Kitsap County Market Statistics for February 1, 2009

This past week there were 38 new real estate purchase offers written. Of those 38 contracts, 11 were for either short-sales or foreclosed homes.

I believe the above information is very important so I'll continue to "break out" these numbers over the next several months or until something else changes in our markets.

The Silverdale market had four homes change to a "pending" status but of those four, one was a short-sale and one was a "make us an offer" situation.

However, with those four pendings, Silverdale's absorption rate dropped almost in half to 19.3 weeks of inventory available for sale.

County-wide, the absorption rate dropped about eight percent to 60.2 weeks of inventory for sale.

Although the drop in absorption rates is good news, this is happening because not very many new homes are being listed and the number of purchase contracts being written has remained fairly stable (mid-30s each week).