Bainbridge Island Real Estate Market - September 2009

Bainbridge Island residential properties were selling for an September median price of $592,000, about 11% lower than in August. The more stable three month moving average of closed sale price fell 17% from last month to $580,417 and is 2% lower than it was a year ago (recall that the median price can be misleading when the price distribution of sales is changing). Sales at the top of the market lagged - there was only 1 closed sale above $900k in Kitsap County last month. The Kitsap County 3 month moving average median price has fallen 8% over the past year. Note that prices tailed off at the end of last year so we expect this gap to close in the coming months. The 3 month moving average for Bainbridge Island's number of closed sales is 15% higher than a year ago - a testament to last months jump in sales. The 3 month moving average number of pending sales in September rose 30% from a year ago. The 3 month moving average of closed sales is up 14% Countywide from a year ago. The number of active listings on Bainbridge (242) is down 9% from a year ago. The inventory turnover (total homes on the market divided by number sold last month) is 9.3 months, a jump improvement from the 13.9 month turnover rate of last month . Bainbridge Island is a buyers market.

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