Homes in Silverdale were selling for a YTD median price of about $288,500 at the end of November, down 9 percent from a year ago. The November median closed sale of $235,000 was about 25% less than the November 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 35% from a year ago, compared to a drop in closed sales of 24% for the County as a whole. The number of pending sales YTD is down 36% from a year ago. The number of active listings in Silverdale (98) is 21% lower than a year ago. The inventory turnover (total homes on the market divided by number sold last month) is 10.9 months, a considerable increase over last month's rate of 6.9 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 November, down about 5.4% from a year ago and up slightly (about half a percent) from last month. Poulsbo's November median sale price was $340,000, about 2.4% lower than in November 2007. Kitsap County YTD median price has fallen 9% over the past year. The number of Poulsbo closed sales YTD is down about 4% 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 24% compared to last year. That portion of currently pending sales coming from new construction presales is 11 of 14. The Poulsbo listing inventory (153) is 19% higher than a year ago. The inventory turnover (total homes on the market divided by number sold last month) is 11.8 months, up from 7.2 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 $370,000 at the end of November, up about 6% from a year ago. However, the November median for Kingston was only $245,000, 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 28% from a year ago, and the YTD number of pending sales is down 33%. The number of closed sales is down 24% Countywide from a year ago. The number of active listings in Kingston (92) is down 2% from a year ago. The inventory turnover (total homes on the market divided by number sold last month) is 31 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 $187,900 at the end of November, about 13% lower than a year ago. The November median price for closed sales ($216,000) was 3% higher than the median for last month and 9% higher 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 31% from a year ago (compared to a Countywide drop of 24%). The YTD number of pending sales is down 21% from last year. The number of active listings (203) has fallen 2% from last month and 20% from a year ago. The inventory turnover (total homes on the market divided by number sold last month) is 8.8 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 $598,000 at the end of November, a drop of 12.6% from a year ago. The median price for closed sales occurring in November ($507,500) was down about 27% 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. 13 of the 16 sales last month were for less than $650,000. A year ago only 8 of 19 closed sales were in this price range. A primary contributor may be the higher interest rates and continued inability to sell jumbo loans (exceeding $475,000). Kitsap County YTD median price has fallen 9% over the past year. The YTD number of Bainbridge closed sales is down 44% from a year ago, and the YTD number of pending sales is down 36%. These numbers have improved slightly as the in the past couple months. The number of closed sales is down 24% Countywide from a year ago. The number of active listings on Bainbridge (216) is down 3% from a year ago. The inventory turnover (total homes on the market divided by number sold last month) is 10.8 months, up a lot from the 24.1 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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