Homes in Silverdale were selling for a February median price of about $256,500 at the end of February, down 25 percent from a year ago. The 3 month moving average for Silverdale median closed sale price of $260,567 was about 26% less than a year ago. Kitsap County 3 month average median price has fallen 16% over the past year. The 3 month moving average number of Silverdale closed sales was down 33% from a year ago, compared to a drop in closed sales of 28% for the County as a whole. The number of Silverdale pending sales in February is up 19% from a year ago. The number of active listings in Silverdale (65) is 25% lower than a year ago. The inventory turnover (total homes on the market divided by number sold last month) is 6.5 months, down sharply from last month's rate of 15.2 months.
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 three month moving average median sale price of about $292,000 at the end of February, down about 19% from a year ago. Poulsbo's February median sale price was $209,000, about 38% lower than in February 2007. Kitsap County 3 month moving average median price has fallen 16% over the past year. The 3 month moving average number of Poulsbo closed sales is down about 63% from a year ago. February pending sales in Poulsbo were down by 44%. The number of February closed sales for Kitsap County dropped 28% compared to last year. The Poulsbo listing inventory (149) is about the same as a year ago. The inventory turnover (total homes on the market divided by number sold last month) is 30 months, up from 13 months last month.
Using the example of Kingston - the largest housing market in North Kitsap - homes were selling for a February median price of about $383,000, up about 8% from a year ago, while the 3 month moving average of median closed sale price has fallen 44% compared to a year ago. Kingston prices fluctuate more than some of the other markets because of the lower listing and sales volume. Kitsap County 3 month moving average median price has fallen 16% over the past year. The 3 month moving average number of closed sales in Kingston is the same as a year ago, and the number of February pending sales is also unchanged. The number of closed sales is down 28% Countywide from a year ago. The number of active listings in Kingston (65) is down 23% from a year ago. The inventory turnover (total homes on the market divided by number sold last month) is 13 months. Kingston is a buyer's market.
Statistics we refer to are for that part of Bremerton encompassing the downtown core and west to Kitsap Lake. The market for other parts of Bremerton and its suburbs should have similar trends. Homes in Bremerton were selling for a month end median price of about $184,800 at the end of February, about 3% lower than a year ago. The 3 month moving average of median price for closed sales was 5% higher than a year ago - Bremerton prices have actually been rising. Kitsap County 3 month moving average median price has fallen 16% over the past year. The Bremerton 3 month moving average number of closed sales is down 18% from a year ago (compared to a Countywide drop of 28%). The number of February Bremerton pending sales is up 23% from last year. The number of active listings (154) has fallen 9% from last month and 36% from a year ago. The inventory turnover (total homes on the market divided by number sold last month) is 9 months, which reflects the greater percentage of lower priced homes that are selling. The Bremerton market is still a buyers market.
Residential homes on Bainbridge Island were selling for a month end median price of about $455,000 at the end of February, a drop of 36% from a year ago. The three month moving average of closed sale prices ($477,167) has dropped 24% from a year ago. This substantial drop in median price is due not only to sellers lowering their price, but also because the distribution of likely buyers has changed. A primary contributor may be the higher interest rates and continued inability to sell jumbo loans (now exceeding $475,000 but previously exceeding $417,000 until last month). While the big banks are advertising a large interest rate premium for jumbo loans, local banks and credit unions are willing to make these loans for far less. Kitsap County 3 month moving average median price has fallen 16% over the past year. The 3 month moving average number of Bainbridge closed sales is down 8% from a year ago, and the February number of pending sales is up 21%! These numbers have improved slightly in the past couple months. The 3 month moving average of closed sales is down 28% Countywide from a year ago. The number of active listings on Bainbridge (202) is down 14% from a year ago. The inventory turnover (total homes on the market divided by number sold last month) is 22.4 months, up from the 17.6 month turnover rate of last month. Bainbridge Island is a strong 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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