This months data is beautiful. Home sales on Bainbridge Island for June 2012 continued at a brisk pace while expanding to include a very nice balance of homes across all price ranges, a sign of a very healthy Real Estate Market. The total number of homes Sold was 50 which exceeded the previous month and set a new record for monthly home sales since August 2007, nearly 5 years ago!
Want even more good news? The total number of distressed properties Sold on Bainbridge Island for June 2012 was at the lowest point in a very long time. There were only 4 distressed property sales comprised of 2 Short Sales and 2 REO (Bank Owned Foreclosures). This represents only 8% of the total homes Sold for the month! Wow, this is really great to see!
As expected, when sales broaden across all prices, the median sales price declined to $463,750. I do anticipate this number will climb in subsequent months. There are several factors that will influence this including: increasing sales of higher end homes, a quick absorption of lower priced homes and an active investor market working to upgrade and resell many of the lower priced properties which were acquired in previous months from Banks and distressed sellers.
There were 9 homes sold in the month of June with a price exceeding $1 Million Dollars and the current total number of homes Sold in 2012 YTD exceeding $1 Million Dollars is 29. This already exceeds the total number of homes in this category that were Sold during all of 2011!
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-Brian Wilson, Broker
19723 10th Ave NE; Suite 200
Poulsbo, WA 98370