A low inventory of homes and ravenous demand have set up a seller’s market in Kitsap.
Pending sales in March were 23 percent higher than in March 2014, according to numbers released this week by Northwest Multiple Listing Service. Closed sales were up 35 percent from the previous year.
More than 500 homes came on the market in March, but it wasn’t enough to sate the appetite of buyers. Inventory remained very low, with 840 active listings.
The months supply of homes — the number of months it would take to sell off the available inventory if no more homes were listed — dropped to 2.4 months. A 4- to 6-month supply typically indicates a balanced market.
“Dramatic increases in sales combined with severe decreases of inventory have led to a robust marketplace primarily benefiting sellers,” said Mike Eliason, CEO of the Kitsap County Association of Realtors.
Prices may finally be heading up in the county. The median price for Kitsap closed sales in March was $240,523, a 7 percent increase from 2014.
The year-to-date median price (including sales in January, February and March) was $235,000, up from $225,000 in the same period of 2014. (See a breakdown of prices by area at the bottom of this post, or click here).
Here’s a graphical look at Kitsap real estate trends:
And here’s a look at median prices in various areas:
