Real estate: Low inventory blamed for slow sales

Real estate activity was slow in the first two months of 2014, but it’s not for lack of buyer demand, according to real estate professionals.

Pending home sales are down across Western Washington, according to the Northwest Multiple Listing Service. In Kitsap County, year-to-date pending sales were down at the end of February (706) compared to 2013 (728).

Industry professionals say there are plenty of prospective buyers, but a low inventory is stymieing sales. New listings and active listings in Kitsap are both lower than in 2013.

Frank Wilson, director of NWMLS and managing broker of John L. Scott in Poulsbo, said selection should improve as spring arrives.

“As we swing into our spring market, more listings will be added,” he said, in an NWMLS release, adding the increase in listings will be “tempered by an increase in buyers, too.”

The shortage of available homes may be driving prices up. The median price for Kitsap pending sales in February was $283,231, higher than in January and higher than February 2013.

Below is the NWMLS recap for February:

NWMLS Recaps 2014 Feb.xlsx by tsooter

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