Brenda Prowse

Homes in Silverdale were selling for a YTD median price of about $290,000 at the end of October, down 9 percent from a year ago. The October median closed sale of $265,000 was about 14% less than the October median a year ago. Kitsap County YTD median price has fallen 9.5% over the past year. The number of Silverdale YTD closed sales was down 36% from a year ago, compared to a drop in closed sales of 24% for the County as a whole. The number of pending sales YTD is down 36% from a year ago. The number of active listings in Silverdale (117) is 12% lower than a year ago. The inventory turnover (total homes on the market divided by number sold last month) is 6.9 months, which is considerably better than many other areas and reflects the higher volume of sales in the lower price ranges.

Statistics we refer to are for that part of Poulsbo encompassing the downtown core, from the head of Liberty Bay southeast to Ne-Si-Ka Bay, including parts north to Sawdust Hill Rd. The market for other parts of Poulsbo and its suburbs should have approximately similar trends. Homes in Poulsbo were selling for a YTD median sale price of about $332,663 at the end of October, down about 6.3% from a year ago and about the same as last month. Poulsbo's October median sale price was $330,000, about 2.9% lower than in October 2007. Kitsap County YTD median price has fallen 9.5% over the past year. The number of Poulsbo closed sales YTD is almost the same as a year ago, and the number of YTD pending sales is down by 24%. The large difference in pending versus closed sales reflects the closing of many new construction sales that had been shown as pending for many months prior. YTD closed sales for Kitsap County have dropped 24% compared to last year. That portion of currently pending sales coming from new construction presales is 18 of 24. The Poulsbo listing inventory (144) is 2.9% higher than a year ago but has fallen 6% since last month. The inventory turnover (total homes on the market divided by number sold last month) is 7.2 months, much better than some of the other areas, but also skewed by the closings of a batch of new construction homes that were sold months ago.

Using the example of Kingston - the largest housing market in North Kitsap - homes were selling for a YTD median price of about $372,500 at the end of October, up about 2% from a year ago and the same as last month. Kingston prices fluctuate more than some of the other markets because of the lower listing and sales volume. Kitsap County YTD median price has fallen 9.5% over the past year. The YTD number of closed sales is down 26% from a year ago, and the YTD number of pending sales is down 32%. The number of closed sales is down 24% Countywide from a year ago. The number of active listings in Kingston (94) is down 2% from a year ago. The inventory turnover (total homes on the market divided by number sold last month) is 24 months. Kingston is a buyer's market.

Statistics we refer to are for that part of Bremerton encompassing the downtown core and west to Kitsap Lake. The market for other parts of Bremerton and its suburbs should have similar trends. Homes in Bremerton were selling for a YTD median price of about $186,500 at the end of October, about 14% lower than a year ago. The October median price for closed sales ($209,000) was 7% higher than the median for last month but still 9% lower than a year ago. Kitsap County YTD median price has fallen 9.5% over the past year. The Bremerton YTD number of closed sales is down 30% from a year ago (compared to a Countywide drop of 24%). The YTD number of pending sales is down 23% from last year, and October sales fell by 35% after rising sharply last month. The number of active listings (207) has fallen 9% from last month and 21% from a year ago. The inventory turnover (total homes on the market divided by number sold last month) is 7.9 months, which reflects the greater percentage of lower priced homes that are selling. The Bremerton market is still a buyers market.

Residential homes on Bainbridge Island were selling for a YTD median price of about $608,500 at the end of October, a drop of 10.5% from a year ago. The median price for closed sales occurring in October ($620,000) was down about 18.6% from a year ago. Kitsap County YTD median price has fallen 9.5% over the past year. The YTD number of Bainbridge closed sales is down 48% from a year ago, and the YTD number of pending sales is down 38%. These numbers have improved slightly as the in the past couple months. The number of closed sales is down 24% Countywide from a year ago. The number of active listings on Bainbridge (241) is down 2% from a year ago. The inventory turnover (total homes on the market divided by number sold last month) is 24.1 months, a slowdown from the 14.8 month turnover rate of last month. Bainbridge Island is a strong buyers market.