Shrinking inventory + increase in the number of pending sales + increase in median sales price since January 2009 = a stabilizing marketplace!

Here are the statistics:
Active Listings August 2009 = 2029
Active LIstings August 2008 = 2769
26.72% decline in inventory (that is a good thing, less supply = more demand)
Pending Listings August 2009 = 362
Pending Listings August 2008 = 293
23.55% increase
Closed Transactions August 2009 = 256
Closed Transactions August 2008 = 242
5.8% increase
The median sales price declined 12.45% (August 2009 compared to August 2008). However, the median price increased approximately 4% during the past several months (January 2009 compared to August 2009).
Data courtesy of:
Mike Eliason
Association Executive
Kitsap County Association of REALTORS®
and the NWMLS.

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