Kitsap County Market Statistics for December 1, 2008

Last week was just another week in paradise for Kitsap's real estate markets. However, being Thanksgiving week there was even less activity than I've come to expect in this cycle. But there were 23 new purchase contracts written which is consistent with the trend over the past two months.

The absorption rate for Silverdale was 100 weeks of inventory for sale. With the exception of two weeks over the past ten, that number has continued to decline slightly as the number of active listings also has declined. But that doesn't mean the Silverdale market has improved for sellers. After the holidays, more listings will "come on the market" so the absorption rate will begin to increase.

The same is true for the county overall. There were eight properties that changed to a pending status out of 2,391 active listings, a dismal absorption rate of 298.9 weeks. That number will certainly decrease, especially after the first of the new year. But it will still average over 120 weeks of inventory for the near future.