Poulsbo Real Estate Market Report - December 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 $334,900 at the end of December, down about 6% from a year ago. Poulsbo's December median sale price was $362,000, about 8.1% lower than in December 2007. Kitsap County YTD median price has fallen 9% over the past year. The number of Poulsbo closed sales YTD is down about 9.5% from a year ago, and the number of YTD pending sales is down by 26%. The large difference in pending versus closed sales reflects the closing of many new construction sales that had been shown as pending for many months prior. YTD closed sales for Kitsap County have dropped 25% compared to last year. That portion of currently pending sales coming from new construction presales is 8 of 13. The Poulsbo listing inventory (142) is 20% higher than a year ago. The inventory turnover (total homes on the market divided by number sold last month) is 36 months, up from 11.8 months last month.