Each month we publish a snapshot of several local markets to show variations in our larger Kitsap County real estate market. Kitsap County's residential inventory in November (1490 listings) fell 5% from October and is about 5% lower than a year ago. The County has a listing inventory turnover rate of about 7.8 months, faster than the 7.5 month turnover in October. The turnover rate has recently been driven by the under $200k market, which this month slowed to a turnover rate of 7.2 months. However, the $200-300k market inventory was 5.6 months, and inventories in the $500-600k, $600-700k, and $800-900k ranges were under 10 months, so there have been improved sales in the higher price ranges. Inventory turnover is the number of months it would take to sell the current inventory at the current rate of sales. Kitsap County’s 3 month moving average of median closed sale price ($234,833) is less than 1% lower than last month and about 2% lower than a year ago. The number of pending sales in November was up 7% compared to a year ago and was down about 15% from October. 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 November median price of $510,000, about 10% higher than in October and less than 1% higher than a year ago. The more stable three month moving average closed sale price fell 4% from last month to $441,667 and is 11% lower than a year ago. The Kitsap County 3 month moving average median price is about 2% lower than it was a year ago. The 3 month moving average for Bainbridge Island's number of closed sales is about 42% higher than a year ago. The 3 month moving average of closed sales is up 8% Countywide from a year ago. The 3 month moving average number of Bainbridge pending sales in November was down 7% from a year ago. The number of active listings on Bainbridge (215) is 3% lower than in October and 11% higher than a year ago. The inventory turnover (total homes on the market divided by number sold last month) is 11.3 months, slower than the 10 months in October and slower than the 10.8 months of a year ago. Bainbridge Island is a buyer’s market.
See tables 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 $135,000 at the end of November, 11% lower than a year ago and 33% higher than last month. The more stable 3 month moving average median price ($125,056) was about 12% lower than a year ago and 1% lower than last month. The Kitsap County 3 month moving average median price is about 2% lower than it was a year ago. Bremerton's 3 month moving average for number of closed sales is 7% higher than a year ago and 15% lower than last month. The 3 month moving average of closed sales is up 8% Countywide from a year ago. The 3 month moving average number of Bremerton pending sales is down 4% from last year. The number of Bremerton active listings (135) is 3% lower than a year ago and 13% higher than last month. The inventory turnover (total Bremerton homes on the market divided by number sold last month) is 6.4 months, slower than both the 5.4 month turnover last month and the 5.4 month turnover of a year ago. The Bremerton market is still a buyer’s market.
See tables and graphs at http://bprowse.com/bremerton_market
North Kitsap Real Estate
Statistics here are for Kingston, the largest of the remaining housing markets in North Kitsap. Activity in Kingston should be representative of the other nearby communities. Kingston homes were selling for a month end median price of about $537,475 at the end of November, 150% higher than a year ago and 134% higher than last month. Month-to-month fluctuations in the low volume Kingston market make these raw numbers difficult to interpret. The more stable 3 month moving average ($344,992) of closed sale price is 19% higher than a year ago. The Kitsap County 3 month moving average median price is about 2% lower than it was a year ago. The 3 month moving average of Kingston closed sales was 5% lower than a year ago, while the number of pending sales was 14% higher than a year ago. The 3 month moving average of closed sales is up 8% Countywide from a year ago. The number of active listings in Kingston (55) is 45% higher than a year ago. The inventory turnover (total homes on the market divided by number sold last month) is 6.7 months, faster than the 8.4 month turnover reported last month and faster than the 9.5 month turnover of a year ago. Kingston is still a buyer's market.
See tables 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 November median sales price for Poulsbo was $289,500, up about 2% from a year ago and up about 2% from last month. The more stable three month moving average closed sale price was $276,500, about 10% lower than a year ago. The Kitsap County 3 month moving average median price is about 2% lower than it was a year ago. The 3 month moving average number of closed sales in Poulsbo rose 33% from a year ago. The 3 month moving average of closed sales is up 8% Countywide from a year ago. Poulsbo’s 3 month moving average of pending sales is up 13% from a year ago. The Poulsbo listing inventory (109) is 14% lower than a year ago and 8% lower than last month. The inventory turnover (total homes on the market divided by number sold last month) improved to 6.8 months, faster than last month’s 8.8 month turnover rate and much faster than the 14.1 months reported a year ago. Poulsbo is a buyer’s market.
See tables and graphs at http://bprowse.com/poulsbo_market
Silverdale Real Estate
Homes in Silverdale were selling for a November median price of about $280,750, 1% lower than a year ago and 8% higher than last month. Silverdale's more stable 3 month moving average median closed sale price was $253,583, 7% higher than last month and about 6% lower than a year ago. The Kitsap County 3 month moving average median price is about 2% lower than it was a year ago. The 3 month moving average for Silverdale's number of closed sales is 52% higher than a year ago. The 3 month moving average of closed sales is up 8% Countywide from a year ago. The 3 month moving average of Silverdale pending sales in November was 58% higher than a year ago. The number of active listings in Silverdale (91) is 6% lower than a year ago. The inventory turnover (total homes on the market divided by number sold last month) is 9.1 months, slower than the 5.4 months reported last month and faster than the 9.7 month turnover of a year ago. Silverdale is a buyer's market.
See tables and graphs at http://bprowse.com/silverdale_market
