Homes in Silverdale were selling for a YTD median price of about $288,500 at the end of December, down 9 percent from a year ago. The December median closed sale of $286,200 was about 8% less than the December median a year ago. Kitsap County YTD median price has fallen 9% over the past year. The number of Silverdale YTD closed sales was down 37% from a year ago, compared to a drop in closed sales of 25% for the County as a whole. The number of pending sales YTD is down 38% from a year ago. The number of active listings in Silverdale (83) is 18% lower than a year ago. The inventory turnover (total homes on the market divided by number sold last month) is 10.4 months, slightly less than last month's rate of 10.9 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 YTD median sale price of about $334,900 at the end of December, down about 6% from a year ago. Poulsbo's December median sale price was $362,000, about 8.1% lower than in December 2007. Kitsap County YTD median price has fallen 9% over the past year. The number of Poulsbo closed sales YTD is down about 9.5% from a year ago, and the number of YTD pending sales is down by 26%. The large difference in pending versus closed sales reflects the closing of many new construction sales that had been shown as pending for many months prior. YTD closed sales for Kitsap County have dropped 25% compared to last year. That portion of currently pending sales coming from new construction presales is 8 of 13. The Poulsbo listing inventory (142) is 20% higher than a year ago. The inventory turnover (total homes on the market divided by number sold last month) is 36 months, up from 11.8 months last month.
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 December, up about 1.5% from a year ago. However, the December median for Kingston was only $154,500, reflecting how homes in the lower price ranges are moving better than higher priced homes. 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 9% over the past year. The YTD number of closed sales in Kingston is down 29% from a year ago, and the YTD number of pending sales is down 32%. The number of closed sales is down 25% Countywide from a year ago. The number of active listings in Kingston (78) is down 4% from a year ago. The inventory turnover (total homes on the market divided by number sold last month) is 78 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 YTD median price of about $185,000 at the end of December, about 13% lower than a year ago. The December median price for closed sales ($150,000) was 31% lower than the median for last month and 12% lower than a year ago. Kitsap County YTD median price has fallen 9% over the past year. The Bremerton YTD number of closed sales is down 29% from a year ago (compared to a Countywide drop of 25%). The YTD number of pending sales is down 20% from last year. The number of active listings (203) has fallen 10% from last month and 17% from a year ago. The inventory turnover (total homes on the market divided by number sold last month) is 8.7 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 YTD median price of about $589,000 at the end of December, a drop of 13.4% from a year ago. The median price for closed sales occurring in December ($427,500) was down about 29% from a year ago. Like last month, 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 (exceeding $417,000). While the big banks are advertising a large interest rate premium for jumbo loans (for example, 30 yr fixed rate jumbo at Wells Fargo is 7.875%), local banks and credit unions are willing to make these loans for far less (for example, Washington Federal Savings advertises 5.75% for 30 yr fixed rate up to $600k). Kitsap County YTD median price has fallen 9% over the past year. The YTD number of Bainbridge closed sales is down 43% from a year ago, and the YTD number of pending sales is down 35%. These numbers have improved slightly in the past couple months. The number of closed sales is down 25% Countywide from a year ago. The number of active listings on Bainbridge (193) is up 6% from a year ago. The inventory turnover (total homes on the market divided by number sold last month) is 14.8 months, up from the 10.8 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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