Real estate sales activity remained elevated in Kitsap last month, as did home prices.
Pending sales in the county were up 16 percent in November compared with November of 2015, while closed sales were up 30 percent, according to Northwest Multiple Listing Service.
A sales surge was reported across the Puget Sound region.
“November’s pending sales for the four-county area of King, Snohomish, Pierce and Kitsap were the highest since 2005,” John L. Scott CEO J. Lennox Scott noted in a NWMLS news release.
“Every time interest rates increase 0.5 percent we see these surges because buyers become anxious about increasing rates – but on a historical basis rates are still amazing,”
Those eager buyers competed over a dwindling supply of home listings.
In Kitsap, 330 new listings came on the market in November, bringing the number of homes for sale in the county to 758. Inventory was down only 1.3 percent from November of 2015, but still very low compared with previous years.
Homes sold in Kitsap in November fetched a median price of $280,000, up about 8 percent or $21,000 from the same time last year.
Here’s a graphical look at Kitsap real estate market trends:
And here’s a map showing real estate stats by submarket. Hover your mouse over each area for details.