The Western Washington real estate market ended 2014 with
fireworks.
Home sales logged in December 2014 outpaced sales made in
December 2013 by double digits, according to numbers released
by Northwest
Multiple Listing Service.
The trend held true in Kitsap County, where December
pending sales (306) were nearly 20 percent higher than at the
same time in the previous year. Closed sales (324) jumped by
29 percent. Unseasonably high sales were seen in nearly every
Kitsap community.
While sales surged, the available inventory of homes continued
to plunge. Just 205 homes came on the market in Kitsap in December.
Fewer than 900 homes were available for sale in the county, the
first time the inventory has dipped below 1,000 in at least the
past three years.
Hot sales and low inventory drove the months supply of homes
(the number of months it would take to sell off all the homes
available) down to 2.76. For comparison, King County’s months
supply was a rock-bottom 1.44, while Pierce County’s was at
3.02.
Here’s a look at listing trends in Kitsap:
Despite dramatic swings in sales and inventory, Kitsap home
prices remained virtually unchanged.
The median price for a closed sale in December ($235,000) was
actually down from December 2013 ($244,000). The overall median
home price for 2014 fell $200 short of the 2013 price: $239,250 to
$239,450.
I’ll be writing a more in depth review of 2014 real estate
trends later this month when NWMLS releases its annual report. In
the meantime, here’s a big fat chart showing 2014 median home
prices for various areas of the county: