North Kitsap Real Estate Market - August 2008

Using the example of Kingston - the largest housing market in North Kitsap - homes were selling for a YTD median price of about $362,500 at the end of August, up about 4% from a year ago and up about 4% from last month. Kingston prices fluctuate more than some of the other markets because of the lower listing and sales volume. Kitsap County YTD median price has fallen 8.5% over the past year. The YTD number of closed sales is down 33% from a year ago, and the YTD number of pending sales is down 35%. The number of closed sales is down 27% Countywide from a year ago. The number of active listings in Kingston (103) is down 4% from a year ago. The inventory turnover (total homes on the market divided by number sold last month) is 14.7 months, a significant slow down since last month. Kingston is a buyer's market.