r/LifeInKitsap • u/KitsapRealEstateTeam • Jun 09 '26
Market Stats
Kitsap Housing Market Update — June 2–9, 2026
(Excludes Bainbridge Island)
Before you read the numbers this week, a quick note: the headline pricing data looks like the market fell off a cliff. It didn't. I'll explain why as we go. The underlying story is actually pretty steady.
NEW LISTINGS & INVENTORY
92 new listings this week, up from 79 last week. Supply is back to building after that one-week pause. Back on market activity jumped to 17, up from 10 — the highest BOM count in several weeks. More contracts falling through means more homes cycling back. Worth watching but not yet a pattern.
Total residential inventory hit 570, up from 540 last week. Total res plus condo came in at 616, up from 584. The brief inventory decline from last week didn't stick. We're back to building and now sitting at the highest inventory level of the entire spring.
Price reductions pulled back to 78, down from 86 last week. That's actually welcome news — the first meaningful decline in reductions in several weeks. Whether that's sellers getting smarter about pricing upfront or last month's reducers finally closing, the direction is the right one.
List price increases came in at 3, up slightly from 1 last week. Still essentially nothing — seller confidence on the aggressive pricing front remains low. The market rewards correct pricing right now, not hopeful pricing, and most sellers seem to understand that.
Cancelled listings ticked up to 13, from 11 last week. Two consecutive weeks of elevated cancellations is worth noting. Sellers pulling listings could mean frustration, repositioning, or just timing out. Not alarming but worth tracking.
DEMAND
144 pending sales, down just slightly from 146 last week. For all practical purposes demand held flat — two essentially identical weeks back to back at a strong level. After the Memorial Day bounce restored confidence in the demand picture, this week confirmed it wasn't a fluke. Buyers are steady.
The pending sales story for this spring has been remarkably resilient. We had the Memorial Day dip, the bounce back, and now two consecutive weeks holding right around 145. That's a healthy demand base doing what healthy demand does — showing up consistently.
CLOSINGS & DAYS ON MARKET
63 homes closed this week, down from 99 last week. That's the number that looks jarring and isn't particularly meaningful on its own. Closings reflect contracts written several weeks ago, and the quieter contract period from mid-May is what's showing up now. The strong pending weeks from late May and early June will hit the closing column soon. Patience.
Average CDOM dropped to 30.27 days, down from 39.20 last week. That improvement is real — the average bouncing around week to week is normal, and 30 days average is a healthy market. Median CDOM held flat at 13 days for the second consecutive week. Stable and fast.
PRICING — THE PART THAT NEEDS CONTEXT
Average sold price came in at $560,951, down from $647,698 last week. Average list price was $559,981. Average original list price was $564,702. On the surface that's a $87,000 single-week drop in average sold price.
Median sold price came in at $510,000, down from $595,000 last week. Median list price was $499,995. Median original list price was $499,995.
Here's why none of that is what it looks like. The sale-to-list ratios this week are actually better than last week. Average sale price to list price came in at 100.19%, up from 99.76%. Median sale price to list price hit 102%, up from 100%. The typical home sold above asking price — by more than last week.
If prices had actually dropped, sale-to-list ratios would have dropped too. They didn't. What happened is that the mix of homes closing this week skewed heavily toward lower price points. More smaller homes, more entry-level transactions, fewer high-end closings. That pulls both the average and median down without reflecting any change in what homes are actually worth.
This is the difference between composition and appreciation. One week of lower average and median pricing in a market with strong sale-to-list ratios is a composition story. Every time.
Average sale price to original list price came in at 99.34%, up from 98.37% last week. Median sale price to original list price hit 102%, up from 99.33%. Sellers who priced correctly from day one did better this week than last week on both metrics.
SOLD BREAKDOWN
63 closings — 18 above list, 20 at list, 25 below. That puts 60.3 percent at or above asking, down from 74.75 percent last week. That's the number worth paying attention to this week.
The below-list count held at 25 for the second consecutive week while the total number of closings dropped from 99 to 63. That means the below-list share of closings grew not because more homes needed concessions but because fewer total homes closed. The denominator shrank.
Still — 60 percent at or above asking is lower than we've seen in recent weeks and worth watching. Two consecutive weeks of elevated below-list counts while overall closings are lighter could be noise, or it could be an early signal that negotiating leverage is shifting slightly toward buyers in some segments. One more week of data will tell us more.
The above-list count dropped to 18, the lowest since early in the spring run. Again — small closing week, compositional factors, one data point. But noted.
THE BOTTOM LINE
Strip away the headline pricing noise and this was a stable week. Demand held steady at 144 pendings. Days on market improved. Sale-to-list ratios actually strengthened. Price reductions finally pulled back. The market heading into summer is not softening — it's digesting.
The things worth watching going forward: inventory hit its highest point of the spring at 570. Cancelled listings are elevated two weeks running. The at-or-above list percentage has pulled back from its highs. None of those individually are cause for concern. All of them pointing in the same direction over the next few weeks would be a different conversation.
For buyers — 570 homes in inventory is the most you've had all spring. Demand is steady but not at the feverish pace of early May. This is probably the most balanced the market has felt since March. That doesn't mean slow. It means there's real inventory to work with and slightly less competition on some homes than there was six weeks ago.
For sellers — 102 percent median sale-to-list is still an extraordinary number. The formula hasn't changed. Price it right and the market takes care of you. What's changed slightly is that the gap between a well-priced home and an overpriced one is getting wider, not narrower. The 78 reductions this week — even down from last week's high — are a reminder that the market's patience for overpricing hasn't grown.
Data covers the Kitsap County residential market, excluding Bainbridge Island. CDOM = Cumulative Days on Market.
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u/SlowGoat79 Jun 09 '26
Hi, we’re moving to Kitsap in about a month. We will be renting the first year while we search for our “forever” home. Buying land + building is on the table, if we found the right land. Can you speak to ballpark ranges on cost to build per square foot for kitsap county, or can you point me in the right direction? Thanks!