Bainbridge Island, WA

Closings January 15-21, 2010

I have no explanation for this week's surprising results. I'll hazard a guess: offers are being made on short sales and foreclosures, which take a much longer time to close than conventional transactions. Last year at this time, 2 transactions were pending. This year, there are 95. That's an increase in pending transactions of 9300%!

Bainbridge Island residential properties were selling for an December median price of $505,000, about 3% higher than in November. The more stable three month moving average of closed sale price fell 1% from last month to $495,000 and is 5% lower than it was a year ago. Sales at the top of the market, while still pretty slow, did improve somewhat compared to previous months. The Kitsap County 3 month moving average median price is just about the same as it was a year ago. Note that prices tailed off at the end of last year so this parity is not unexpected. The 3 month moving average for Bainbridge Island's number of closed sales is 50% higher than a year ago. Recall that sales were very weak at the end of 2008 and the number of closed sales at the end of last year was improved. The 3 month moving average number of pending sales in December rose 53% from a year ago. The 3 month moving average of closed sales is up 39% Countywide from a year ago. The number of active listings on Bainbridge (162) is down 16% from a year ago. The inventory turnover (total homes on the market divided by number sold last month) is 7 months, improved from the 11.7 month turnover rate of last month. Bainbridge Island is a buyers market.

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Except for Poulsbo, more homes closed in 2009, but the average selling prices and percent of list declined in all four markets. Prices are not declining as much as in the rest of the nation.

If you'd like the details, including price, of the homes that sold in your neighborhood, email me.

Bainbridge Island residential properties were selling for an November median price of $492,000, about 1% lower than in October. The more stable three month moving average of closed sale price fell 6% from last month to $501,667 and is 15% lower than it was a year ago. Sales at the top of the market, while still pretty slow, did improve somewhat compared to previous months. The Kitsap County 3 month moving average median price has fallen 4% 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 38% higher than a year ago. The 3 month moving average number of pending sales in November rose 11% from a year ago. The 3 month moving average of closed sales is up 22% Countywide from a year ago. The number of active listings on Bainbridge (188) is down 13% from a year ago. The inventory turnover (total homes on the market divided by number sold last month) is 11.7 months, a sharp drop off from the 8.7 month turnover rate of last month . Bainbridge Island is a buyers market.

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