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 $336,718 at the end of August, down about 5.3% from a year ago and down 2% from last month. Poulsbo's August median sale price was $315,000, down 10% from 2007. Kitsap County YTD median price has fallen 8.5% over the past year. The number of Poulsbo closed sales YTD is the same as a year ago, and the number of YTD pending sales is down by 32%. 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 27% 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 20 of 32. The pace of new construction sales has fallen along with the rest of the market. The Poulsbo listing inventory (171) has risen by 19.6% compared to a year ago and is up 3.6% since last month. The inventory turnover (total homes on the market divided by number sold last month) is 5 months - much better than elsewhere in the County and a big drop from 11 months in July. While we would not assume that this pace of sales in Poulsbo will continue, given the much lower pace elsewhere. The large changes in Poulsbo (better) and Silverdale (worse) from last month shows that there are currently large month-to-month fluctuations in our market.
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