Real estate update: Low inventory, high demand still define market

This map shows the percent change in active home listings from February 2015 to February 2016 for each Kitsap submarket. You can hover your mouse over the map to see how active listings fluctuated during the past four years.

Kitsap homebuyers were still picking through a thin selection of houses February, but the lack of inventory didn’t dampen sales.

About 600 homes were listed for sale in the county last month, 28 percent fewer than in February 2015, according to Northwest Multiple Listing Service. (You can see where inventory declined the most using the interactive map embedded above.)

real estateSales activity in February was still stronger than a year ago. NWMLS reported 483 pending sales (up 9 percent) and 263 closed sales (up 13 percent) for the month.

The homes that sold in February were on the market for an average of 65 days, which was 26 fewer days than in February 2015, according to stats made available by Pacific Northwest Title.

Buyers paid a median price of $253,000 for houses and condominiums in February. The median price was about 8 percent higher than a year ago, but down from January’s median price of $264,925.

Low inventory and high demand has resulted in bidding competitions for many listings, according to NWMLS. 

“Buyers who are looking for houses cannot start looking at the top of their affordability range,” Frank Wilson of John L. Scott in Poulsbo said in the release. “They should look 15 or 20 percent below their limit and be prepared to go over list price if they have any hope of success.”
 

Here’s a graphical snapshot of Kitsap real estate trends:

And here’s a map graphic showing February real estate stats by submarket:

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