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Kitsap County home sales, prices increase

To put it simply, 2013 was a good year for the local real estate market.

That’s the conclusion that can be drawn from the data released recently by the Northwest Multiple Listing Service which include 710 members in Kitsap County. Data was analyzed by Tom Hurdelbrink, the Northwest Multiple’s president and CEO.

In Kitsap County, there were 3,542 closed sales, as compared to 2,855 in 2012, an increase of 24 percent. Those homes sold for a median price of $239,450, as compared to $230,000 in 2012, which is a 4.11 percent increase.

The busiest months for closed sales were June with 384 homes sold, July with 385 and August with 383.

The closed sales in Kitsap County equalled $1,013 million, and averaged $286,267 per home. High-end homes, those selling for more than $1 million, numbered 47 in Kitsap County. There were 12 high-end condos, valued at $500,000 or more, sold in the county in 2013.

Overall, throughout 2013, the inventory of new listings for sale in Kitsap County was up at 5,253, as compared to 4,681 in 2012, and increase of 12.22 percent. More homes were on the market in March through July, ranging from 507 to 575. The low inventory months were November and December at 289 and 221.

Total active listings throughout the year in Kitsap County averaged 1,387.

Pending sales averaged 4.92 percent higher throughout the year when compared to 2012, and the total number of pending sales, homes and condominiums, was 4,907.

Of the number of homes and condominiums with pending sales in Kitsap County in 2014, 94.5 percent were homes, and 5.5 percent were condos. There were 4,637 homes and 270 condos pending sale.

That followed the region which the percentage was 86.5 percent single family homes and 13.5 percent condos.

When comparing active listings to pending sales, in Kitsap County there were 16,644 active listings and 4,907 pendings, which can be interpreted to mean that there was an average of 3.3 months supply available at any one given time in 2013.

For new construction, there were 401 single family homes sold at a median price of $262,135. The lowest price was $50,000, and the highest was $2 million.

For condominiums, there were 17 new condos sold at a median price of $157,900.  The lowest was sold at $154,000 and the highest was $455,800.

Most popular in Kitsap County in 2013 were three bedroom homes, selling 2,050 of them, making up 61 percent of the market. Kitsap’s average three bedroom home went for $239,000. Area wide the average price of a three bedroom home sold in 2013 was $250,000.

In terms of school districts, there were 572 homes sold in the Bremerton School District compared to 700 in the Central Kitsap School District. The median price of homes sold in the Bremerton District was $157,900, compared to $229,950 in the Central Kitsap School District. The most expensive home sold in Bremerton School District was $604,000 and in Central Kitsap School District was $1.7 million. Overall, the year gave real estate investors reason to be happy.

Homes increased in price 3.32 percent since 2012, and 16.57 percent since 2004. The market high was in 2007 with a median price in Kitsap County of $290,342.

Throughout the Northwest Multiple Listing Service area there were 75,517 closed sales during 2013, surpassing the 2012 volume by around 11,000 transactions for an increase of nearly 17 percent, said Cheri Brennan, spokeswoman for the NWMLS.

Measured by dollars, last year’s sales of single family homes and condominiums were valued at nearly $25.5 billion to out gain the previous year by more than $5.5 billion, up 27.4 percent.

Last year’s completed sales included 65,122 single family homes and 10,395 condominiums, as tallied by nearly 21,000 real estate brokers in the 21 counties that make up the Northwest MLS service area. The total units and dollar volume are the best since 2007 when members registered 82,197 sales valued at $32.3 billion.

Brennan said the area-wide median price for last year’s sales was $270,000, improving on the previous year’s figure of $245,000, up 10.2 percent. A comparison by county shows median sales prices ranged from $118,750 in Pacific County to $372,000 in King County.

Prices for single family homes (excluding condominiums) also rose 10.2 percent from 2012, increasing from $255,000 to $281,000. Condo prices jumped 15.3 percent, rising from the 2012 figure of $175,200 to last year’s median price of $202,000.

By one measure, buyers who shopped during 2013 had a bigger selection as members added more than 104,000 listings to inventory during the year. That was an improvement over 2012 when members added 91,359 new listings. However, brisk sales meant the total number of active listings, which averaged 21,946 during 2013, fell below the previous year’s average of 24,604.

During 2013, the area-wide supply, as measured by months of inventory, ranged from a low of 1.95 in March to 3.68 in December. Industry watchers tend to use a 4-to-6 month range as an indicator of a balanced market, Brennan said, favoring neither buyers nor sellers. Supply tended to be tightest in King and Snohomish counties.

Further evidence of a housing recovery is reflected in high-end sales, she said. Northwest MLS members reported 1,621 sales of single family homes priced at $1 million or more, up 45.2 percent from the 2012 total of 1,116 such sales. Condos priced at $1 million and up accounted for another 137 sales, about the same number as 2012 (138 sales).

The highest-priced single family home that sold during 2012 by a member of Northwest MLS was a property in Medina that fetched $9.75 million. A penthouse in downtown Seattle that sold for $6.2 million topped the condo list.

Northwest Multiple Listing Service, owned by its member real estate firms, is the largest full-service MLS in the Northwest. Its membership includes more than 20,000 real estate brokers. The organization, based in Kirkland, Wash., currently serves 21 counties in Washington state.

 

 

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