Tuesday, June 26, 2007
Kitsap Real Estate May Market Breakdown by Area
The Kitsap County real estate market has some significant variation between regions. The hot market in Bremerton has cooled and inventory has risen dramatically, while the Poulsbo inventory is actually lower now than last year and the market looks pretty good; however, facts can be deceiving. Silverdale real estate prices have dropped 2.8% from a year ago, which has actually helped sales revive. Read on for more details.
Bainbridge Island Real Estate
Homes on Bainbridge Island were selling for a median price of about $660,000 at the end of May, up about 11% from a year ago but about the same as at the beginning of 2007. Kitsap County median prices were up 9% over the past year. The YTD number of closed sales is up 11% from a year ago, and the YTD number of pending sales is up 14%. These are comparatively good numbers - the number of closed sales is down 10% Countywide from a year ago. The number of active listings (242) is up 46% from a year ago, and the inventory turnover (total homes on the market divided by number sold last month) is 6.9 months. Despite the relative improvement in sales this year, this continues to be a buyers market.
Bremerton Real Estate
Homes in Bremerton were selling for a median price of about $209,000 at the end of May, up about 9% from a year ago. Kitsap County median prices were up 9% over the past year. The YTD number of closed sales is down 23% from a year ago, and the YTD number of pending sales is down 19%. One must recall that the Bremerton real estate market was much better than most other parts of the County last year - essentially it had the same numbers as in 2005 with 10% appreciation - so the decline in Bremerton still represents a healthier market than in some other parts of the County. The number of active listings (230) is up 63% from a year ago, and the inventory turnover (total homes on the market divided by number sold last month) is 7.4 months. Bremerton is a buyers market.
North Kitsap Real Estate
Using the example of Kingston - the largest housing market in North Kitsap - homes were selling for a median price of about $380,000 at the end of May, up about 15% from a year ago. Kitsap County median prices were up 9% over the past year. The YTD number of closed sales is up 19% from a year ago, and the YTD number of pending sales is up 7%. These are comparatively good numbers - the number of closed sales is down 10% Countywide from a year ago. The number of active listings (83) is up 20% from a year ago, and the inventory turnover (total homes on the market divided by number sold last month) is 11.9 months - highest in our group - though with relatively small numbers of listings and sales, large swings in the data will be possible.
Poulsbo Real Estate
Homes in Poulsbo were selling for a median price of about $356,500 at the end of May, up about 10% from a year ago. Kitsap County median prices were up 9% over the past year. While Poulsbo had the 2nd highest median sales price in the County at the start of 2007, other areas have now moved ahead, and the relatively lower prices in Poulsbo have resulted in more sales. The number of closed sales YTD has increased 36% compared to last year, and the number of YTD pending sales has increased 58%, though a large portion of that increase is from presales of one moderately priced new construction development - homes that never appreared as active listings. The listing inventory has fallen by 3% compared to a year ago - everywhere else inventory is rising. The inventory turnover (total homes on the market divided by number sold last month) is 6 months, better than most other areas.
Silverdale Real Estate
Homes in Silverdale were selling for a median price of about $302,500 at the end of May, down 2.8% from a year ago. Most other areas still show an increase in sales price from the previous year (up 9% overall), so the market pressure has been taking more of a toll in Silverdale. The number of YTD closed sales was 15% higher than a year ago, compared to a drop in closed sales of 10% for the County as a whole. The number of pending sales YTD is up 6% compared to a year ago. The number of active listings (124) is up 39% compared to a year ago, and and the inventory turnover (total homes on the market divided by number sold last month) is 4.96 months, better than most other parts of the County.
Statistics not compiled or published by NWMLS
