Kitsap Real Estate Market Activity - Nov 2006
Median list and sale prices have stabilized. Inventory fell significantly in November as sellers allowed their listings to expire or canceled their listings.
Residential Highlights
Kitsap County residential inventory in November (1679 listings) was down 9% from October. After seeing inventory rise all year, it dropped 4% last month and now another 9%. Sales continue to lag behind last year by a fairly constant amount, so the decrease is not because of an uptick in the market. Instead, about 110 sellers canceled their listings and another 100 or so chose to let their listings expire and did not relist. The November inventory was 46% higher than last year, down from 51% higher last month. Bainbridge Island inventory was 54% higher than a year ago, up from 52% 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 20% from a year ago. Last month’s Kitsap County closed sales were only 7% lower than a year ago - the market looks like it is stabilizing.
Prices are stabilizing...
The median sales price of $275,000 was up 10% from a year ago and steady for the 3rd straight month. Since January it has risen 7%.
Seller expectations...
The median list price for the year rose to $349,900 from $349,500 in October, 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 6 months, same as last month. A year ago this number was 3.8 months - the market then was already beginning to soften. Today a seller has a 17% 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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