Kitsap Real Estate Local Markets in July 2011
By Admin
We tried to find a fitting graphic for this month’s real estate market - median price in North Kitsap, Imposed upon a constant of 1st time buyers and investors snapping up a relatively high number of properties at bargain prices, there is the seasonal purchase of move up buyers in the higher price ranges, making the median or middle price in each area go up. North Kitsap happens to reflect that pattern.
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 June (1700 listings) is about 3% higher than May and about 10% lower than a year ago. The turnover rate has been driven by the under $200k market, where there was 4.6 months of inventory, but recently there have been improvements in sales from $200 − 300k (6 months) and the $300 − 400k (6.2 months) markets. All higher price ranges have 8.5 or more months of inventory. 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 ($230,266) is about 2% higher than last month and about 3% lower than a year ago. The number of pending sales in June was up 25% compared to a year ago (still low after homebuyer tax credit had expired) and was up about 3% from May.
See the report at: http://bprowse.com/kitsap_market_blog/view/1337/kitsap_real_estate_local_markets_in_july_2011
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