Please keep in mind that it's the first month of a new year, so the year-to-date numbers may be quite variable compared to last month. Using the example of Kingston - the largest housing market in North Kitsap - homes were selling for a median price of about $392,500 at the end of January, down about 13% from a year ago. Kingston prices fluctuate more than some of the other markets because of the lower listing and sales volume. Kitsap County median prices fell less than 1% over the past year. The YTD number of closed sales is the same as a year ago, and the YTD number of pending sales is down 50%. The number of closed sales is down 24% Countywide from a year ago. The number of active listings in Kingston (76) is up 36% from a year ago and up just 1 percent since the end of the year. The inventory turnover (total homes on the market divided by number sold last month) is 13 months.
Please keep in mind that it's the first month of a new year, so the year-to-date numbers may be quite variable compared to last month. There is only a limited amount of data in January's sales. Residential homes on Bainbridge Island were selling for a median price of about $563,500 at the end of January, a drop of 5% from a year ago. The January median price for closed sales was 7% less than last month's median price of $605,000 and 17% less than the median for all Bainbridge sales in 2007. Kitsap County median prices fell less than 1% compared to a year earlier. The YTD number of Bainbridge closed sales is down 24% from a year ago, and the YTD number of pending sales is down 59%. No doubt the Bainbridge market is suffering from the current lending environment, which prices 30 year fixed rate jumbo loans just under 1% higher than conforming 30 year fixed rate loans. The number of closed sales is down 24% Countywide from a year ago. The number of active listings on Bainbridge (216) is up 29% from a year ago. The Bainbridge listing inventory has also risen 19% since December. The inventory turnover (total homes on the market divided by number sold last month) is 18 months. Bainbridge Island is a strong buyers market.
Please keep in mind that it's the first month of a new year, so the year-to-date numbers may be quite variable compared to last month. Statistics we refer to are for that part of Poulsbo encompassing the downtown core, from the head of Liberty Bay southeast to Ne-Si-Ka Bay, including parts north to Sawdust Hill Rd. The market for other parts of Poulsbo and its suburbs should have approximately similar trends. Homes in Poulsbo were selling for a median price of about $349,500 at the end of January, down about 4% from a year ago. Kitsap County median prices fell less than 1% over the past year. The number of closed sales YTD has fallen 29% compared to last year, and the number of YTD pending sales has increased 17%. This compares to a drop of 24% since a year ago for Kitsap County as a whole. A large portion of the currently pending sales is from presales at one moderately priced new construction development - homes that never appeared as active listings. The Poulsbo listing inventory (146) has risen by 47% compared to a year ago and is 24% higher than it was at the end of December. The inventory turnover (total homes on the market divided by number sold last month) is 8.6 months. Calculating inventory turnover in this manner is artificially low since a number of the new construction homes closing did not show as active listings. Of 42 current pending sales, 33 are new construction. Using only the 80 non-new construction active listings in Poulsbo and the 5 non new construction sales closed last month, the inventory turnover would be 16 months.
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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