Each month we publish a snapshot of several local markets to show variations in our larger Kitsap County real estate market. July's inventory of homes for sale fell by 29% from a year ago and was slightly lower than in June. This is unusual and implies that some sellers may have decided to wait until they see a better market. The County has a listing inventory turnover rate of about 7.1 months, down from June's 8.5 months, and the best turnover we've seen since 2007. Inventory turnover varies greatly by price, with an inventory turnover under 6 months for homes under $400,000 and 3 to 10 times longer turnover for homes priced above $400,000. July's closed sale median price ($245,000) was up 2% from June and was down 8% percent compared to a year ago.  The number of pending sales in July was up 56% from a year ago and up 12% compared to June.

See graphs at http://www.bprowse.com/kitsap_market_trends.

Bainbridge Island Real Estate
Bainbridge Island residential properties were selling for a month end median price of $624,250 at the end of July, down 28% from June. The more stable three month moving average of closed sale prices ($674,733) rose 4.1% from last month and is 16% higher than it was a year ago. The Kitsap County 3 month moving average median price has fallen 8% over the past year. The 3 month moving average for Bainbridge Island's number of  closed sales is 6% higher than a year ago. The number of pending sales in July rose 8% from a year ago. The 3 month moving average of closed sales is up 8% Countywide from a year ago. The number of active listings on Bainbridge (250) is down 17% from a year ago. The inventory turnover (total homes on the market divided by number sold last month) is 10.5 months, improved from the 19.6 month turnover rate of last month . Bainbridge Island is a buyers market.

See 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 $169,900 at the end of July, about 12% lower than a year ago and down 12% from last month. The more stable 3 month moving average was 6% lower than a year ago.  The Kitsap County 3 month moving average median price has fallen 8% over the past year.  Bremerton's 3 month moving average for number of closed sales is up 12% from a year ago (compared to a Countywide rise of 10%). The number of month end Bremerton pending sales is up 39% from last year, but recall this number includes pending short sales that may not close. The number of Bremerton active listings (183) rose 17% from last month and is 30% lower than a year ago. The inventory turnover (total Bremerton homes on the market divided by number sold last month) is 4.9 months (improved from 5.4 last month). The Bremerton market is probably still a buyers market because of shadow inventory that has been pulled off unsold, but the lower price ranges are definitely selling very well now.

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 $450,000 at the end of July, 22% higher than a year ago. The low sales volume can produce large fluctuations when one or two high priced homes sell.  The more stable 3 month moving average of closed sale prices is up 7% compared to a year ago.  The Kitsap County 3 month moving average median price has fallen 8% over the past year.  The 3 month moving average number of Kingston closed sales is 14% lower than a year ago, while the number of pending sales is 13% higher than a year ago. Recall our current pending sales include pending short sales that may not close. The number of closed sales is up 10% Countywide from a year ago. The number of active listings in Kingston (68) is down 33% from a year ago. The inventory turnover (total homes on the market divided by number sold last month) is 8.5 months (down from 10 months last month). Sales in North Kitsap still seem to be slower than farther south in the County. Kingston is a buyer's market.

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 July median sales price for Poulsbo was $282,960, down about 17% from a year ago. The more stable three month moving average closed sale price was $309,320, about 8% lower than in July 2008. The Kitsap County 3 month moving average median price has fallen 8% over the past year. The 3 month moving average number of closed sales in Poulsbo rose 6% from a year ago. The number of closed sales is up 10% Countywide from a year ago.  July pending sales were down 19% in Poulsbo. Recall this number includes pending short sales and new construction that may not close soon. The Poulsbo listing inventory (116) is 30% lower than a year ago. The inventory turnover (total homes on the market divided by number sold last month) is 6.4 months, a bit slower than the 5.3 months reported last month. Poulsbo is probably still a buyers market because of the shadow inventory of homes pulled off the market in the past year without selling, but looks like it has improved recently.

http://bprowse.com/poulsbo_market  

Silverdale Real Estate
Homes in Silverdale were selling for a July median price of about $308,000. This median is down 2% percent from a year ago. Silverdale's more stable 3 month moving average median closed sale prince in July of $308,500 was up about 5% from a year ago. The Kitsap County 3 month moving average median price is down 8% compared to a year ago.  The 3 month moving average for Silverdale's number of closed sales was 19% higher than a year ago, compared to a rise in closed sales of 10% for the County as a whole. The number of Silverdale pending sales in July is up 120% from a year ago, but recall this number includes pending short sales that may not close. The number of active listings in Silverdale (81) is 43% lower than a year ago. The inventory turnover (total homes on the market divided by number sold last month) is 3 months, improved from last month's rate of 4.9 months. Silverdale is looking now like a seller’s market, but there appears to be a large shadow inventory of unsold homes not currently on the market that will deter prices from rising.

http://bprowse.com/silverdale_market