A Record Number of Homes Sold in Kitsap County during June, July & August Exceeding a 5 year high for each month, with June being the peak.
Back in early June we predicted that home sales in Kitsap County would hit a record number. WOW, did they ever! We predicted there would be 375 homes sold in June, but the actual number was a monumental 397! June sales were a peak, however; home sales continued selling in record numbers for the months of July and August 2013.
Average selling prices were similar in June and July, but were lower than the same period a year ago. Median prices were also slightly below the same period a year ago, though the August 2013 Median selling price was identical to the August 2012 Median selling price.
Here’s graph showing a 5 year history of monthly home Sales in Kitsap County, along with the monthly Active inventory and Pending home sales:
Here’s a handy table that will give you a quick comparison of August Data with the previous two months and the data from the same month one year ago:
Here’s a look at the current market data including current Active listings, Pending sales data and Month-to-date Sold data (as of Sept. 13, 2013):
There are currently 1603 Active home listings, 746 Contingent and Pending Sales of all categories (Pending Feasibility, Pending Backup, Pending Short Sale, Pending Inspection, and Pending) and 119 Sold Homes.
The Average Price for all Active listings is $363,965, and the Median is $269,900. The Average Price for all Contingent & Pending Sales is $268,861 and the Median is $224,950. The Average Price for the Month-to-date Sold homes is $308,968 and the Median is $249,950, which is almost identical to the Median price for all of the Sold homes during the previous month of August 2013.
County wide, on average, the differential between the actual average Selling Price and the Average Price where a home went Pending Sale is about -5% This differential dropped to -3.04% in June when sales were at a frenzy and increased again to -5.54% in July and -5.15% in August.
For the month of September 2013, we project the number of homes that will be Sold will decline from these extraordinary high levels but will remain at a historically high level of somewhere around 310 +/- homes. Prices appear to be coming under some pressure as there still remains a seemingly unending inventory of distressed homes comprising a significant portion of total home sales County-wide, with pockets of higher concentrations in certain areas. Another factor adding to price pressure is an increasing inventory of available homes for sale and a significant inventory of new construction homes aggressively priced.
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John L. Scott Real Estate
19723 10th Ave NE; Suite 200
Poulsbo, WA 98370
Data Source: Northwest MLS (NWMLS)
The NWMLS, Brian Wilson or Jana Salmans do not guarantee the accuracy of this data and are not responsible for it’s accuracy. Data from the NWMLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.