Kitsap County Housing Market Stats May 1- May, 2023
The housing market is one of the most important sectors in the economy, as it is a key indicator of consumer confidence and the overall economic health of a region. In this blog post, we will compare the housing market statistics for two consecutive weeks, April 24 - May 1, 2023, and May 1 - May 8, 2023, in Kitsap County and the rest of the NWMLS (Northwest Multiple Listing Service).
To begin with, let's take a look at the number of new listings, pending listings, and closed listings for both weeks. In the week of April 24 - May 1, Kitsap County had 81 new listings, 107 pending listings, and 76 closed listings. On the other hand, the week of May 1 - May 8, Kitsap County had 104 new listings, 117 pending listings, and 57 closed listings. We can see that there was an increase in new and pending listings, while the number of closed listings decreased.
Moving on, let's take a look at the average sales price for Kitsap County and the rest of the NWMLS. According to the statistics, the average sales price for Kitsap County is $587K, while the average sales price for the rest of the NWMLS is $735K. This shows that the average sales price for Kitsap County is lower compared to the rest of the NWMLS, which is down 21.6% and 17.7%, respectively. This is attributed to several factors, including the location, type, and condition of the properties. We all know we can’t compare apples to oranges, but this is only to give you an idea. If you would like to know the statistics on your specific home and neighborhood, shoot me a quick email or text, and I’d be happy to set that up.
Next, we will examine how long homes are staying on the market. It is important to note that the longer a property stays on the market, the more it becomes a liability for sellers, as it can lead to lower offers and eventually, price reductions. According to the statistics, the average days on market for Kitsap County is 24 days, while the average days on market for the rest of the NWMLS is 26 days. Although both are below 30 days, it is worth noting that the homes in Kitsap County are selling slightly faster than the rest of the NWMLS.
Kitsap County has always had a strong economy mostly due to the Military presence here. We have great schools and a community here like no other. We are a close knit community who cares about each other and our area. We’ve seen ups and downs, but in the end, rise above and continue to thrive in our little slice of heaven.
Lastly, we will look at the months supply for both areas. The months supply is a metric used to determine how many months it would take to sell all the current inventory of homes, assuming no new listings are added. This metric is important as it shows the demand and supply dynamics in the market. According to the statistics, Kitsap County has a 1.1 months supply, while the rest of the NWMLS has a 1.4 months supply. This shows that the housing market in Kitsap County is tighter than the rest of the NWMLS, which could lead to increased competition among buyers and potentially, higher prices.
It is worth noting that the above statistics only include all of Kitsap County, excluding waterfront properties, and only include residential single-family homes, including new construction and previously owned. Therefore, the statistics may not represent the entire housing market in Kitsap County and the rest of the NWMLS.
The housing market statistics for the weeks of April 24 - May 1, 2023, and May 1 - May 8, 2023, in Kitsap County and the rest of the NWMLS show some interesting trends. There was an increase in new and pending listings, while the number of closed listings decreased. The average sales price for Kitsap County is lower compared to the rest of the NWMLS, and homes are selling faster in Kitsap County than the rest of the NWMLS. However, the housing market in Kitsap County is tighter than the rest of the NWMLS, which could lead to increased competition among buyers and potentially, higher
