Kitsap Real Estate Market Activity in December
Median list and sale prices have stabilized. Inventory fell significantly again in December as sellers allowed their listings to expire or canceled their listings, but this was more the regular seasonal decline than a further indication of weakness in the market.
Residential Highlights
Kitsap County residential inventory in December (1435 listings) was down 15% from November. After seeing inventory rise all year, it dropped 4% in October, 9% last month and now another 15%. Although the inventory drops in October and November were reflective of buyers unable to sell and therefore withdrawing from the market, the decline in December was mostly a seasonal effect (there was a similar decrease last year). We expect the number of listings to increase again in January. The December inventory was 45% higher than last year, about the same as last month. After rising quickly for several months, the Bainbridge Island residential inventory has stabilized at about the same level as the rest of the County. The number of year to date pending sales was down 13% compared to a year ago - same as last month. Bainbridge Island pending sales are down 21% from a year ago. The number of YTD closed sales is down by 12% compared to a year ago - same as last month. Bainbridge Island closed sales are down 21% from a year ago. Last month’s Kitsap County closed sales were 21% lower than a year ago, down from only a 7% decline last month.
Prices are stabilizing...
The median sales price of $275,000 was up 10% from a year ago and steady for the 4th straight month. Since January it has risen 7%.
Seller expectations...
The median list price for the year remained steady at $349,900, an 8% rise since the start of the year compared to a 7% rise in median closed sales price. The inventory turnover (total homes on the market divided by number sold last month) is 5.2 months, down from 6 months last month. A year ago this number was 2.9 months. Today a seller has a 19% chance of selling his/her home in a given month. Competitive pricing is essential, and most offers we see presented are negotiating on price.
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