There were 4 Homes Sold in Indianola & Suquamish for the Month of February 2013. This was a 57% decrease in home sales from January 2013, which is slightly unexpected as we usually start to see an increase in Home Sales in February, as we begin to enter the spring season.
On a positive note, the number of distressed properties was only 1, a 46% improvement from the previous month.
The Average Selling Price of homes in this area during February 2013 was $233,625, with a Median Sale Price of $255,500. The average & median selling prices are much lower than January 2013 and February 2012 (one year ago). With the data being comprised of only 4 sales, it’s very difficult to imply any particular trend, however; the lower Median Selling Price suggests more lower priced homes sold during this month.
The Spring Market is definitely in full swing, and here’s a small preview into what the data for March will look like. Currently since the beginning of March, there have been 7 homes that have gone under contract “Pending Sale”, and there have been 5 Closed Sales. We anticipate by the end of the month, that the number of closed sales will likely double the closed sales for the month of February and we believe prices will also show increases.
Another way to view the market in these areas is to compare the number of currently Active Homes for sale with the number or Pending and Sold Properties. over a given period. Currently there are 30 homes available for sale and there are 28 Pending and Sold homes. This represents a balance between the number of homes available and the number of homes Sold.
Looking at the average days on market, we see the Active Properties have been on the market an average of 180 days, while the Pending Properties are averaging 106 and the Sold Properties are at 76 days. I think the interpretation of this is that the most compelling properties have been getting offers quickly and Selling quickly while the homes that are priced to high and not adjusting to the market or properties that are non-conforming in some way (those that have issues such as excessive deferred maintenance, and major structural issues) are sitting on the market longer.
With all of the positive forces acting on the market and the continuing relatively limited number of available properties for sale, I expect to see the entire market improving as we move forward from the present time.
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By Briana Wilson
Reviewed by Brian Wilson, Broker
19723 10th Ave NE; Suite 200
Poulsbo, WA 98370