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
March 2012 was a good month for home sales and Real Estate in Kitsap County, which were up for the third consecutive month. Compared to the previous month, sales were up 34% and average selling prices increased by almost 8%. Compared to the same period one year ago, sales were up 3.2% and average selling prices were up almost 4%.
Of the 225 homes that were Sold in Kitsap County for March 2012, 83 of them were Distressed Sales, comprised of 65 REO bank owned foreclosures and 18 Short Sales. So distressed properties accounted for nearly 37% of the homes Sold which have typically been selling at below market prices, as I’ve discussed in previous blog postings, yet average prices were higher. This indicates a strengthening market. In some areas of Kitsap County and at some price points, the availability of inventory (homes available for sale) is getting very thin, leading to quicker sales, firming prices and multiple offers! Is this a trend in the making? I think the answer is Yes! I expect to see increasing Sales for at least the next 2 months and most likely beyond as there are currently 520 non Short Sale homes that are “Sale Pending” in the County. If these take an average of 30-45 days to close, we will be seeing some record numbers of sold homes hitting the books compared with Sales numbers for at least the last two years.
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–Brian Wilson, Broker
John L. Scott Real Estate
19723 1oth Ave NE; suite 200
Poulsbo, WA 98370