Monday, July 23, 2007
Kitsap Real Estate Local Markets in June
The Kitsap County real estate market has some significant variation between regions. The hot market in Bremerton has cooled and inventory has risen dramatically, while the Poulsbo inventory is actually lower now than last year. The Bainbridge Island market looks relatively good.
Bainbridge Island Real Estate
Homes on Bainbridge Island were selling for a median price of about $670,000 at the end of June, up about 5% from a year ago. Kitsap County median prices were up about 9% over the past year. The YTD number of Bainbridge closed sales is up 7% from a year ago, and the YTD number of pending sales is up 16%. These are comparatively good numbers - the number of closed sales is down 14% Countywide from a year ago. The number of active listings (240) is up 45% from a year ago, and the inventory turnover (total homes on the market divided by number sold last month) is 5 months.
Bremerton Real Estate
Homes in Bremerton were selling for a median price of about $214,000 at the end of June, up about 11% from a year ago. Kitsap County median prices were up 9% over the past year. The YTD number of closed sales is down 28% from a year ago, and the YTD number of pending sales is down 26%. One must recall that the Bremerton real estate market was much better than most other parts of the County last year - essentially it had the same numbers as in 2005 with 10% appreciation - so the decline in Bremerton still represents a healthier market than in some other parts of the County. The number of active listings (246) is up 71% from a year ago, and the inventory turnover (total homes on the market divided by number sold last month) is 7.2 months. Bremerton is a buyers market.
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 $382,154 at the end of June, up about 14% from a year ago. Kitsap County median prices were up 9% over the past year. The YTD number of closed sales is down 4% from a year ago, and the YTD number of pending sales is down 18% These were both up last month. The number of closed sales is down 14% Countywide from a year ago. The number of active listings (100) is up 49% from a year ago, and the inventory turnover (total homes on the market divided by number sold last month) is 14.2 months - highest in our group. Kingston activity has slowed noticably in the last month.
Poulsbo Real Estate
Homes in Poulsbo were selling for a median price of about $355,660 at the end of June, up about 11% from a year ago. Kitsap County median prices were up 9% over the past year. While Poulsbo had the 2nd highest median sales price in the County at the start of 2007, other areas have now moved ahead, and the relatively lower prices in Poulsbo have resulted in more sales. The number of closed sales YTD has increased 14% compared to last year, and the number of YTD pending sales has increased 45%, though a large portion of that increase is from presales of one moderately priced new construction development - homes that never appreared as active listings. The listing inventory has fallen by 15% compared to a year ago - everywhere else inventory is rising. The inventory turnover (total homes on the market divided by number sold last month) is 5.9 months, better than most other areas.
Silverdale Real Estate
Homes in Silverdale were selling for a median price of about $305,000 at the end of June, down 3.1% from a year ago. Most other areas still show an increase in sales price from the previous year (up 9% overall), so the market pressure has been taking more of a toll in Silverdale. The number of YTD closed sales was 10% higher than a year ago, compared to a drop in closed sales of 14% for the County as a whole. The number of pending sales YTD is up 1.5% compared to a year ago. The number of active listings (138) is up 50% compared to a year ago, and and the inventory turnover (total homes on the market divided by number sold last month) is 5.75 months.
Statistics not compiled or published by NWMLS
