The real estate market
typically cools off each fall. Not so much this year.
Pending sales were up nearly 21 percent in October compared with October of 2015, according to statistics from Northwest Multiple Listing Service.
Competition helped keep home prices elevated. The median price for homes sold in Kitsap in October was $292,000, an increase of 13 percent ($33,500) from last year.
“The market in Kitsap is still very active,” John L. Scott Poulsbo manager Frank Wilson said in an NWMLS release.
An influx of new listings continued, with 424 homes listed in October. But brisk sales drove down inventory.
The months supply of homes — the number of months it would take to sell off all the homes for sale if no new listings were added — dipped to 1.93. Real estate professionals consider a market balanced when it has a four- to six-month supply of homes.
Here’s a graphical look at real estate trends in Kitsap:
And here’s a map displaying real estate stats by submarket. Wave your mouse over the map to see specifics:
