Poulsbo Real Estate Market - July 2008

Statistics we refer to are for that part of Poulsbo encompassing the downtown core, from the head of Liberty Bay southeast to Ne-Si-Ka Bay, including parts north to Sawdust Hill Rd. The market for other parts of Poulsbo and its suburbs should have approximately similar trends. Homes in Poulsbo were selling for a YTD median sale price of about $343,363 at the end of July, down about 3.5% from a year ago and up slightly from last month. Kitsap County YTD median price has fallen 8.4% over the past year. The number of Poulsbo closed sales YTD is down 7.9% from a year ago, and the number of YTD pending sales is down by 36%. The large difference in performance of pending and closed sales reflects the backlog of new construction pending sales that are now closing. There was a drop of 28% in YTD closed sales compared to a year ago for Kitsap County as a whole. That portion of currently pending sales coming from new construction presales is 25 of 36. The pace of new construction sales has fallen along with the rest of the market. The Poulsbo listing inventory (165) has risen by 7.8% compared to a year ago and is down 7.8% since last month. The current drop in inventory combined with an increase of nearly 40 homes in July of last year brought the current inventory much closer to what it was a year ago than we reported last month. The inventory turnover (total homes on the market divided by number sold last month) is 11 months.