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Kitsap Real Estate Market Report - June 2012
Posted on 2012 06 24 by hdnelson
The number of closed sales in Kitsap County in May rose about 38% from April and was about 33% higher than a year ago. Pending sales fell about 2% compared to last month and were about 36% higher than a year ago, a substantial increase. In April, there were 186 closed sales and 399 pending sales. In May there were 256 closed sales and 393 pending sales. 31% of the closed sales were distressed properties (29% last month). 35% of the pending sales were distressed properties (25% last month). Among closed distressed sales, bank owned sales were more than 2 times the number of short sales closed. On the other hand, among pending sales, there were about 63% more short sales than bank owned sales. Shown below is a graph of month-by-month pending sales vs closed sales. Pending sales tend to lead closed sales in direction if not magnitude by about 2 months. Based on past trends, the it looks like the number of closed sales will rise next month. See more at http://tinyurl.com/6mk2w2a
Kitsap Real Estate Market Report - May 2012
Posted on 2012 05 18 by hdnelson
The number of closed sales in Kitsap County in April fell about 10% from March and was about 2% higher than a year ago. Pending sales rose about 4% compared to last month and were about 43% higher than a year ago, a substantial increase. In March, there were 206 closed sales and 382 pending sales. In April there were 186 closed sales and 399 pending sales. 29% of the closed sales were distressed properties (38% last month). This trend of sharply rising pending sales and falling closed sales is strange. Our experience has been that each sale is difficult to close and the timeline for the sale is longer than usual. 25% of the pending sales were distressed properties (29% last month). Among closed distressed sales, bank owned sales were about 4 times the number of short sales closed. More non distressed sales are occurring as we move into the summer months. More at http://tinyurl.com/7uzyvy6
Kitsap Real Estate Market Report - April 2012
Posted on 2012 04 17 by hdnelson
The graphs and data in our monthly reports can sometimes be misleading. This month it looks like closed sales are low, that prices are markedly below levels of the past 5 years, and that inventory remains very low compared to the past several years. Pending sales appear to be surging. It seems like there is rising demand. If the inventory is low and demand is rising, shouldn’t prices go up? So far this month it’s tough to tell. Comparing closed sales thus far in April with closed sales for March, April’s month-to-date median price has risen to $233,000 from $217,500, while April’s average price has fallen to $271,954 from $294,173. Pretty confusing! Actually it shows a shift in price distribution since the median or middle price has risen (relatively fewer sales in the lower price ranges) and the average has fallen (so the size of the asymmetric long tail in the upper price ranges is relatively smaller). More at http://tinyurl.com/7aluu3p