looking to make a sale also need to be conscious of the demand in the marketplace and make their listing priced appropriately, Wilson said.
"We're not in a market anymore where you can just pull a number out of a hat and expect it to sell," Wilson said. "Those are the properties that will sit and sit and sit. Price it well if you really want to sell."
A large portion of Wilson's clients is looking to move to Kitsap from outside the county or state, since they're able to find luxury features for much less than it would cost them elsewhere.
"Kitsap looks like a relative bargain in terms of lifestyle, in terms of what you'd get for your money in Seattle," Wilson said.
With the start of Kitsap Transit's fast ferry service from Kingston to Seattle, North Kitsap has become a hot market for those seeking luxury homes.
"Kingston has started really gain traction over the past year and it's continued, spread to pretty much all of North Kitsap," Wilson said.
That demand has spread to Hansville, Suquamish, Indianola and Poulsbo, and Wilson expects it will likely continue on into other neighboring markets.
The housing markets in Seabeck, Bremerton and Tracyton have either remained flat or softened as people look for housing closer to transit hubs.
Across Sinclair Inlet, the Port Orchard and Manchester housing markets have softened as well, but Wilson predicted they could pick back up once Kitsap Transit starts fast-ferry service from Southworth to Seattle.
"What we're seeing there is sellers are ahead of the curve in terms of buyers, in terms of the Southworth ferry," Wilson said. "Buyers haven't really picked up on that yet, so there's a lot more properties that have come on the market and are sitting there."
Kitsap's million dollar properties
There have been a number of top-dollar home sales in Kitsap County, excluding Bainbridge Island's submarket, in the last year. Take a lot at some of the five most expensive sales of 2018 through October:
Suquamish
A three-bedroom, two-bathroom home sitting on more than 5 acres of waterfront property in Suquamish sold for $2.1 million in September after spending two months on the market.
The Craftsman-style home, built in 2006, features an open-concept floor plan with heated floors and vaulted ceilings. The property includes more than 200 feet of low-bank waterfront with private beach access, according to the property listing.
View the listing here.
Brownsville
A waterfront property, complete with a sweeping patio and beach access, sold for $1.8 million in September.
The property listing boasts "true resort lifestyle amenities," including a pool and an outdoor kitchen.
View the listing here.
West Bremerton
A western-facing waterfront home complete with a boat launch and a long deep-water dock sold in West Bremerton for $1.5 million in June.
The two-bedroom, two-bathroom home rests on almost an acre of land alongside a two-bedroom guest house above a three-car garage, according to the property listing.
View the listing here.
Poulsbo
A gated "mini-estate" in Poulsbo with waterfront views of Puget Sound sold for almost $1.5 million dollars in September.
The five-bedroom, four-bathroom property rests on almost 2 acres with views of the Olympic Mountains and access to 200 feet of a sand and pebble beachfront that promises to be a great spot for fishing and bonfires, according to the property listing.
View the listing here.
Lofall
A three-bedroom, two-bathroom "heirloom quality" waterfront estate in Lofall with views of Hood Canal sold for $1.3 million in July.
The home, which was put on the market for the first time in 60 years, rests upon 1.6 acres of an "exceptionally" private plot that features more than 200 feet of sand and pebble beach front access in addition to views of Mt. Baker and the Olympic Mountains, according to the property listing.
View the listing here.
