Poulsbo Real Estate Market - February 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 median price of about $343,513 at the end of February, down about 4% from a year ago. Kitsap County median prices have fallen 6% over the past year. The number of closed sales YTD has risen 23% compared to last year, and the number of YTD pending sales has increased 26%. This compares to a drop of 19% since a year ago for Kitsap County as a whole. A large portion of the currently pending sales is from presales at one moderately priced new construction development - homes that never appeared as active listings. The Poulsbo listing inventory (158) has risen by 52% compared to a year ago and is 8% higher than it was at the end of January. The inventory turnover (total homes on the market divided by number sold last month) is 7.5 months. Calculating inventory turnover in this manner is artificially low since a number of the new construction homes closing did not show as active listings. Of 43 current pending sales, 34 are new construction. Using only the 81 non-new construction active listings in Poulsbo and the 10 non new construction sales closed last month, the inventory turnover would be 8.1 months.