Real Estate Information

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 $289,900 at the end of October, 1% lower than a year ago. Because of the relatively lower sales volume in Kingston, a couple high priced sales (or lack thereof) can skew the market. The more stable 3 month moving average ($320,800) of closed sale price (which unfortunately was skewed by a high median price last month) is up 14% compared to a year ago. The Kitsap County 3 month moving average median price is 1% higher than it was a year ago. The 3 month moving average of Kingston closed sales fell 4% from a year ago, while the number of pending sales fell 43% from a year ago. The 3 month moving average of closed sales is down 24% Countywide from a year ago. The number of active listings in Kingston (50) is down 14% from a year ago. The inventory turnover (total homes on the market divided by number sold last month) is 7.1 months, slower than the 4.8 month turnover reported last month and the 3.9 month turnover of a year ago, but still very respectable in this market. While it might appear from the turnover rate that properties in Kingston are turning over quickly, the rate of sales has been relatively constant, while the inventory of listings has fallen dramatically - people pulling their unsold properties off the market. Kingston is still a buyer's market.

Reposted from http://bprowse.com/north_kitsap_market

Statistics are for the Bremerton downtown core and west to Kitsap Lake. The market for other parts of Bremerton and its suburbs should be similar. Bremerton homes were selling for a month end median price of $159,950 at the end of October, about the same as a year ago and about 39% higher than last month. The median price last month was exceptionally low and appeared to be an anomaly. The more stable 3 month moving average median price ($159,983) was about 1% lower than a year ago, same as last month. The Kitsap County 3 month moving average median price is 1% higher than it was a year ago.   Bremerton's 3 month moving average for number of closed sales is 42% lower than a year ago and 8% higher than last month. The 3 month moving average of closed sales is down 24% Countywide from a year ago.  The 3 month moving average number of Bremerton pending sales is down 29% from last year. The number of Bremerton active listings (147) is less than 4% lower than a year ago. The inventory turnover (total Bremerton homes on the market divided by number sold last month) is 8.6 months, much better than the 15 month turnover last month but slower than the 6.7 month turnover a year ago. The Bremerton market is a buyer’s market.

Reposted from http://bprowse.com/bremerton_market

Bainbridge Island residential properties were selling for a October median price of $483,000, about 15% less than in September and 2% less than a year ago. The more stable three month moving average closed sale price fell about 5% from last month to $529,333 and is 1% lower than a year ago. The Kitsap County 3 month moving average median price is 1% higher than it was a year ago. The 3 month moving average for Bainbridge Island's number of closed sales is 27% lower than a year ago. The 3 month moving average of closed sales is down 24% Countywide from a year ago. The 3 month moving average number of Bainbridge pending sales in October was unchanged from a year ago. The number of active listings on Bainbridge (209) fell 11% from September and is about the same as a year ago.  The inventory turnover (total homes on the market divided by number sold last month) is 16.1 months, slower then the 13.8 months in September and worse than the 8.7 months of a year ago. Bainbridge Island is a buyer’s market.

Reposted from http://bprowse.com/bainbridge_island_market

As you can see in our October Kitsap Real Estate Affordability report, the cost of homes relative to incomes has improved. With low interest rates and falling home prices, the market is back where it was earlier this year (better in fact).

The interest rate for a typical 30 year fixed rate conforming loan has fallen to about 4.23%, a record low reflecting current Federal Reserve policies and investment in US Treasuries as a safe haven. The September median closed sale price fell about 10% from August to $242,183 and is now about 3% lower than it was a year ago. There were more sales of low priced properties as the market has recovered from the distortions of the homebuyer tax credit. For our calculations here, the variations in median price makes affordability seem like it is changing even though we think the price picture has remained fairly constant.

The affordability index was 1.26 in October, much improved from the 1.12 in August and September and back where it was earlier in the year. First time buyer affordability also improved significantly to .84 after remaining  steady at .74 in August and September.  Mortgage insurance quotes are dependent on credit scores - MI for a FICO credit score of 700 might be $20 per month higher than MI for a credit score of 750 (we use 750 and have corrected all PMI values to be consistent with this). Below is a  graph of the year-to-year changes in affordability and a second graph showing month-to-month affordability over the past year.

These statistics are for Poulsbo, including the downtown core, from the head of Liberty Bay southeast to Ne-Si-Ka Bay, and parts north to Sawdust Hill Rd. Other parts of Poulsbo and its suburbs should have similar trends. The September median sales price for Poulsbo was $296,705, down about 1% from a year ago and down about 7% from last month. The more stable three month moving average closed sale price was $311,402, about 7% higher than a year ago. The Kitsap County 3 month moving average median price is 4% higher than it was a year ago.  The 3 month moving average number of closed sales in Poulsbo fell 17% from a year ago. The 3 month moving average of closed sales is down 20% Countywide from a year ago.  Poulsbo’s 3 month moving average of pending sales fell 50% from a year ago. The Poulsbo listing inventory (110) is 12% higher than a year ago. The inventory turnover (total homes on the market divided by number sold last month) is 5.2 months, a much improved from the 13.3 months reported last month and the same as we reported a year ago. Poulsbo is a buyer’s market, but appears to have healthier sales than some other parts of the County.

