Kitsap County Housing Market Update

Compared to last year, last month had less homes on the market, 45% less closed dales homes doubled on how long they stayed on the market BUT the average sales price went down!!! 

we are starting to see homes on the market stay active for 2-4 weeks, which before COVID was normal. now is a great time to purchase a new place to call home or an investment property! 

Port orchard and Bremerton are growing communities with a stable economy. this gives our housing market a fighting edge compared to other areas

The average sales price for Bremerton in December 2022 was: $406,713

The average sales price for Port Orchard in December 2022 was: $457,127

According To North West Multiple Listing services in regards to all of Central Puget Sound

"2022 was a turbulent year for the US housing market, as inflation, soaring interest rates, and elevated sales prices combined to cause a slowdown nationwide. Affordability challenges continue to limit market activity, with pending home sales and existing-home sales down month-over-month and falling 37.8% and 35.4% year-over-year, respectively, according to the National Association of REALTORS® (NAR). Higher mortgage rates are also impacting prospective sellers, many of whom have locked in historically low rates and have chosen to wait until market conditions improve before selling their home.

Closed Sales decreased 45.9 percent for Residential homes and 48.5 percent for Condominium homes. Pending Sales decreased 23.6 percent for Residential homes and 32.5 percent for Condominium homes. Inventory increased 203.7 percent for Residential homes and 105.3 percent for Condominium homes.

The Median Sales Price decreased 2.8 percent to $650,000 for Residential homes but increased 2.0 percent to $459,000 for Condominium homes. Days on Market increased 137.5 percent for Residential homes and 85.7 percent for Condominium homes. Months Supply of Inventory increased 300.0 percent for Residential homes and 200.0 percent for Condominium homes.

Economists predict sales will continue to slow and housing prices will soften in many markets over the next 12 months, with larger price declines projected in more expensive areas. However, national inventory shortages will likely keep prices from dropping too much, as buyer demand continues to outpace supply, which remains limited at 3.3 months, according to NAR. Even if prices fall, many prospective buyers will find it difficult to afford a home in 2023, as higher rates have diminished purchasing power, adding hundreds of dollars to monthly mortgage payments."

For Direct stats give us a call or send us an email. we want to make sure you are set up for real estate success!