For a while it seemed Kitsap’s real estate market was
defying the basic law of supply and demand.
Sales were high, inventory was low, but
somehow prices hardly seemed to budge.
That trend appeared to changed over the last couple of
The median price for a home in Kitsap was about 7 percent
higher in March of this year than in March 2014, according to
numbers from Northwest Multiple Listing
April saw a more convincing 9 percent year-over-year price
jump (see chart below).
The median price of a home (including condos) topped
$250,000 in April, already rivaling last year’s peak summer
prices. Bainbridge Island set the pace with a median price of
The median asking price for active listings in April was
$297,950, 11 percent higher than April 2014.
Here’s a peek at price trends:
Familiar sales and inventory trends continued
through April. Pending sales activity remained
strong and the inventory of available homes remained
The months supply of homes — the number of months it would take
to sell off all the homes on the market if no listings were added —
slipped to 2.38.
That’s a low supply, but actually just about average for Western
Washington at the moment. King County recorded a 1.3-month
supply in April, as Northwest MLS reported
record pending sales across the region.
Here’s a graphical look at sales and inventory trends in