Silverdale Real Estate Market - April 2008

Homes in Silverdale were selling for a median price of about $293,000 at the end of April, down about 2.3% from a year ago. The YTD median dropped about 11% from its value last month and last month dropped 15% from the previous month. We started the year with a number of higher priced sales that skewed the distribution upward. The April median closed sale of $244,000 was 17% less than April sales a year ago. Kitsap County median prices have fallen 5.3% over the past year. The number of YTD closed sales was down 41% from a year ago, compared to a drop in closed sales of 25% for the County as a whole. The number of pending sales YTD is down 39% from a year ago. The number of active listings in Silverdale (136) is 11% higher than a year ago. The inventory turnover (total homes on the market divided by number sold last month) is 8.5 months, which makes Silverdale one of the better markets in the County.