The number of home sales in Indianola, WA & Suquamish, WA have been in a consistent and typical range with 12 homes Sold in June and 11 homes Sold in both July & August, which is the same number as were Sold in August 2012 one year ago.
Because of the relatively small number of homes Sold monthly in this combined area, the data is dramatically affected from changes in the composition of sales. A few more high-end sales, and the data jumps to the high range and visa-verse for lower priced sales. There is also a dramatic impact from even a nominal change in the number of distressed sales. As shown in the chart below, compare July and August when the number of distressed homes sold went from 5 to 3. It doesn’t seem like much of change but 5 distressed sales comprised 45% of all homes Sold while 3 comprised only 27%. This is a huge variation which has a dramatic affect on the data.
While this combined area has these monthly gyrations, we feel it is important to include Indianola & Suquamish as a separate combined market area for our reporting because they share many similar aspects buyers might be wanting; including commuter location, geography and similar types of waterfront and view homes.
A current snapshot of the inventory here, reveals 52 Active listings which represents nearly 5 months of inventory at the current sales rate. The Average asking price of $345,362 and a Median asking price of $259,700. Five months of inventory is a bit heavy, but generally considered to be about neutral to slightly a Buyers market.
There are currently 21 homes in some form of “Pending Sale” status. Of these, the Average Price when they went under contract was $339,061 and the Median price was $263,096. So, these Pending Sales indicate increasing prices at least for the period when they will close.
Month to date, there is only 1 recorded Sale so far, but sales typically tend to bias toward the end of the month, so given the number pending, we may see a slight decrease in the quantity of monthly home sales, but they should still be above the number Sold in September (2012) one year ago when there were only 4 homes Sold.
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John L. Scott Real Estate
19723 10th Ave NE; Suite 200
Poulsbo, WA 98370
Data Source: Northwest MLS (NWMLS)
The NWMLS, Brian Wilson or Jana Salmans do not guarantee the accuracy of this data and are not responsible for it’s accuracy. Data from the NWMLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.