The number of homes sold during the month of August in the combined area of Indianola and Suquamish rebounded from low levels in July, to the second highest quantity in over 18 months. Prices were also well above July levels and were also at the second highest level in over 18 months!
This area is similar to the combined area of Hansville, Kingston & Port Gamble in terms of the wide range of home values and types. In this area there is something for everyone from high end waterfront, custom homes on acreage, equestrian and there are also more affordable homes on smaller parcels, plat homes and manufactured homes.
The large diversity in property types is a major factor in the large swings in the monthly real estate data. It seems that homes of a certain type tend to sell in clusters and of course the largest demographic of buyers is at the average price levels not the highest or lowest ends therefore, generally; the average selling price varies inversely to the quantity of homes being sold. As more homes are sold, the average selling price and median price tends to decrease. Months where there are small numbers of sales can be highly biased to either end of the spectrum and we see this in the longer term graph.
I have a detailed discussion in the Kitsap County article about the primary factors driving the home sales data for the month of August. Largely this discussion applies to all areas in the County for August. If you’d like to read my commentary, here’s the link.
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Brian Wilson, Broker
John L. Scott Real Estate
19723 10th Ave NE; suite 200
Poulsbo, WA 98370