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 December(1304 listings) fell 12% from November and is about 6% lower than a year ago. The County has a listing inventory turnover rate of about6.7 months, faster than the 7.8 month turnover rate in November. The turnover rate has recently been driven by the under $200k market, which this month had a turnover rate of 5.6 months, and the $200-300k market with an inventory of 5 months. All other price ranges were 8.5 months or more. There were no sales above $500k in South Kitsap, Bremerton, or Silverdale (second month in a row). 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 ($233,800) is less than 1% lower than last month and about 1% lower than a year ago. The number of pending sales in December was about the same as a year ago and was down about 16% from November. 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 December median price of $483,000, about 5% lower than in November and less than 13% lower than a year ago. The more stable three month moving average closed sale price rose 5% from last month to $486,000 and is 6% lower than a year ago. The Kitsap County 3 month moving average median price is about 1% lower than it was a year ago. The 3 month moving average for Bainbridge Island's number of closed sales is about 7% higher than a year ago. The 3 month moving average of closed sales is up 3% Countywide from a year ago. The 3 month moving average number of Bainbridge pending sales in December was down 13% from a year ago. The number of active listings on Bainbridge (173) is 20% lower than in November and 11% higher than a year ago. The inventory turnover (total homes on the market divided by number sold last month) is 8.7 months, faster (due to falling inventory) than the 11.3 months in November and slower than the 6 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 $137,988 at the end of December, 16% lower than a year ago and 2% higher than last month. The more stable 3 month moving average median price ($124,719) was about 21% lower than a year ago and less than 1% lower than last month. The Kitsap County 3 month moving average median price is about 1% lower than it was a year ago. Bremerton's 3 month moving average for number of closed sales is 3% lower than a year ago and 5% higher than last month. The 3 month moving average of closed sales is up 3% Countywide from a year ago. The 3 month moving average number of Bremerton pending sales is up 18% from last year. The number of Bremerton active listings (127) is 7% higher than a year ago and 6% lower than last month. The inventory turnover (total Bremerton homes on the market divided by number sold last month) is 7.1 months, slower than both the 6.4 month turnover last month and the 6.0 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 $329,000 at the end of December, 47% higher than a year ago and 39% lower 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 ($365,492) of closed sale price is 51% higher than a year ago. The Kitsap County 3 month moving average median price is about 1% lower than it was a year ago. The 3 month moving average of Kingston closed sales was 6% lower than a year ago, while the number of pending sales was 40% higher than a year ago. The 3 month moving average of closed sales is up 3% Countywide from a year ago. The number of active listings in Kingston (50) is 35% higher than a year ago. The inventory turnover (total homes on the market divided by number sold last month) is 16.7 months, way slower than the 6.7 month turnover reported last month and slower than the 6.2 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 December median sales price for Poulsbo was $260,550, down about 10% from a year ago and down about 10% from last month. The more stable three month moving average closed sale price was $278,350, about 9% lower than a year ago.  The Kitsap County 3 month moving average median price is about 1% lower than it was a year ago. The 3 month moving average number of closed sales in Poulsbo rose 24% from a year ago. The 3 month moving average of closed sales is up 3% Countywide from a year ago. Poulsbo’s 3 month moving average of pending sales fell 6% from a year ago. The Poulsbo listing inventory (95) is 17% lower than a year ago and 13% lower than last month. The inventory turnover (total homes on the market divided by number sold last month) slowed to 7.9 months, slower than last month’s 6.8 month turnover rate and slower than the 6.4 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 December median price of about $261,700, 14% higher than a year ago and 7% lower than last month. Silverdale's more stable 3 month moving average median closed sale price was $267,483, 5% higher than last month and about 3% higher than a year ago. The Kitsap County 3 month moving average median price is about 1% lower than it was a year ago. The 3 month moving average for Silverdale's number of closed sales is 50% higher than a year ago. The 3 month moving average of closed sales is up 3% Countywide from a year ago.  The 3 month moving average of Silverdale pending sales in December was 90% higher than a year ago. The number of active listings in Silverdale (82) is 9% lower than a year ago. The inventory turnover (total homes on the market divided by number sold last month) is 5.9 months, faster than the 9.1 months reported last month and faster than the 11.3 month turnover of a year ago. Silverdale is a buyer's market.

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