Kitsap Real Estate Local Markets in October
This article seeks to explore some of the significant variations in the Kitsap Real Estate market. Overall, inventory turnover has continued to decline (takes longer to sell the existing inventory), particularly on Bainbridge Island. 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. Some areas still have rising inventory (Bainbridge and Bremerton). Median prices everywhere show the prospect that they may soon start to drop. The Bainbridge Island market has slowed significantly in the past 3 months as turmoil in the financial markets has damped what has been good year for the sale of upscale homes. Bremerton continues to be slow but may have picked up a hair. Silverdale looks a lot like it did last year. Poulsbo is hot, but the resale market in Poulsbo is much like resales elsewhere in the County. 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 October, up about 5% from a year ago. Kitsap County median prices were up about 7% over the past year. The YTD number of Bainbridge closed sales is down 1% from a year ago, and the YTD number of pending sales is down 2%. The Bainbridge market activity has dropped steadily over the past several months after being up for most of the year compared to 2006. The number of closed sales is down 17% Countywide from a year ago. The number of active listings on Bainbridge (246) is up 22% from a year ago. Unlike most of the County the inventory is still rising, whereas overall we are seeing it decline 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 24.6 months, up sharply from 7.3 months reported last month. Bainbridge Island is a buyers market.
Bremerton Real Estate
Homes in Bremerton were selling for a median price of about $215,960 at the end of October, up about 8% from a year ago. Kitsap County median prices were up 7% over the past year. The YTD number of closed sales is down 28% from a year ago, and the YTD number of pending sales is down 21%. The number of active listings (274) is up 47% from a year ago, and the inventory turnover (total homes on the market divided by number sold last month) is 8.8 months. Bremerton is a buyers market. Whereas the County listing inventory fell this month by 4.3%, the Bremerton inventory is still increasing, up 8.3% from last month.
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 $365,000 at the end of October, up about 9% from a year ago. The median price rose last month after falling the past several months. Fluctuations occur because of the relatively small number of sales. Kitsap County median prices were up 7% over the past year. The YTD number of closed sales is down 16% from a year ago, and the YTD number of pending sales is down 9%. The number of closed sales is down 17% Countywide from a year ago. The number of active listings in Kingston (96) is up 30% from a year ago, and the inventory turnover (total homes on the market divided by number sold last month) is 10.7 months.
Poulsbo Real Estate
Homes in Poulsbo were selling for a median price of about $354,956 at the end of October, up about 1.4% from a year ago. Kitsap County median prices were up 7% over the past year. The number of closed sales YTD has increased 12% compared to last year, and the number of YTD pending sales has increased 39%, 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 (140) has risen by 2.9% compared to a year ago. The inventory turnover (total homes on the market divided by number sold last month) is 7.4 months.
Silverdale Real Estate
Homes in Silverdale were selling for a median price of about $318,500 at the end of October, up about 1% from a year ago. The number of YTD closed sales was about the same as 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 up 3.2% from a year ago. The number of active listings in Silverdale (133) is up 30% compared to a year ago, and and the inventory turnover (total homes on the market divided by number sold last month) is 7.4 months.
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