Thursday, October 11, 2007
Kitsap Real Estate Local Markets in September
The Kitsap County real estate market has some significant variation between regions. The Bainbridge Island market has lost some steam in the past 2 months as turmoil in the financial markets has damped what has been good year for the sale of high end homes. Generally inventory turnover has continued to slow, but some areas (Poulsbo, Silverdale, Kingston) did improve in the past month. Listing inventory dropped for the first time since the start of the year, indicating that some sellers are taking their properties off the market until spring. Here is a breakdown by area.
Bainbridge Island Real Estate
Homes on Bainbridge Island were selling for a median price of about $680,000 at the end of September, up about 9% from a year ago. Kitsap County median prices were up about 5% over the past year. The YTD number of Bainbridge closed sales is up 6% from a year ago, and the YTD number of pending sales is up 3%. These are comparatively good numbers, but the gains over last year have been shrinking the past several months. The number of closed sales is down 17% Countywide from a year ago. The number of active listings on Bainbridge (233) is up 12% from a year ago, and like the rest of the County the inventory is now declining as sellers take their homes off the market until next year. The inventory turnover (total homes on the market divided by number sold last month) is 7.3 months. Bainbridge Island is a buyers market.
Bremerton Real Estate
Homes in Bremerton were selling for a median price of about $215,000 at the end of September, up about 8% from a year ago. Kitsap County median prices were up 8% over the past year. The YTD number of closed sales is down 30% from a year ago, and the YTD number of pending sales is down 24%. The number of active listings (253) is up 44% from a year ago, and the inventory turnover (total homes on the market divided by number sold last month) is 8.4 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 $350,000 at the end of September, up about 4.5% from a year ago. The median price has fallen significantly in the past 3 months (from $382,154 in June). Kitsap County median prices were up 8% over the past year. The YTD number of closed sales is down 18% from a year ago, and the YTD number of pending sales is down 7%. The number of closed sales is down 17% Countywide from a year ago. The number of active listings in Kingston (105) is up 36% from a year ago, and the inventory turnover (total homes on the market divided by number sold last month (just 3 homes)) is 35 months, worst among areas in our sample.
Poulsbo Real Estate
Homes in Poulsbo were selling for a median price of about $355,000 at the end of September, up about 1.4% from a year ago. Kitsap County median prices were up 8% over the past year. The number of closed sales YTD has increased 18% compared to last year, and the number of YTD pending sales has increased 45%, though a large portion of that increase is from presales of one moderately priced new construction development - homes that never appeared as active listings. The Poulsbo listing inventory (137) has fallen by 1.4% compared to a year ago. The inventory turnover (total homes on the market divided by number sold last month) is 6.5 months.
Silverdale Real Estate
Homes in Silverdale were selling for a median price of about $319,000 at the end of September, up about 1% from a year ago. The number of YTD closed sales was down 1% from a year ago, compared to a drop in closed sales of 17% for the County as a whole. The number of pending sales YTD is down about 2.4% from a year ago. The number of active listings in Silverdale (139) is up 35% compared to a year ago (it was up 70% last month), and and the inventory turnover (total homes on the market divided by number sold last month) is 6.3 months.
Statistics not compiled or published by NWMLS
