For the month of November 2012, Indianola and Suquamish experienced steep declines in both average selling price and the number of homes sold. However, seasonal declines are expected for this time of the year and can be anticipated until about mid-February when the early Spring market begins. On a positive note, the average selling price, median selling price, distressed properties, and number of homes sold are all greatly improved compared to November 2011!
The number of homes sold in Indianola and Suquamish during the month of November was 6, while October had 11 home sales. The average selling price declined in November to $198,233, while last in October it was a whopping $373,541.
These large monthly price jumps can likely be attributed to the type of homes sold during November (or any month where we see dramatic changes up or down) when the median selling price was $237,000, while it was nearly $425,000 for October. Thus, an abnormally large amount of high-value properties were sold during the month of October and the opposite happened during November. We have seen these dramatic monthly changes in these market areas for the past couple of years, and with the relatively small number of data points overall and in any given month (home sales in these areas) it is important to look at the data over a longer period of time to extrapolate any meaningful trends. This is why the graph includes the current month plus 18 months prior data.
There was only 1 (17%) distressed property sold in the combined area of Suquamish and Indianola during November 2012!, while November one year ago had 3.
Thank You for visiting our Blog.
By Briana Wilson
Reviewed by Brian Wilson, Broker
19723 10th Ave NE; Suite 200
Poulsbo, WA 98370