Kitsap Real Estate Market Report for January 2007
Median list and sale prices rose slightly. Inventory increased after declining for the past 3 months. Our perception is that buyer activity increased in January, but inventory turnover is the slowest we have seen in the past several years. We’re hoping for a market up tick next month.
Residential Highlights
As expected at the beginning of the year, Kitsap County residential inventory in January (1586 listings) was up 11% from December following 3 straight months of decline. The January inventory was 45% higher than last year, about the same as last month. 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 up 12% from a year ago (but the sample is small). The number of YTD closed sales is down by 8% compared to a year ago - an improvement over minus 12% last month. Bainbridge Island closed sales are up 38% from a year ago (but the sample is small).
Prices are stable...
The median sales price of $280,000 increased 1.8% after remaining flat for the final 4 months of last year. This is up 9% from a year ago.
Seller expectations...
The median list price for the year remained steady at $349,975, about the same as last month. This is about 8% higher than a year ago. The inventory turnover (total homes on the market divided by number sold last month) is 7.4 months, up from 5.2 months in December. A year ago this number was 4.7 months, already reflecting a market slowdown from its 2005 levels. Today a seller has a 14% chance of selling his/her home in a given month. Competitive pricing is essential, and most offers we see presented are negotiating on price.
