Kitsap County Housing Update - Resale Only Key Market Indicators – January Recap Housing Market at a Boiling Point J. Lennox Scott Chairman and CEO As predicted, prices are rising as a power surge of buyers has entered the market, compounding the backlog of holiday buyers. In Kitsap County, homes priced up to $750,000 (this range comprises 93 percent of sales activity) are virtually sold out. Overall unsold inventory is down 40 percent compared to Jan. 2019, and the lack of homes for sale is pushing prices higher. These conditions, along with historically low interest rates and continued extreme job growth means the focus is on each new listing hitting the market. Price Range Active Listings on February 1st January New Listings January Pending Sales % Pending 1st 30 days (December List) Sales Activity Intensity Months Supply (Unsold) Unsold Listing Supply 0 - 250K 23 23 28 59.1% Surge 0.8 Severe Shortage 250K - 350K 32 75 86 77.2% Extreme Frenzy 0.4 Extreme Shortage 350K - 500K 46 71 86 70.9% Frenzy 0.5 Extreme Shortage 500K - 750K 38 32 47 61.5% Surge 0.8 Severe Shortage 750K - 1M 22 11 8 50.0% Surge 2.8 Shortage 1M + 23 8 10 66.7% Frenzy 2.3 Shortage Total Activity 184 220 265 69.9% Frenzy 0.7 Extreme Shortage SCALE: PERCENT OF NEW LISTINGS (PENDING) IN THE FIRST 30 DAYS 6+ Months _______ Selective 4.78% 4.06% 5.10% 5.90% 15 Yrs Ago 3-4.4 Months 4.5-5.9 Months _______ _______ Low Healthy 10 Yrs Ago 1.4-2.9 Months _______ Shortage 5 Yrs Ago 0.8-1.3 Months _______ Severe Shortage 3.47% 1 Yr Ago 0-0.7 Months SCALE: _______ MONTHS SUPPLY Extreme Shortage UNBELIEVABLE INTEREST RATES February 1, 2020 Source: Mortgage News Daily † NEGOTIATION FOR SELLERS With buyers eager to secure their home of choice and get settled by the springtime, it’s a great time to put your home on the market! To maximize your home’s closing price and ensure your desired contingencies are met, it’s critical to work with a trusted broker associate who will be “in your corner” when negotiations come to the table. Some John L. Scott offices are independently owned and operated. Source: NWMLS. Data is for Resale only. © 2020 John L. Scott Real Estate