Kitsap County Market Statistics for July 27, 2009

Several items of importance this past week: active listing count is up; new purchase contracts written are down; and closed sales are down.

• County-wide active listings are 1,842 (the highest so far this year)
• There were 45 new purchase contracts written (one short sale and nine foreclosures)
• Closed sales for the week were 43 (one short sale and eight foreclosures)
• Kitsap County's absorption rate increased to 43.1 weeks of inventory for sale
• Silverdale's absorption rate increased to 14.1 weeks of inventory

The market share of short sales and foreclosures remains in the 20% to 25% range.

I still believe our markets will trend from buyer's markets to neutral markets later this year after summer ends and fall begins. I expect the neutral markets to last for about 18 to 20 months (May-June 2011) then shift to gradual, annual appreciation for sales prices.

Over the past 28 years, our average annual sale price appreciation has been about 3.25%. That being the case, house prices will double every 22 years.