Reposted from Poulsbo Real Estate Market Trends

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 $362,500 at the end of September, 17% higher than a year ago. Because of the relatively lower sales volume in Kingston, a couple high priced sales (or lack thereof) can skew the market. The more stable 3 month moving average ($293,742) of closed sale prices is down 12% compared to a year ago. The Kitsap County 3 month moving average median price is 26% higher than it was a year ago. The 3 month moving average of Kingston closed sales rose 15% from a year ago, while the number of pending sales is unchanged from a year ago. The 3 month moving average of closed sales is down 20% Countywide from a year ago. The number of active listings in Kingston (48) is down 19% from a year ago and down 24% from last month. The inventory turnover (total homes on the market divided by number sold last month) is 4.8 months (better than the 7.9 month turnover reported last month and the 9.8 month turnover of a year ago). While it might appear from the turnover rate that properties in Kingston are turning over quickly, the rate of sales has been relatively constant, while the inventory of listings has fallen dramatically - people pulling their unsold properties off the market. Kingston is still a buyer's market.

Reposted from North Kitsap Real Estate Market Trends

Statistics are for the Bremerton downtown core and west to Kitsap Lake. The market for other parts of Bremerton and its suburbs should be similar. Bremerton homes were selling for a month end median price of $115,000 at the end of September, about 28% lower than a year ago and about 49% lower than last month. These large changes are in part a correction from last month, when the median price appeared to rise sharply because the homebuyer tax credit expiration resulted in a dearth of buyers at the low end of the market and skewed the price distribution of sales upward. The more stable 3 month moving average median price ($162,483) was about 1% lower than a year ago. The Kitsap County 3 month moving average median price is 4% higher than it was a year ago.   Bremerton's 3 month moving average for number of closed sales is 55% lower than a year ago and 31% lower than last month. The market appears to have stalled. The 3 month moving average of closed sales is down 20% Countywide from a year ago.  The 3 month moving average number of Bremerton pending sales is down 28% from last year. The number of Bremerton active listings (165) is less than 1% lower than a year ago. The inventory turnover (total Bremerton homes on the market divided by number sold last month) is 15 months, slower than the 14.4 month turnover last month and the 6.1 month turnover a year ago. The Bremerton market has slowed considerably and is a buyer’s market.

Reposted from Bremerton Real Estate Market Trends

Homes in Silverdale were selling for a September median price of about $260,000, 6% lower than a year ago. Silverdale's more stable 3 month moving average median closed sale price was $295,467, about 4% higher than a year ago. The Kitsap County 3 month moving average median price is 4% higher than it was a year ago.  The 3 month moving average for Silverdale's number of closed sales was down 53% from a year ago. The 3 month moving average of closed sales is down 20% Countywide from a year ago. The 3 month moving average of Silverdale pending sales in September fell 13% from a year ago. The number of active listings in Silverdale (100) is 8% higher than a year ago. The inventory turnover (total homes on the market divided by number sold last month) is 14.2 months,  slower than the 11.4 month turnover reported last month. Silverdale is  a buyer's market.

Reposted from Silverdale Real Estate Trends

Bainbridge Island residential properties were selling for a September median price of $565,000, about 5% higher than in August. The more stable three month moving average of closed sale price fell about 5% from last month to $544,833 and is 6% lower than it was a year ago. The Kitsap County 3 month moving average median price is 4% higher than it was a year ago. The 3 month moving average for Bainbridge Island's number of closed sales is 13% lower than a year ago. The 3 month moving average of closed sales is down 23% Countywide from a year ago. The 3 month moving average number of Bainbridge pending sales in September was unchanged from a year ago. The number of active listings on Bainbridge (235) fell 6% from August and is down 3% from a year ago.  The inventory turnover (total homes on the market divided by number sold last month) is 13.8 months, slower then the 12.5 months in August and worse than the 9.3 months of a year ago. Bainbridge Island is a buyer’s market.

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Reposted from: http://bprowse.com/bainbridge_island_market

These statistics are for Poulsbo, including the downtown core, from the head of Liberty Bay southeast to Ne-Si-Ka Bay, and parts north to Sawdust Hill Rd. Other parts of Poulsbo and its suburbs should have similar trends. The August median sales price for Poulsbo was $319,750, up about 10% from a year ago and up less than 1% from last month. The more stable three month moving average closed sale price was $332,333, about 15% higher than a year ago. The Kitsap County 3 month moving average median price is 4% higher than it was a year ago.  The 3 month moving average number of closed sales in Poulsbo fell 30% from a year ago. The 3 month moving average of closed sales is down 15% Countywide from a year ago.  Poulsbo’s 3 month moving average of pending sales fell 42% from a year ago. The Poulsbo listing inventory (106) is 5% lower than a year ago. The inventory turnover (total homes on the market divided by number sold last month) is 13.3 months, a sharp drop from the 4.7 months reported last month and from the 4.4 months reported a year ago. Poulsbo is a buyer’s market.