Poulsbo experienced a strong, and unexpected upswing in home sales during the month of December 2012! The number of homes sold increased by nearly 14% from the previous month and 32% above the sales for the same month one year ago!
A look back at the previous two months (November and October) shows relative consistency in the number of homes sold and surprising consistency in the average and median selling prices. With the expectation of continued low interest rates (though a bias toward increasing), only modest price appreciation with home prices still significantly below their peak in 2007, and a renewed expectation for price appreciation with demand exceeding supply, it is a great time for both buyers and sellers in Poulsbo!
The average sale price for this month was $286,510, while it was $296,182 for November and $297,959 in October. This shows that the average selling price has remained within a fairly tight range over the past 3 months. However, we can expect to experience a decrease in number of homes sold during January, as is typical trend in Poulsbo and the county as a whole. However, looking at previous sale trends, there is a good chance that prices will remain firm and likely increase this Spring.
Interestingly, the average and median selling prices were nearly identical for this month, with a median selling price of $286,250. This is due to a large number of homes (1/3) selling between $290,000 – $330,00 and then a nice balance of sales at both the low and higher prices. Also, homes listed in December spent less time open on the market than nearly any month in this past year. One factor to explain the abnormal seasonal strength in the market was the fear of a capital gains increase as of January 1, 2013. Though this did not happen, many sellers were extremely motivated to close before the new year and many buyers and their brokers assisted to make this happen. Even so, we see this strength and activity as a strong indicator of a tightening market for buyers leading into Spring and believe prices will likely increase.
12% of homes sold during December were distressed (either REO’s or Short Sale’s), which is an improvement from 13.8% in November. Also, Poulsbo is faring much better than the county as a whole, which consisted of about 26% in sales of distressed properties.
Now is a great time to either buy or sell in Poulsbo and if you are a buyer, we suggest you get busy looking now.
Feel free to contact us for information on specifics about types of properties sold and getting the best value or price as a buyer or seller!
Thank You for visiting our Blog.
By Briana Wilson
Reviewed by Brian Wilson, Broker
19723 10th Ave NE; Suite 200
Poulsbo, WA 98370