Bainbridge Island Real Estate in May 2009
Bainbridge Island residential properties were selling for a month end median price of $530,000 at the end of May, a drop of 3% from April. However, the distribution of buyers has changed as more properties in the higher price ranges are now selling. 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 more stable three month moving average of closed sale prices ($633,333) rose 4% from last month but and is 2% higher than it was a year ago. The Kitsap County 3 month moving average median price has fallen 11% over the past year. The 3 month moving average for Bainbridge Island's number of closed sales is the same as a year ago. The number of pending sales in May fell 14% from a year ago. The 3 month moving average of closed sales is down 11% Countywide from a year ago. The number of active listings on Bainbridge (243) is down 22% from a year ago. The inventory turnover (total homes on the market divided by number sold last month) is 12.8 months, down from the 15 month turnover rate of last month - improving but still very slow. Bainbridge Island is a strong buyers market.
