Homes in Silverdale were selling for a October median price of about $277,250. This median is up 5% percent from a year ago. Silverdale's more stable 3 month moving average median closed sale prince in October of $274,083 was down about 2% from a year ago. Silverdale's median price fell sooner and has remained fairly stable over the past year. The Kitsap County 3 month moving average median price is down 6% compared to a year ago. The 3 month moving average for Silverdale's number of closed sales was 17% higher than a year ago, compared to a rise in closed sales of 8% for the County as a whole. The number of Silverdale pending sales in October is up 11% from a year ago, but recall this number includes pending short sales that may not close. The number of active listings in Silverdale (81) is 31% lower than a year ago. The inventory turnover (total homes on the market divided by number sold last month) is 8.1 months, lower than the 5.5 months reported last month. Silverdale has been one of the area's better markets, but there appears to be a large shadow inventory of unsold homes not currently on the market that will deter prices from rising.
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 $302,500, down about 8% from a year ago. The more stable three month moving average closed sale price was $298,500, about 8% lower than in October 2008. The Kitsap County 3 month moving average median price has fallen 6% over the past year. The 3 month moving average number of closed sales in Poulsbo rose 5% from a year ago. The number of closed sales is up 8% Countywide from a year ago. October pending sales were up 29% in Poulsbo. Recall this number includes pending short sales and new construction that may not close soon. The Poulsbo listing inventory (85) is 41% lower than a year ago. The inventory turnover (total homes on the market divided by number sold last month) is 53.9 months, better than the 5.2 months reported last month. Poulsbo's market has been humming along for the past several months, but it is probably still a buyers market because of the shadow inventory of homes pulled off the market in the past year without selling.
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 $292,000 at the end of October, 21% lower than a year ago. The low sales volume can produce large fluctuations when one or two high priced homes sell. The more stable 3 month moving average of closed sale prices is down 34% compared to a year ago. We are getting more sales in the higher price ranges as some sellers reduce their asking price. The Kitsap County 3 month moving average median price has fallen 6% over the past year. The 3 month moving average number of Kingston closed sales rose 29% from a year ago, while the number of pending sales is 100% higher than a year ago. Recall our current pending sales include pending short sales that may not close. The number of closed sales is up 8% Countywide from a year ago. The number of active listings in Kingston (58) is down 38% from a year ago. The inventory turnover (total homes on the market divided by number sold last month) is 3.9 months (better than the 9.8 months last month). While this is probably a statistical anomaly, we definitely see evidence of lower prices and higher sales. We suspect that Kingston will continue to be a buyer's market.
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 $160,000 at the end of October, about 23% lower than a year ago and about the same as last month. The more stable 3 month moving average was 18% lower than a year ago. The Kitsap County 3 month moving average median price has fallen 6% over the past year. Bremerton's 3 month moving average for number of closed sales is up 14% from a year ago. The number of closed sales is up 8% Countywide from a year ago. The 3 month moving average number of Bremerton pending sales is up 15% from last year, but recall this number includes pending short sales that may not close. The number of Bremerton active listings (153) is 29% lower than a year ago. The inventory turnover (total Bremerton homes on the market divided by number sold last month) is 6.7 months, a little worse than the 6.1 last month. The Bremerton market is probably still a buyers market because of shadow inventory that has been pulled off unsold.
Bainbridge Island residential properties were selling for an October median price of $492,000, about 6% lower than in September. The more stable three month moving average of closed sale price fell 8% from last month to $536,333 and is 12% lower than it was a year ago. Sales at the top of the market lagged - there werre only 5 closed sales above $900k in Kitsap County last month. The Kitsap County 3 month moving average median price has fallen 6% over the past year. Note that prices tailed off at the end of last year so we expect this gap to close in the coming months. The 3 month moving average for Bainbridge Island's number of closed sales is 35% higher than a year ago. The 3 month moving average number of pending sales in October rose 57% from a year ago. The 3 month moving average of closed sales is up 8% Countywide from a year ago. The number of active listings on Bainbridge (208) is down 14% from a year ago. The inventory turnover (total homes on the market divided by number sold last month) is 8.7 months, an improvement from the 9.3 month turnover rate of last month . Bainbridge Island is a buyers market.
My team at Prowse and Company has been selling Kitsap County real estate since 1998. We are passionate about providing high quality service and maintaining our relationships with our clients.
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