Graph of Home Sales, Prices & Trends for Kitsap County Jan 2011 through July 2012
{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}
Home sales, prices and trends in Kitsap County for the month of July 2012 was almost a mirror image of the data for the month of June 2012. I had to look twice just to make sure which month I was working on, because in almost every category including number of homes sold, days on market, the number of distressed properties sold, the number of REO’s & number of short sales, were all nearly identical between the two months.
The only place where there was a little variation between the months was in the Median selling price which dropped from $245,000 in June, to $241,000 in July. There was also a slight decrease in the average asking price, and a very slight decrease in the average selling price, interestingly however; there was a slight increase in the average price at which an offer was received and there was a compression between the average initial asking price and the price at which an offer was received. This price differential compression is showing up in multiple areas and I think is indicative of an improving real estate market, increased competition among buyers, and a general sense that properties are selling more quickly. These factors are putting a bit more pressure on buyers to make stronger offers and identify homes of interest more quickly.
To quantify the other good news of a second sequential month of decreased distressed property sales: There were 60 Distressed properties sold County-wide during the month of July 2012 which equates to approximately 21% of the homes Sold. Of the distressed sales, 38 were REO (Bank Owned Foreclosures) and 22 were Short Sales.
In summary, July 2012 was another terrific month for home sales in Kitsap County and the trends show the real estate market is continuing to improve.
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–Brian Wilson, Broker
19723 10th Ave NE; Suite 200
Poulsbo, WA 98370
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