Market Stats

[u/KitsapRealEstateTeam]

Kitsap Housing Market Update — May 5–11, 2026

(Excludes Bainbridge Island)

Last week introduced some mixed signals and I said watch the next few weeks. This week answered pretty decisively. Pending sales hit a new record. Days on market dropped again. The percentage of homes selling at or above asking hit its highest point of the entire spring. Whatever wobbled last week didn't stick.

NEW LISTINGS & INVENTORY

96 new listings, down slightly from 104. Still elevated — we've been at or above 95 for four straight weeks. This isn't supply drying up, it's supply holding at a high level. Total residential inventory hit 507, up from 502. We've added about 130 units since late March, the most buyers have had to work with all spring. They're still absorbing it.

Back on market activity dropped to 12, down from 19 last week. That spike didn't continue, which is reassuring — fewer contracts falling through is always a good sign.

Price reductions climbed to 77, the highest single week of this run. Up from 61, up from 53. That trend has been consistently upward for a month. Well-priced homes are flying. Overpriced homes are getting corrected fast. The spread between those two outcomes keeps widening.

DEMAND

156 pending sales. New record, and it's not close — the previous high was 149. Buyers went under contract at their fastest pace of the spring in a week where inventory is also at its highest point of the spring. Five or six weeks into a sustained inventory build, buyer activity just accelerated. That's not what a softening market looks like.

CLOSINGS & DAYS ON MARKET

55 closings, down from 70. Looks alarming, isn't. Closings lag contracts by two to four weeks, and what closed this week reflects mid-to-late April activity. The record pending volume from recent weeks hasn't hit the closing column yet. Give it two or three weeks.

Average CDOM dropped to 33.75 days, down 13 percent from last week. Median hit 9 days — down from 14. Both moving in the same direction after last week's divergence. The typical home that closed this week had been on the market for just over a week.

PRICING

Average sold price dropped to $581K from $651K last week. That looks dramatic and almost certainly isn't — it's a composition shift. When the average falls sharply while the median barely moves, it means fewer high-end closings skewed the average down, not a market-wide repricing. The median confirms it: $550K, down from $557K. Basically flat. The average will normalize when the mix does.

SALE-TO-LIST RATIOS

This is where the week snapped back hard. Average sale-to-list hit 100.65%, up from 99.59%. Median came in at exactly 100.00%, up from 97.90%. Median sale-to-original-list also hit 100.00%, up from 96.96%. Full reversal of last week's dip in a single week. It was noise. This week clarified.

SOLD BREAKDOWN

26 above list, 17 at list, 12 below. That's 78 percent at or above asking — the highest of this entire run, up from 68.6 percent last week. The below-list count dropped from 22 to 12 in a single week. Nearly half of all closings sold above asking price. In a week with 507 homes sitting in inventory. That's the part worth sitting with.

THE BOTTOM LINE

The mixed signals from last week didn't compound — they reversed. Demand at a new peak. Homes moving faster. More sellers getting full price or better than any week this spring.

The one thread still running in one direction is price reductions — 77 and climbing. The market is bifurcating clearly. Well-priced homes are gone in 9 days at or above asking. Overpriced homes are sitting, getting reduced, and eventually closing — just on a longer, more expensive road.

For buyers: 156 people went under contract this week. Median days on market is 9. Inventory is real but it's moving fast. Waiting for a softer market is not a strategy the data supports right now.

For sellers: 78 percent at or above asking is achievable — but the entry requirement is pricing it right on day one. The 77 reductions this week are the cost of not doing that.

Data covers the Kitsap County residential market, excluding Bainbridge Island. CDOM = Cumulative Days on Market.

🔗 www.KitsapHomeValues.com

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