North Kitsap Real Estate Market October 2009
Statistics here are for Kingston, the largest housing market in North Kitsap. Activity in Kingston should be representative of the other areas in North Kitsap. Kingston homes were selling for a month end median price of about $292,000 at the end of October, 21% lower than a year ago. The low sales volume can produce large fluctuations when one or two high priced homes sell. The more stable 3 month moving average of closed sale prices is down 34% compared to a year ago. We are getting more sales in the higher price ranges as some sellers reduce their asking price. The Kitsap County 3 month moving average median price has fallen 6% over the past year. The 3 month moving average number of Kingston closed sales rose 29% from a year ago, while the number of pending sales is 100% higher than a year ago. Recall our current pending sales include pending short sales that may not close. The number of closed sales is up 8% Countywide from a year ago. The number of active listings in Kingston (58) is down 38% from a year ago. The inventory turnover (total homes on the market divided by number sold last month) is 3.9 months (better than the 9.8 months last month). While this is probably a statistical anomaly, we definitely see evidence of lower prices and higher sales. We suspect that Kingston will continue to be a buyer's market.
| Median Price | 3 mo Ave Price | 3 mo ave Closed Sales | 3 mo ave Pending Sales | Inventory Turnover (months) | |
| Oct 2009 | $292,000 | 281,167 | 9 | 14 | 3.9 |
| Sep 2009 | $309,500 | 323,667 | 6 | 12 | 9.8 |
|
Oct 2008 |
$367,500 | 425,500 | 7 | 7 | 11.7 |
