Each month we publish a snapshot of several local markets to show variations in our larger Kitsap County real estate market. June's inventory of homes for sale (1879) rose 2% from May and is 7% greater than a year ago.  This rise in inventory did not occur last year and may indicate that some sellers who have been waiting to sell are now coming back into the market. The County has a listing inventory turnover rate of about 7.1 months, the a bit less than in May. Inventory turnover varies greatly by price, with some higher price ranges having a turnover greater than 40 months. June's median price ($239,000) fell about 2% compared to May and was also about 2% lower than a year ago.  The number of pending sales in June was down 36% compared to a year ago, and compared to last month regional pending sales fell in most areas.  The links to regional market trends below will show both tables and graphs that further enhance the data reported below. 
 
See Kitsap County graphs at http://www.bprowse.com/kitsap_market_trends

Bainbridge Island Real Estate
Bainbridge Island residential properties were selling for a June median price of $655,000, about 43% higher than in May. This is a misleading statistic that means that the distribution of sales included more higher priced homes (homes that have probably been reduced in price to try to attract a buyer). It may be that the low interest rates are resulting in more mid price range sales even though 1st time buyer activity has fallen off. The more stable three month moving average of closed sale price rose about 9% from last month to $555,833 and is 14% lower than it was a year ago. The Kitsap County 3 month moving average median price is 2% lower than it was a year ago. The 3 month moving average for Bainbridge Island's number of closed sales is 81% higher than a year ago. The 3 month moving average of closed sales is up 17% Countywide from a year ago. The 3 month moving average number of Bainbridge pending sales in June rose 54% from a year ago. The number of active listings on Bainbridge (260) surged upward from May by 17% is up 2% from a year ago. The inventory turnover (total homes on the market divided by number sold last month) is 8.1 months, worse then 6.9 months in May but much better than a year ago. Bainbridge Island is a buyer’s market.

See table and graphs at http://www.bprowse.com/bainbridge_island_market

Bremerton Real Estate
Statistics are for the Bremerton downtown core and west to Kitsap Lake. The market for other parts of Bremerton and its suburbs should be similar. Bremerton homes were selling for a month end median price of $169,500 at the end of June, about 12% less than a year ago and about the same as last month. The more stable 3 month moving average median price ($169,766) was about the same as a year ago. The Kitsap County 3 month moving average median price is 2% lower than it was a year ago.  Bremerton's 3 month moving average for number of closed sales is 33% higher than a year ago. The 3 month moving average of closed sales is up 17% Countywide from a year ago.  The 3 month moving average number of Bremerton pending sales is down 37% from last year. With expiration of the homebuyer tax credit, pending sales in Bremerton have fallen sharply. The number of Bremerton active listings (181) is 15% higher than a year ago. The inventory turnover (total Bremerton homes on the market divided by number sold last month) is 6.5 months (worse than the 5.6 month turnover last month and 5.4 month turnover a year ago). The Bremerton market seems to be slowng down and is probably still a buyer’s market.

See table and graphs at http://bprowse.com/bremerton_market

North Kitsap Real Estate
Statistics here are for Kingston, the largest housing market in North Kitsap. Activity in Kingston should be representative of the other areas in North Kitsap. Kingston homes were selling for a month end median price of about $239,000 at the end of June, 14% lower than a year ago. The more stable 3 month moving average ($256,348) of closed sale prices is down 33% compared to a year ago. The Kitsap County 3 month moving average median price is 2% lower than it was a year ago. The 3 month moving average number of Kingston closed sales rose 250% from a year ago, while the number of pending sales is up 33% from a year ago. Recall again that our current pending sales include pending short sales that may not close. The 3 month moving average of closed sales is up 17% Countywide from a year ago. The number of active listings in Kingston (87) is up 24% from a year ago and up 13% from last month. The inventory turnover (total homes on the market divided by number sold last month) is 9.7 months (worse than the 7.7  month turnover reported last month, but a bit better than a year ago). Kingston is still a buyer's market.

See table and graphs at http://bprowse.com/north_kitsap_market  

Poulsbo Real Estate
These statistics are for Poulsbo, including the downtown core, from the head of Liberty Bay southeast to Ne-Si-Ka Bay, and parts north to Sawdust Hill Rd. Other parts of Poulsbo and its suburbs should have similar trends. The June median sales price for Poulsbo was $359,500, up about 24% from a year ago. This rise in price reflects a change in the distribution of sales rather than an increase in all market closed sale prices. With expiration of the homebuyer tax credit, fewer first time buyers are in the market, while the low interest rates are still attracting move up and downsizing buyers who want to move in the summer. The more stable three month moving average closed sale price was $320,529, about 1% higher than a year ago.The Kitsap County 3 month moving average median price is 2% lower than it was a year ago.  The 3 month moving average number of closed sales in Poulsbo fell 6% from a year ago. The 3 month moving average of closed sales is up 17% Countywide from a year ago.  Poulsbo’s 3 month moving average of pending sales fell 35% from a year ago. Recall this number includes pending short sales and new construction that may not close soon. The Poulsbo listing inventory (96) is 14% lower than a year ago. The inventory turnover (total homes on the market divided by number sold last month) is 6.4 months, worse than the 5.7 months reported last month. Poulsbo is still a buyer’s market.

See table and graphs at http://bprowse.com/poulsbo_market   

Silverdale Real Estate
Homes in Silverdale were selling for a June median price of about $274,950, 19% lower than a year ago. Silverdale's more stable 3 month moving average median closed sale price was $256,317, about 13% lower than a year ago. The Kitsap County 3 month moving average median price is 2% lower than it was a year ago.   The 3 month moving average for Silverdale's number of closed sales was up 8% from a year ago. The 3 month moving average of closed sales is up 17% Countywide from a year ago.  The 3 month moving average of Silverdale pending sales in June fell 33% from a year ago. The number of active listings in Silverdale (111) is up 13% from last month and 52% higher than a year ago. The inventory turnover (total homes on the market divided by number sold last month) is 8.5 months,  worse than the 7 month turnover reported last month. Silverdale is still a buyer's market.

See table and graphs at http://bprowse.com/silverdale_market