Poulsbo 3 Month Home Sales & Trends September-November 2013

49 homes were sold in Poulsbo during October 2013, which is the highest monthly sales we have seen in the past 5+ years! More impressive, is the relative consistency in high numbers of monthly home sales since May. June through October have all showed sales near record levels between 40-49 homes. November home sales decreased to 35, but still show a marked improvement from the 29 sold during the same period last year.

 

 

The average selling price between August & September remained virtually the same at $271,208 and the median price for homes in September was $259,500.

 

During October, the average selling price increased to $339,306, well above the 270K we have seen the past 2 months, and is the highest in the past 18 months. The Median selling price in October 2013 was $315,190 which was about 4.4% above the same period one year ago. Clearly, October was the month to sell higher priced homes in Poulsbo.

 

November’s average selling price was $293,050, which is a bit weaker compared with October, and the Median dropped to $269,900 which is about 7% below the median from the same period one year ago. A big factor in this is the increased number of lower priced new construction homes that comprise the data.

 

An indicator of a tightening market is the decreasing difference between the average initial asking prices compared with the average actual selling prices. Over the course of the year the average difference has been about 3.08%. During the month of September this dropped to 1.15% which is the lowest differential between average asking and average selling prices we’ve seen in more than 18 months. This is closely linked to supply and demand. With decreasing supply and increasing demand prices firm and that’s what this differential shows.

 

The average time on market dropped in September & November to 69 and 64 Combined Days on Market (CDOM). These represent the lowest time on market in over a year and are another indicator of a tightening market. Compare this to the CDOM in September of 2012 which was 132 days!

 

Distressed properties comprised a consistently lower percentage of total sales in Poulsbo than for the County as a whole, though the actual number of distressed home sales remains stubbornly consistent.

 

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	September 2013	October 2013	November 2013
Avg. Original $	$274,351	$361,223	$305,188
Avg. Listing $	$271,606	$351,866	$300,424
Avg. Selling $	$271,208	$339,306	$293,050
Median Selling $	$259,500	$315,190	$269,900
$/sq ft	$138	$162	$149
TTL # sold	40	49	35
CDOM	69	84	64
DOM	63	82	54
TTL # Distressed/%	5/13%	8/16%	6/17%
SS	2	5	1
REO	3	3	5