Homes in Silverdale were selling for a YTD median price of about $300,000 at the end of September, down 6.2 percent from a year ago. The September median closed sale of $300,000 was about 14% less than the September median a year ago. Kitsap County YTD median price has fallen 8.8% over the past year. The number of Silverdale YTD closed sales was down 39% from a year ago, compared to a drop in closed sales of 26% for the County as a whole. The number of pending sales YTD is down 34% from a year ago. The number of active listings in Silverdale (121) is 13% lower than a year ago. The inventory turnover (total homes on the market divided by number sold last month) is 9.3 months, which is pretty typical of this price range in the County and is a return to normal from the abnormally low turnover reported 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 YTD median sale price of about $334,126 at the end of September, down about 5.9% from a year ago and down 1% from last month. Poulsbo's September median sale price was $325,900, about the same as in September 2007. Kitsap County YTD median price has fallen 8.8% over the past year. The number of Poulsbo closed sales YTD is 1% lower than a year ago, and the number of YTD pending sales is down by 26%. The large difference in pending versus closed sales reflects the backlog of new construction pending sales that are now closing. There was a drop of 28% in YTD closed sales compared to a year ago for Kitsap County as a whole. That portion of currently pending sales coming from new construction presales is 22 of 41. The pace of new construction sales has fallen along with the rest of the market. The Poulsbo listing inventory (171) has risen by 12% compared to a year ago but has fallen 11% since last month. The inventory turnover (total homes on the market divided by number sold last month) is 8 months - better than average but a return to a more expected turnover rate from the abnormally good 5 months reported last month.
Using the example of Kingston - the largest housing market in North Kitsap - homes were selling for a YTD median price of about $372,500 at the end of September, up about 6% from a year ago and up about 3% from last month. 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 8.8% over the past year. The YTD number of closed sales is down 28% from a year ago, and the YTD number of pending sales is down 31%. However, September pending sales were 13% higher than a year ago. The number of closed sales is down 26% Countywide from a year ago. The number of active listings in Kingston (96) is down 9% from a year ago. The inventory turnover (total homes on the market divided by number sold last month) is 16 months, but this may be improving based on the pending sales. 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 approximately similar trends. Homes in Bremerton were selling for a YTD median price of about $185,000 at the end of September, about 14% lower than a year ago. The September median price for closed sales ($195,000) was 7% higher than the median for last month but still 15% lower than a year ago. Kitsap County YTD median price has fallen 8.8% over the past year. The Bremerton YTD number of closed sales is down 32% from a year ago (compared to a Countywide drop of 26%). The YTD number of pending sales is down 22% from last year, but the September pending sales were up 35% from a year ago. The number of active listings (239) has fallen 8% from last month and 6% from a year ago. The inventory turnover (total homes on the market divided by number sold last month) is 14 months, but may be improving based on recent pending sales. The Bremerton market is still a buyers market.
Residential homes on Bainbridge Island were selling for a YTD median price of about $608,500 at the end of September, a drop of 10.5% from a year ago. The median price for closed sales occurring in September ($638,750) was down about 10.7% from a year ago. Kitsap County YTD median price has fallen 8.8% over the past year. The YTD number of Bainbridge closed sales is down 49% from a year ago, and the YTD number of pending sales is down 42%. These numbers have improved slightly as the in the past couple months. The number of closed sales is down 26% Countywide from a year ago. The number of active listings on Bainbridge (266) is up 14% from a year ago. The inventory turnover (total homes on the market divided by number sold last month) is 14.8 months, a slowdown from the 11.6 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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