Kitsap Real Estate Regional Markets - August 2010
By Admin
Each month we publish a snapshot of several local markets to show variations in our larger Kitsap County real estate market. August’s inventory of homes for sale (1888) fell 2.9% from July and is 5% greater than a year ago. The rise in inventory for this year has peaked and is now falling. The County has a listing inventory turnover rate of about 9.9 months, slower than July’s 9.5 months. Inventory turnover varies greatly by price. In August, there were 3 sales among 142 Kitsap County properties priced greater than $800k, so turnover in the higher price ranges was very slow. August’s median price ($269,900) rose about 2% compared to July and was 10% higher than a year ago. This was primarily the result of a change in the price distribution of homes sold, rather than an across the board increase in home prices. With expiration of the homebuyer tax credit, the number of sales of lower priced properties fell by a large percentage. Sales of mid priced homes was affected less, so the median (middle) price of the homes sold moved higher. The number of pending sales in August was down 21% compared to a year ago and about the same as last month. You may recall that pending sales fell nearly 50% in May and have risen somewhat since then.
More info at http://bprowse.com/kitsap_market_blog/view/1162/kitsap_real_estate_regional_markets___august_2010
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