Today the Seattle Times ran with a head line – More buyers, few sellers, push up King County home prices. When you read you will see that listings are down by 43% over the previous year of 2011 and that prices are up by about 20%. Of course the King County market stats are driven by the Seattle and East Side areas. There is similar data for South King County, maybe not as drastic. So, I thought I would see how we really compare in Kitsap County. While King County is screaming SELLER’s MARKET. Kitsap County is in a more stable market but still a buyer’s market.
Kitsap County has 6 months of inventory when you calculate only active listings and a huge 9 months of inventory if you include any pending properties. There are those that feel if a home hasn’t closed and sold it has to be included in the active inventory with the reasoning that the deal could fall apart and the home really is still available. Very rarely do homes fall out of contract. I would say 90% of the homes do proceed to closing. So I would feel confident stating that Kitsap County has 6 months of inventory.
• NORMAL MARKET :: conditions exist when the Absorption Rate is between 5 and 6 months
• SELLER’S MARKET :: conditions exist when the Absorption Rate is lower. (1 – 4 months)
• BUYER’S MARKET :: conditions exist when the Absorption Rate is higher. ( 7 plus months)
Kitsap County is just entering a normal market. Whew! When was the last time we said that! Below find the November market data for home sold in Kitsap County!
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