Sunday, July 06, 2008
Kitsap Local Real Estate Markets in May
We have published this article monthly for most of the past year to explore some of the significant variations in the Kitsap Real Estate market. At the end of the first quarter the national home price data reported in the Case Shiller Index showed a drop of 14.1% compared to a year earlier. At the end of 2007, the index showed only an 8.9% drop. This story, of accelerating price drops across the nation, while not obvious in our local market, has been taking place here the same way it has been taking place in other parts of the country. Areas of lower priced homes where more subprime loans occurred have steeper price drops than in the higher priced areas. Foreclosure sales are a greater percentage of the sales in these areas too. Below are graphs of the month-to-month market fluctuations of total listings, number of closed sales, and median sales price for each areas. The descriptive comments for each area below cite the more consistent year-to-date numbers.
Total listings on the market by month for various Kitsap communities
Number of Closed Sales each month for various Kitsap communities
Variations in Median Price Month by Month for Closed Sales in various Kitsap communities
Bainbridge Island Real Estate
Residential homes on Bainbridge Island were selling for a YTD median price of about $640,000 at the end of May, a drop of 1.5% from a year ago. The May YTD median price for closed sales was about half a percent lower than last month’s median price; however, it is noteworthy that the median price for closed sales occurring in May ($537,000) was down 12% from the price of closed sales in April ($607,000). This is the second month in a row where monthly closed sale prices have dropped significantly. Kitsap County YTD median price has fallen 6.6% over the past year. The YTD number of Bainbridge closed sales is down 48% from a year ago, and the YTD number of pending sales is down 52%. The number of closed sales is down 26% Countywide from a year ago. The number of active listings on Bainbridge (311) is up 29% from a year ago. The inventory turnover (total homes on the market divided by number sold last month) is 19.4 months, up from 16.7 months last month. Bainbridge Island is a strong buyers market.
Bremerton Real Estate
Statistics we refer to are for that part of Bremerton encompassing the downtown core and west to Kitsap Lake. The market for other parts of Bremerton and its suburbs should have approximately similar trends. Homes in Bremerton were selling for a YTD median price of about $178,000 at the end of May, about 19% lower than a year ago. The May median price for closed sales was 1.3% lower than the median for last month. Kitsap County YTD median price has fallen 6.6% over the past year. The YTD number of closed sales is down 29% from a year ago (compared to a Countywide drop of 26%), and the YTD number of pending sales is down 30% from last year. The number of active listings (252) is up 10% from a year ago, but has been nearly constant for the past 3 months. The inventory turnover (total homes on the market divided by number sold last month) is 10.5 months, an improvement from 11.8 months last month. The Bremerton market is weak, but showing signs that it is stabilizing.
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 $340,000 at the end of May, down about 11% from a year ago and down about 18% from last month. Kingston prices fluctuate more than some of the other markets because of the lower listing and sales volume. Kitsap County YTD median price has fallen 6.6% over the past year. The YTD number of closed sales is down 44% from a year ago, and the YTD number of pending sales is down 43%. The number of closed sales is down 26% Countywide from a year ago. The number of active listings in Kingston (104) is up 25% from a year ago and up 5% since last month. The inventory turnover (total homes on the market divided by number sold last month) is 17 months. Kingston is a buyer’s market.
Poulsbo Real Estate
Statistics we refer to are for that part of Poulsbo encompassing the downtown core, from the head of Liberty Bay southeast to Ne-Si-Ka Bay, including parts north to Sawdust Hill Rd. The market for other parts of Poulsbo and its suburbs should have approximately similar trends. Homes in Poulsbo were selling for a median price of about $325,372 at the end of May, down about 9.3% from a year ago. Kitsap County YTD median price has fallen 6.6% over the past year. The number of closed sales YTD is down 6% from a year ago, and the number of YTD pending sales is down by 31%. This compares to a drop of 26% in YTD closed sales compared to a year ago for Kitsap County as a whole. That portion of currently pending sales coming from new construction presales (29 of 42) has fallen significantly, so the pace of new construction sales is falling. The Poulsbo listing inventory (176) has risen by 48% compared to a year ago and is up 3.5% since last month. The inventory turnover (total homes on the market divided by number sold last month) is 12.6 months.
Silverdale Real Estate
Homes in Silverdale were selling for a YTD median price of about $305,000 at the end of May, up less than a percent from a year ago. The YTD median rose about 4% from its value last month after falling significantly the previous two months. The May median closed sale of $315,500 was about the same as the May median a year ago. Kitsap County YTD median price has fallen 6.6% over the past year. The number of YTD closed sales was down 41% from a year ago, compared to a drop in closed sales of 26% for the County as a whole. The number of pending sales YTD is down 42% from a year ago. The number of active listings in Silverdale (141) is 14% higher than a year ago. The inventory turnover (total homes on the market divided by number sold last month) is 9.4 months, which makes Silverdale one of the better markets in the County.
Statistics not compiled or published by NWMLS
