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Kitsap Real Estate Local Markets in January 2011
By Admin
This is a repost of our local markets report at bprowse.com.
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 (1390 listings) is about 11% lower than November and about 2% higher than a year ago. The County has a listing inventory turnover rate of about 6.2 months, somewhat faster than the 8.8 month turnover in November. Inventory turnover varies greatly by price. In the higher price ranges, 8 of 9 sales above $700,000 (including 4 above $1,000,000) took place on Bainbridge Island. There was only one sale in the $700k and above range in the rest of the County. Kitsap County’s monthly median closed sale price in December ($236,000) rose about 3% compared to November, and is 2% lower than a year ago. The number of pending sales in December was down 3% compared to a year ago and was down about 11% 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 $554,500, about 9% more than in November and 10% more than a year ago. The more stable three month moving average closed sale price fell about 1% from last month to $515,292 and is 4% higher than a year ago. With inventory expected to rise in January and knowledge that there is a significant amount of shadow inventory, we do not expect prices to continue to rise, and there is a possibility that they will fall in coming months. The Kitsap County 3 month moving average median price is 3% lower than it was a year ago. The 3 month moving average for Bainbridge Island’s number of closed sales is 10% lower than a year ago. The 3 month moving average of closed sales is down 21% Countywide from a year ago. The 3 month moving average number of Bainbridge pending sales in December fell 4% from a year ago. The number of active listings on Bainbridge (156) fell 20% from November and is about 4% lower than a year ago. The inventory turnover (total homes on the market divided by number sold last month) is 6 months, faster than the 10.8 months in November and faster than the 7 months of a year ago. Despite a healthy improvement in inventory turnover, we still think that 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 $163,500 at the end of December, 7% higher than a year ago and about 7% higher than last month. The more stable 3 month moving average median price ($158,633) was less than 1% lower than a year ago and 11% higher than last month. The Kitsap County 3 month moving average median price is 3% lower than it was a year ago. Bremerton’s 3 month moving average for number of closed sales is 19% lower than a year ago and 17% higher than last month. The 3 month moving average of closed sales is down 21% Countywide from a year ago. The 3 month moving average number of Bremerton pending sales is down 15% from last year. The number of Bremerton active listings (119) is 14% lower than a year ago. The inventory turnover (total Bremerton homes on the market divided by number sold last month) is 6 months, a little slower than the 5.3 month turnover last month and the 5.1 month turnover a year ago. Despite the healthy inventory turnover rate, Bremerton market is a buyer’s market because there is still a significant shadow inventory of distressed properties that must at some point clear the market.
See tables 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 $223,150 at the end of December, 25% lower than a year ago. Because of the relatively lower sales volume in Kingston, a couple high priced sales (or lack thereof) can skew the market. The more stable 3 month moving average ($242,683) of closed sale price is 16% lower than a year ago. The Kitsap County 3 month moving average median price is 3% lower than it was a year ago. The 3 month moving average of Kingston closed sales fell 50% from a year ago, while the number of pending sales fell 38% from a year ago. The 3 month moving average of closed sales is down 21% Countywide from a year ago. The number of active listings in Kingston (37) is down 40% from a year ago - very low. The inventory turnover (total homes on the market divided by number sold last month) is 6.2 months, considerably faster than the 9.5 month turnover reported last month but not as fast as the 4.8 month turnover of a year ago. Despite healthy appearing inventory turnover, Kingston is still a buyer’s market. Much inventory has been pulled off the market, and there is a shadow inventory of distressed properties that must still clear the 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 $288,500, up about 14% from a year ago and up about 1% from last month. The more stable three month moving average closed sale price was $306,000, about 8% higher than a year ago. The Kitsap County 3 month moving average median price is 3% lower than it was a year ago. The 3 month moving average number of closed sales in Poulsbo fell 39% from a year ago. The 3 month moving average of closed sales is down 21% Countywide from a year ago. Poulsbo’s 3 month moving average of pending sales rose 13% from a year ago. The Poulsbo listing inventory (115) is 62% higher than a year ago. Unlike most areas - inventory has been building in Poulsbo. The inventory turnover (total homes on the market divided by number sold last month) improved to 6.4 months, faster than the 14.1 months reported last month, but somewhat slower than the 5.9 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 $230,000, 16% lower than a year ago. Silverdale’s more stable 3 month moving average median closed sale price was $259,667, about 6% lower than a year ago. The Kitsap County 3 month moving average median price is 3% lower than it was a year ago. The 3 month moving average for Silverdale’s number of closed sales was down 20% from a year ago. The 3 month moving average of closed sales is down 21% Countywide from a year ago. The 3 month moving average of Silverdale pending sales in December fell 23% from a year ago. The number of active listings in Silverdale (90) is 45% 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 9.7 months reported last month and slower than the 5.2 month turnover of a year ago. Silverdale is a buyer’s market.
See tables and graphs at http://bprowse.com/silverdale_market
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