Bainbridge Island Real Estate Market - July 2008

Residential homes on Bainbridge Island were selling for a YTD median price of about $614,000 at the end of July, a drop of 8.5% from a year ago. It is noteworthy that the median price for closed sales occurring in July ($551,000) was about $100,000 lower (15% lower) than it was in June. Kitsap County YTD median price has fallen 8.4% over the past year. The YTD number of Bainbridge closed sales is down 52% from a year ago, and the YTD number of pending sales is down 46%. The number of closed sales is down 28% Countywide from a year ago. The number of active listings on Bainbridge (300) is up 20% from a year ago. The inventory turnover (total homes on the market divided by number sold last month) is 16.7 months, worse than 15.7 months last month. Bainbridge Island is a strong buyers market.