The areas of Suquamish and Indianola were grouped together because they are largely located within the original Port Madison Tribal Boundaries, though virtually all of the properties sold are fee simple and owned just like any other real estate in the County. The major exception to this is the area of Suquamish Shores which is on leased land which the tribe will not renew after about the next 6 years or so.
This is another data set and graph with some interesting results and that is extremely difficult to infer any consistent trends within the last 19 months. We see periods where there were very few home sales, other times where there were many more home sales but a majority of them were REO Bank Owned Foreclosures. There are groupings of higher end sales from sales of some of the exquisite waterfront properties in the area, and these sales drove the average prices way up. Other times there were a particularly large number of REO sales from areas like Miller Bay Estates and Downtown Suquamish which then drove the average selling prices way down.
I believe we will continue to see these kinds of large gyrations until the REO bank Owned inventory is worked out of the system and we get back to having a majority of the sales coming from regular non-distressed homeowners just needing or wanting to move.
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–Brian Wilson, Broker
John L. Scott Real Estate
19723 10th Ave NE; suite 200
Poulsbo, WA 98370