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 was a great month for Real Estate in Kitsap County. There were 248 Homes Sold in March which is approximately a 20% increase from February and over 10% more than the same period last year.
We are also seeing a trend of increasing home sales and prices with month-over-month gains in sales and prices for the first quarter of the year.
Distressed property sales (Short Sales & Bank Owned REO Sales) slightly increased from 25% of sales in February to 27.8% in March but were still significantly less than the 37% level during March 2012. You might also be interested to know that REO foreclosure sales outpaced Short Sales by nearly 2:1. Out of the total of 69 distressed properties Sold during March, 44 were REO’s and 25 were Short Sales. Short Sale transactions continue to be challenging and frustrate many Buyers with long delays and changes to the terms along the path to close. For these reasons many of these deals end up flipping.
The Average Selling Price of Homes in the County during March was up nearly 8.5% from the previous month to $280,750. This is almost identical to the average selling price for the same period one year ago. The Median Selling Price of $229,500 during March was also higher than the previous month by about 7% and it was also higher than the same period one year ago by the same amount.
The average number of Days on the market for Real Estate that is Sold in Kitsap County is about 90 Days, & the Combined Days On Market is about 120.
Looking ahead at the data for April, we are in the middle of a sales explosion! There have already been 146 homes Sold thru 4/19, but the wave that is coming, shows over 450 Homes that are under contract and “Pending” sale and another 201 that are recently under contract and “Pending Inspection”. There are also 137 homes under contract that are “Pending Short Sale” Considering typical 30 – 45 days for closing times after the inspection is satisfied, we could easily hit more than 325 homes being Sold in April which would be near a record looking back more than 2 years. It’s exciting to see this kind of high sales activity hitting the Kitsap Real Estate Market.
If you have any questions or want to know what this means for your particular property or situation just call or email us. We’re friendly and would be happy to talk with you and we also provide free property Market Value reports if you are thinking of selling your property.
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John L. Scott Real Estate
19723 10th Ave NE; suite 200
Poulsbo, WA 98370