Kitsap County Real Estate Trends for December 2012 & 18 Months Prior

{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}

Kitsap County experienced an increase in the number of homes sold during December, but a steady decrease in average selling price since October.  There were 236 home sales in December, which is much higher than 184 during the same period last year.  Based upon the increasing number of homes Sold and the decreasing inventory of homes available for sale, we anticipate continued strength in the real estate market in Kitsap County with increasing sales and prices throughout 2013.

The County-wide average selling price for this month was $261,496 and the median $223,327. This is the lowest the average selling price has been since last February, while the median price is within a fairly typical range.  A significant factor contributing to these price results in December is the increased percentage of home sales that were distressed properties, since they are typically sold at a discount to the market.  When they comprise a higher percentage of the homes sold in a month, we typically see both the average and median prices decline.

In December, about 26% of sales were distressed properties, which is the highest percentage since the near 31% last May. About 2/3 of these distressed properties were REO’s, while the other 1/3 were Short Sales.   An important fact to recognize is that the absolute number of distressed properties sold monthly has been fairly consistent, (last month there were 61) so when the total number of homes sold declines, the percentage comprised of distressed properties increases in an inverse relationship.

Although there was a fairly high percentage of distressed properties sold, the increased volume in home sales from last year is encouraging and is an indicator of continuing improvement in the Kitsap County Real Estate Market, which we anticipate will continue throughout 2013.

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