Bainbridge Island Real Estate Market - June 2009
Residential homes on Bainbridge Island were selling for a month end median price of about $869,950 at the end of June, up 64% from May. This large increase means that sale of some higher priced properties have closed, skewing the distribution of the median (or middle) sales price. There are several factors - low interest rates, anxious sellers, and a slowly reviving market for jumbo loans all must be contributing to some extent. The three month moving average of closed sale prices ($648,317) is up 8% from a year ago and rose 2.4% from last month. Kitsap County's 3 month moving average median price has fallen 10% over the past year. Since the distribution of prices across the range of sales is changing, you cannot trust that a rise in median price is a rise across the market in sales price. In most cases the sales of higher priced homes in the market follows considerable price reductions in these properties. The 3 month moving average for Bainbridge Island's number of closed sales is 6% lower than a year ago. The 3 month moving average of closed sales is down 3% Countywide from a year ago. The number of Bainbridge pending sales in June fell 4% from a year ago. The number of active listings on Bainbridge (255) is down 16% from a year ago. The inventory turnover (total homes on the market divided by number sold last month) is 19.5 months, slower than the 12.8 month turnover rate of last month. Bainbridge Island is a strong buyers market.
