Tag Archives: listings

Real estate report: Supply of homes for sale is gradually increasing

After scraping bottom last winter, the supply of homes available for sale in Kitsap increased gradually since March.

Notably, the number of home listings active in September nearly matched the number reported in September of 2015 (see chart below).

There were 593 listings added last month, a 21 percent increase from the previous year, according to a report from Northwest Multiple Listing Service.

Based on the stats, Kitsap remains squarely a seller’s market.

Real estate professionals consider a market balanced when it has a four- to six-month supply of homes, meaning it would take four to six months to sell off all the houses available if no new listings were added.

B0015078797--870950Kitsap had just a  2.15-month supply of homes in September. In other words, the market would need about 1,000 more active listings or a slowdown in sales to achieve some balance.

But even an incremental increase in supply could be good news, as sales activity didn’t cool off all that much in September.

Pending sales were down in the county from August to September — as is typical for the season — but were up 13 percent from September of 2015. The 448 deals closed in September marked a 15 percent increase from 2015.

Home prices remained elevated. The median price for houses and condominiums sold in September was $284,999, a 10 percent jump from last year.

Here’s a graphical look at Kitsap real estate trends.

And here’s a map showing real estate stats by submarket. Wave your clicker over each area to see details:

Kitsap real estate market was still hot in August

Kitsap’s real estate market ended the summer season with a bang.

Listings, sales and prices were all up in August, according to the latest numbers from Northwest Multiple Listing Service. 

More “for sale” signs popped up across the county last month, with 591 new listings added. About 970 homes were available in August, down 6 percent from August of 2015, marking a slight improvement in inventory from earlier in the year.

Sales continued at a torrid pace. More than 630 homes were pending in August, a 13 percent increase from last year. Closed sales were up 22 percent.

Kitsap’s median home price (including condominiums) bumped up to $292,000, up 12.3 percent from August of 2015.

Here’s a graphical look at real estate trends in the county:

And here’s a map showing real estate statistics by submarket:

Wave of home listings buoyed market in July

B0015078797--870950A wave of new listings hit Kitsap’s real estate market in July, helping to replenish — if only slightly — the county’s scant supply of homes for sale.

Other Western Washington markets enjoyed a similar influx of listings, Northwest Multiple Listing Service reported.

“We might actually be starting to move very slowly back toward a more balanced market,” OB Jacobi, president of Windermere Real Estate, said in a news release.

In Kitsap, 654 homes came on the market in Kitsap in July, raising the total number of available listings to 944.

Inventory was still down 10 percent from July 2015, but that marked a major improvement from January, when there were 30 percent fewer homes on the market compared with the previous year.

Pending sales remained strong in July, up 7 percent from 2015, while closed sales dipped. The county’s median home price was $290,000, up about 5 percent.

Here’s a map showing real estate data for Kitsap County submarkets. Hover your mouse over each area to see local stats: