Note: In the event you got to this article from an older link, here is a link to the newest data for this category of monthly home sales in Kitsap County
Kitsap county experienced a sharp decrease in homes sold during the month of January, which is expected as we hit the middle of the slow winter real estate market. Though there were only 175 homes sold compared to 236 in December 2013, the average selling price remained relatively stable with a decrease of less than $10,000 compared to the previous month and the median selling price increased.
The average selling price of homes in Kitsap country for January 2013 was $253,181 with a median selling price of $227,550. This is very similar to the average and median selling prices of $261,496 and $223,327 from the previous month. In fact, though the average selling price decreased from December to January, the median experienced a slight increase.
25% of homes sold in the county were distressed properties, with a majority consisting of Bank REO’s. This reflects the same trends for December 2012, during which about 26% of the total homes sales were distressed properties. The similarities between December 2012 and January 2013 in the average selling price, median selling price & distressed properties indicates relative continuing strength even during the traditionally slowest time of the year.
As you can see from the following graph*, the inventory of available homes for sale is decreasing, while the “Pending Sales” and Sales combined are increasing. This is a situation that leads to more of a Seller controlled market with increasing prices, decreasing time on market and more competition among buyers for the available homes. We are in fact seeing multiple offers for properties and even seeing the resurrection of escalation clauses with offers from buyers who do not want to get outbid. What a change from a year ago and beyond! If this trend continues (and we think it will), Buyers will need to act much more quickly and write much tighter offers to secure their position for the best properties.
Thank you for visiting our Blog. Be sure to subscribe to our RSS feed for the most up-to-date information!
* All reports are published February 2013, based on data available at the end of January 2013. This representation is based in whole or in part on data supplied by the King County Association of REALTORS(r), PMAR, EMAR, Spokane Association of Realtors, MLSCO or their Multiple Listing Services. Neither the Boards nor their MLSs guarantee or are in any way responsible for their accuracy. Data maintained by the Boards or their MLSs may not reflect all real estate activity in the market. This statistical information is produced by and for the exclusive use of the John L. Scott Real Estate Company. Report reflects activity by all brokers participated in the MLS.
By Briana Wilson
Reviewed by Brian Wilson, Broker
19723 10th Ave NE; Suite 200
Poulsbo, WA 98370