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Kitsap Real Estate Local Markets in November 2011
By Admin
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 October (1570 listings) fell 6% from September and is about 7% lower than a year ago. The County has a listing inventory turnover rate of about 7.5 months, faster than the 8.4 month turnover in September. The turnover rate has been driven by the under $200k market, where there was 4.8 months of inventory. All categories under $600k had less than 10 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 ($235,667) is less than 1% lower than last month and about 7% lower than a year ago. The number of pending sales in October was up 12% compared to a year ago and was down about 12% from September. 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 October median price of $465,000, about 13% higher than in September and 4% lower than a year ago. The more stable three month moving average closed sale price fell 4% from last month to $445,667 and is 16% lower than a year ago. The Kitsap County 3 month moving average median price is about 7% lower than it was a year ago. The 3 month moving average for Bainbridge Island’s number of closed sales is about 46% higher than a year ago. The 3 month moving average of closed sales is up 17% Countywide from a year ago. The 3 month moving average number of Bainbridge pending sales in October was up 17% from a year ago. The number of active listings on Bainbridge (221) is 6% lower than in September and 6% higher than a year ago. The inventory turnover (total homes on the market divided by number sold last month) is 10 months, slower than the 8.7 months in September and faster than the 16.1 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 $101,168 at the end of October, 37% lower than a year ago and 27% lower than last month. The more stable 3 month moving average median price ($126,389) was about 21% lower than a year ago and 6% lower than last month. The Kitsap County 3 month moving average median price is about 7% lower than it was a year ago. Bremerton’s 3 month moving average for number of closed sales is 66% higher than a year ago and 6% lower than last month. The 3 month moving average of closed sales is up 17% Countywide from a year ago. The 3 month moving average number of Bremerton pending sales is up 11% from last year. The number of Bremerton active listings (119) is 19% lower 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 5.4 months, faster than the 8.5 month turnover last month and faster than the 8.6 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 $230,000 at the end of October, 21% lower than a year ago and 14% 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 ($209,133) of closed sale price is 35% lower than a year ago. The Kitsap County 3 month moving average median price is about 7% lower than it was a year ago. The 3 month moving average of Kingston closed sales was 40% lower than a year ago, while the number of pending sales was unchanged from a year ago. The 3 month moving average of closed sales is up 17% Countywide from a year ago. The number of active listings in Kingston (59) is 18% higher than a year ago. The inventory turnover (total homes on the market divided by number sold last month) is 8.4 months, faster than the 13 month turnover reported last month but slower than the 7.1 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 October median sales price for Poulsbo was $285,000, down about 17% from a year ago and up about 12% from last month. The more stable three month moving average closed sale price was $280,000, about 13% lower than a year ago. The Kitsap County 3 month moving average median price is about 7% lower than it was a year ago. The 3 month moving average number of closed sales in Poulsbo rose 34% from a year ago. The 3 month moving average of closed sales is up 17% Countywide from a year ago. Poulsbo’s 3 month moving average of pending sales is up 38% from a year ago. The Poulsbo listing inventory (115) is 2% lower than a year ago and 7% lower than last month. The inventory turnover (total homes on the market divided by number sold last month) improved to 8.8 months, slower than last month’s 6.7 month turnover rate but faster than the 11.8 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 October median price of about $260,000, 2% lower than a year ago and 18% higher than last month. Silverdale’s more stable 3 month moving average median closed sale price was $237,500, 11% lower than last month and about 7% lower than a year ago. The Kitsap County 3 month moving average median price is about 7% lower than it was a year ago. The 3 month moving average for Silverdale’s number of closed sales is 73% higher than a year ago. The 3 month moving average of closed sales is up 17% Countywide from a year ago. The 3 month moving average of Silverdale pending sales in October was 69% higher than a year ago. The number of active listings in Silverdale (98) is 1% higher than a year ago. The inventory turnover (total homes on the market divided by number sold last month) is 5.4 months, faster than the 8.3 months reported last month and faster than the 9.7 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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