Buyers looking to purchase a home in Kitsap County's housing market continue to face tough competition with rising home prices and a dwindling supply of active listings, according to statistics released by the Northwest Multiple Listing Service.
"People need places to live and pillows to go home to," said Mike Eliason, CEO of the Kitsap County Association of Realtors. "It's a real challenge to accommodate buyers and renters in this economy."
Last month, median home prices in Kitsap increased by 15 percent year over year, up to $325,000 from $280,000 last February.
At the same time, the number of the county's active home listings dropped by more than 32 percent from last year, from 540 active listings in 2017 to 365 in February.
With current market conditions and the growing demand for housing in Kitsap, the few houses listed on the market are being snapped up almost as soon as they're listed.
Almost 70 percent of homes in the county are being sold within the first 30 days of listing on the market and many of those sellers received multiple offers, said Bremerton-based John L. Scott broker Greg Miller.