The days are longer, the nights are warmer, and the home-buying season is officially in full swing! Last year, "Prices in Poulsbo were more volatile than those in Kitsap County generally," according to The 2016/2017 Market Trends Report. However, this year in May, there were an added 13,497 new listings and improving on the April listings by nearly 27 percent. Comparing those numbers to a year ago, the new listings increased about 10 percent.
A quote taken from a recent NWMLS press release states, that "Ken Anderson, president/owner of Coldwell Banker Evergreen agrees. "No one is talking about the large number of new listings coming to the market," he notes. "New listings are at a seven-year high, and fifth highest all-time in our South Sound market," according to his analysis." Our area is booming this year, and May has been a hive of productivity. There were a record-breaking 9,188 pending sales in the Kitsap County region, the highest ever reported for the region. In April, according to the Pacific Northwest Title "Kitsap County Residential & Condominium Closings" the average median price for 2017 was $295,000. In 2016, the April average median price was $270,000.
Breaking these numbers down further, in Bainbridge Island specifically, the April median price of closed residential and condo properties was $838,000; compared to $635,125 in April of 2016. In Poulsbo, the median price was $364,000, compared to $289,950 in April 2016. These numbers are all in conjunction with fewer actual sales in April 2017 compared to April 2016. These numbers reflect the larger area as a whole. Median prices are hitting record numbers across Western Washington and even with inventory numbers rising, and many homes are only staying on the market for very short periods of time.
To learn more about how to best enter the buying or selling market, please do not hesitate to contact me.