Data Grab: Looking Deeper at #Kitsap Housing Market Stats
Right, it's another Stats blog. But wait! This is different, we promise!
We often expound on a particular set of Kitsap Housing Market numbers from week to week - sometimes here on the blog, but definitely weekly on this website page, and in our weekly video series. If you're serious about Kitsap real estate - buying or selling - we STRONGLY suggest you follow one or the other, so you'll have an idea where the market is, and where it is likely headed.
However, we thought it might be interesting to make use of a great interactive tool available to us through MLS. We'll start with this market factor, INVENTORY. We've talked before about how Inventory influences the market, but we thought we would put it in visual format for Kitsap. As with your weekly market stats, this is for all of Kitsap County and includes Residential and Condo properties. If you move your cursor over the graph, you'll notice it gives a popup value of each point on the graph.
Pretty interesting, right? We have really harped about the inventory decline in the past 18 months or so, but it's no joke - it's definitely one factor that has driven the Seller's Market we've been experiencing here for awhile. Consider also that for 2016 - 2019 (last year we have figures) Kitsap County grew by about 8300 people, about a 3% increase . . . with all that declining inventory. Obviously that doesn't represent individual households because some of those numbers are families that moved here together as a single household, or babies born to existing households. But it does rather illuminate the housing crunch!
Next, we wanted to show you the same period, but for Median House Price. (We do share this graph weekly in the stats handout.) Anyone buying lately is acutely aware of what's been happening here. (And sellers too, we have lots of people selling right now, who might have otherwise waited awhile.) And don't despair - be sure you compare numbers to nearby Greater Seattle, when you take a look at Kitsap. Ouch!
Here's one we are all familiar with lately, but it's easy to get used to a New Normal. Check out this visual on the averaged Cumulative Days on Market, for (CDOM) the last five years. Does it seem like properties evaporate as soon as they are listed? The data sure supports you! (And listen to your broker: GET PRE-APPROVED so you can get in the game for this fast paced market!!)
You often hear the team talk about How Many Month's Supply of homes are on the market - it's another metric by which we can discuss Inventory. In general, a market is considered a healthy balance of sellers, buyers, and stable prices when there is about 6 months' supply. Here's what Kitsap looks like for the last 10 years, which is safely out of the '09 housing crash period, but perhaps still recovering in some sectors.
We hope this has given you more of a view into the happenings of our local Kitsap Housing market. Please give us a ring at Dupuis Team if we can talk to you about how you and your Kitsap County property plans might fit in!