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Poulsbo Real Estate Market - September 2008

By
Real Estate Agent with Prowse and Company

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 $334,126 at the end of September, down about 5.9% from a year ago and down 1% from last month. Poulsbo's September median sale price was $325,900, about the same as in September 2007. Kitsap County YTD median price has fallen 8.8% over the past year.  The number of Poulsbo closed sales YTD is 1% lower than a year ago, and the number of YTD pending sales is down by 26%. The large difference in pending versus 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 22 of 41. The pace of new construction sales has fallen along with the rest of the market. The Poulsbo listing inventory (171) has risen by 12% compared to a year ago but has fallen 11% since last month. The inventory turnover (total homes on the market divided by number sold last month) is 8 months  - better than average but a return to a more expected turnover rate from the abnormally good 5 months reported last month.

Posted by

Brenda Prowse
Broker/Owner - Prowse and Company

Certified Distressed Property Expert (CDPE)

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