Business

Number of homes on market drops to ’06 levels

KINGSTON — The number of homes on the market in October fell to its lowest level since February 2006, according to statistics from the Northwest Multiple Listing Service.

The Northwest MLS tracks real estate data in 21 Western Washington counties, including Kitsap. Northwest MLS director Frank Wilson, managing broker at John L. Scott Real Estate Poulsbo/Kingston, said Kitsap County is continuing a “slow and sane” recovery.”

“October continued the trend of increased sales activity,” he said, pointing to a 23 percent increase in pending sales of single-family homes in October versus a year ago. “We also have fewer houses on the market.”

Wilson said 14 of the 19 Northwest MLS map areas in Kitsap County have less than a five-month supply of homes and condos. Among areas with limited supply are Bainbridge Island, Chico, Indianola, Port Orchard and Poulsbo. Wilson cited extremely low interest rates as a contributor to healthy activity.

“Where there is activity, there is recovery and appreciation,” he said. In Kitsap County in October, there were 348 new listings, up from 341 the same month a year earlier; and 1,480 total listings, down from 1,690. There were 345 pending sales, up from 286 the same month a year earlier; and 279 closed sales, up from 218.

The median price of a closed sale was $225,000, down from $234,204 the same month a year earlier. Kitsap County’s median price was the seventh highest of 21 counties in the Northwest MLS.

 

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