Welcome to our first monthly report about real estate sales, prices and trends in Port Gamble, Kingston & Hansville. This graph paints an interesting picture which warrants some discussion about the many factors affecting the real estate market in this area.
The first, of the factors which creates wide swings in prices, time on market and sales in the area are the diverse property types found here. Within this area there is everything from the more affordable & higher density developments like Gamblewood, Shorewood and Kingston Meadows; mid-range neighborhoods like Driftwood Key, Cliffside, & Kingston Highlands; and Higher-end communities like Whitehorse, Presidents Point, Point-No- Point View Estates & areas along Twin Spits Road and Foulweather Bluff.
There is a lot of coastline in these areas, so relative to other areas in the County, there are a large number of waterfront properties. Much of the area is Rural so there are also many homes on acreage, equestrian properties, properties combining both acreage and waterfront and fabulous view properties. Conversely, there are also a substantial number of affordable homes and properties in the area.
It appears that the regular large cycles in average prices and number of sales was and is affected by the relative property mix on the market and selling in any given period. The trend for sales and prices appears to approximately follow a 3 month cycle. When there are more affordable homes on the market, the number of homes sold increases and generally the average prices decline, however; some months there were large numbers of high-end luxury properties, so in those months there were large swings to the upside in all of the averages. Another major factor, as in all other areas in the County, when there were higher numbers of distressed properties including REO’s, bank owned foreclosures and short sales sold in any given period, the average prices declined lower than they otherwise would have, as many of these sales were made at a substantial discount to the current market prices at the time.
Thank You for visiting our blog. We hope you found this information useful or at least interesting. If you have any thoughts, questions or comments, we would love to hear from you.