Kitsap Real Estate Local Markets in July
The Kitsap County real estate market has some significant variation between regions. The Bainbridge Island market still looks relatively good. Generally inventory turnover is slowing significantly in most areas and the listing inventory continues to rise. Here is a breakdown by area.
Bainbridge Island Real Estate
Homes on Bainbridge Island were selling for a median price of about $671,250 at the end of July, up about 5% from a year ago. Kitsap County median prices were up about 9% over the past year. The YTD number of Bainbridge closed sales is up 13% from a year ago, and the YTD number of pending sales is up 13%. These are comparatively good numbers - the number of closed sales is down 16% Countywide from a year ago. The number of active listings (249) is up 41% from a year ago, and the inventory turnover (total homes on the market divided by number sold last month) is 6 months.
Bremerton Real Estate
Homes in Bremerton were selling for a median price of about $213,000 at the end of July, up about 8% from a year ago. Kitsap County median prices were up 9% over the past year. The YTD number of closed sales is down 31% from a year ago, and the YTD number of pending sales is down 24%. 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 (250) is up 54% from a year ago, and the inventory turnover (total homes on the market divided by number sold last month) is 7.8 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 $364,500 at the end of July, up about 9% from a year ago. The median price has fallen significantly in the past month (from $382,154 last month). Kitsap County median prices were up 9% over the past year. The YTD number of closed sales is down 6% from a year ago, and the YTD number of pending sales is down 8%. The number of closed sales is down 16% Countywide from a year ago. The number of active listings (97) is up 34% from a year ago, and the inventory turnover (total homes on the market divided by number sold last month) is 8.8 months.
Poulsbo Real Estate
Homes in Poulsbo were selling for a median price of about $356,000 at the end of July, up about 6% from a year ago. Kitsap County median prices were up 9% over the past year. The number of closed sales YTD has increased 16% compared to last year, and the number of YTD pending sales has increased 52%, 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 listing inventory has risen by 5% compared to a year ago. This is a reversal from the past several months, where Poulsbo’s listing inventory was actually lower than it was last year. The inventory turnover (total homes on the market divided by number sold last month) is 7 months.
Silverdale Real Estate
Homes in Silverdale were selling for a median price of about $314,000 at the end of July, about the same as a year ago. Most other areas still show an increase in sales price from the previous year (up 9% overall). The number of YTD closed sales was about the same as a year ago, compared to a drop in closed sales of 16% for the County as a whole. The number of pending sales YTD is down 5.5% compared to a year ago. The number of active listings (150) is up 74% compared to a year ago, and and the inventory turnover (total homes on the market divided by number sold last month) is 7.1 months.
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