Real Estate sales in Poulsbo for the month of March 2013 once again appears to be a bit more subdued compared with Kitsap County Data as a whole and the neighboring hot market of Bainbridge Island.
During the month of March there were the same number of homes sold as were Sold during February. The average and median home prices, however; declined during March compared with both January and February. In fact home prices hit their lowest level in Poulsbo since March of the previous year. What’s going on here? It’s important to consider that home sales in Poulsbo had maintained abnormally high levels throughout the Fall and Winter and never dipped to the more normal seasonal lows we would have expected.
There is also some good news in that the data for March 2013 compared with March of the previous year is very similar so we could say we are actually seeing normalized data for this time of year in Poulsbo. While this may not be particularly comforting if you are a seller and home sales in the rest of the County are booming, there is in fact more happening than meets the eye and there’s a wave of sales activity that will be closing in Poulsbo during April and beyond.
Here’s what is happening with home sales here in real time: Currently there are 65 homes under contract in Poulsbo that are “Pending Sale” and as of 4/20 there are 20 closed sales. Considering the normal closing cycle time frame, we are expecting to see at least 25 of the Pending sales close in April. If this occurs as anticipated, April home sales will jump to approximately 45 which will be at or near a record number of homes sold in one month in Poulsbo going back more than 18 months. So, hang-on, the sales wave that has hit the rest of Kitsap County is hitting Poulsbo right now!
Another important factor that needs to be considered are the 23 new construction pre-sale homes that are currently under contract in Poulsbo. These new construction home sales have a much longer closing time cycle of about 5 months compared with 45 – 60 days for existing home sales. So, while the sales numbers that have actually closed appear a bit anemic compared with the rest of the County, there are actually many more sales being made, but they are just taking longer to close.
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John L. Scott Real Estate
19723 10th Ave NE; Suite 200
Poulsbo, WA 98370