Kitsap County January Housing Market Data

The January housing market data was made available today. There was an improvement on many fronts, but first the cold hard facts...

229 Homes went pending, the most since September(262) and almost as many as November and December combined(277)

114 Homes sold in January. This is largely driven by the pendings in the previous 2 months. 

Inventory decreased for a 6th consecutive month, down to 1755 from a high of 2589(July). 

Median Price was  $234,000, up from last months $225,000, but down from a January 08 median of $270,000.

Average Price Sold price was $285,000, up from last months $263,000, but down from a January 08 average of $324,000.

The average time to sell a home was 147 days, which tracks closely with the last several months

There is still a large inventory(15.4 months) that will continue to enable buyers to pick and choose their property closely.  The good news is the inventory keeps decreasing.

I sincerely hope this is a sign of things to come for 2009.

Marty

  • February 15 2009 - Silverdale
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Answers (2)

Profile picture for patricksrandall
Marty,
What do you think, is now a good time to buy out in Kitsap? Looks like Seattle is about to get hammered with more layoffs. I know Kitsap is removed from the Seattle economy a little, but the amount of unihabitited/partially built new construction ive seen there concerns me.
  • February 16 2009
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Profile picture for Whitney T
Hi Marty,

Whitney from Zillow, here. I was talking to the Kitsap Sun a few weeks back about Kitsap home values  and wanted to chime in with some relevant datapoints. According to Zillow's Q4 Real Estate Market Reports, the Zillow Home Value Index (median home value)  fell 10.7% year over year, which was slightly better than the national change of -11.6%. However, in the Bremerton MSA (which includes Kitsap) all cities lost value year over year (ranging from 3-16%). Seattle experienced similar declines in Q4. Seems the real estate woes of the nation are catching up to us here in the  great Pacific Northwest.

  • February 17 2009
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