Kitsap Real Estate Market Trends
Kitsap County Market Activity is softening more noticeably than earlier this year.
Residential Highlights…
Kitsap County’s residential inventory in July (1715 active listings) was up 5% from June. The July inventory was 48% higher than a year ago, down from 52% higher last month. Even the exception in Kitsap County’s rising inventory, Bainbridge Island, has a rising inventory with an 7% increase (it was up 13% last month). The number of YTD pending sales in July was down 10% compared to a year ago - about the same as last month. Note that Bainbridge Island pending sales YTD are down 23% from a year ago. The number of YTD closed sales is down by 8% compared to a year ago - a little worse than last month (when it was 6% lower). Bainbridge Island closed sales YTD are down 26% from a year ago. Inventory is up substantially while actual sales are behind last year’s numbers. If you look just at last month’s closed sales, they are down 15% compared to a year ago, and on Bainbridge Island last month’s sales were down 45%. It looks like the market is continuing to slow down.
Appreciation Continues…
Average sales prices continue to appreciate. The median sales price of $270,000 countywide was up 11% from a year ago, (13% last month). We expect appreciation to level off in the coming months, but since January the median sales price has risen 5.1%.
Seller Expectations…
The median list price has risen 6.7% since January, so you can see that the sellers and agents have expected prices to rise faster than actual results (closed sales have only risen 5.1%). The inventory turnover of homes on the market, as calculated by total number of homes on the market divided by number sold last month, is 4.4 months. A year ago this number was 2.5 months. Based on this a seller’s home has a 23% chance of selling in any given month now versus a 40% chance a year ago. Competitive pricing is much more of a factor now than last year.
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