Growth in pending home sales in Kitsap County

Published 10:41 am Friday, April 24, 2015

POULSBO — Pending sales in the Kitsap County real estate market surged by more than 23 percent in March compared to the same month a year ago, according to the latest report from the Northwest Multiple Listing Service.

Local brokers reported 535 pending sales in March, 101 more than the 434 reported in March 2014.

“Dramatic increases in sales combined with severe decreases of inventory have led to a robust marketplace primarily benefiting sellers,” said Mike Eliason, association executive of the Kitsap County Association of Realtors.

Closed sales increased 35 percent in March compared to the same month a year ago, and inventory declined by 28.21 percent. Currently, there is only 2.4 months’ supply of available homes on the market, Eliason reported.

In comparison, the Northwest Multiple Listing Service region, which includes 21 counties in Western and Central Washington, reported an overall closed-sales increase of 17.66 percent in March and a 13.83 percent decline in inventory.

Industry experts generally consider a balanced marketplace to have between four and six months inventory.

The median price on closed sales last month was $240,523, a 6.9 percent increase compared to the same month last year.