Kitsap Business and Economy

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Kitsap home prices rise in November

December 5th, 2012 by Rachel Pritchett

Kitsap County home prices are a lot cheaper in Kitsap County than those in King County, but the real bargains are in Pierce County.

While the median closing sales price for a home in King County stood at $353,250 in November, it was only $245,000 in Kitsap County and a mere $195,000 in Pierce County, according to the Northwest Multiple Listing Service.

The November home price in King County amounted to a 22 percent increase over November 2011. But in Kitsap and Pierce, the prices only increased 5 percent year over year.

The highly volatile number changes month to month. So far this year in Kitsap, eight months had lower median closing prices and two had higher closing prices than November.
Those numbers are for single-family homes and condominiums combined. The modest price increase disappears with just condos.

The median closing sales price for condos in Kitsap in November of $169,750 was a steep 22 percent drop from a year ago. Only a dozen condos sold last month in Kitsap.

The price of single-family homes in Kitsap taken alone rose 8 percent.

Some 288 sales were pending locally last month, a 26 percent increase over November 2011.
Inventory, meanwhile, continued to shrink 10 percent from a year ago in Kitsap. Some 1,345 homes for available for sale. That number, however, does not include the “shadow inventory” of homes in financial distress that banks are holding off the market in order to not further depress prices. That’s several hundred more that at some point will come on the market.

The latest sales price for a home in Mason County was $159,000, and in Jefferson County, it stood at $284,000.

— Rachel Pritchett, reporter

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