There were 35 homes sold on Bainbridge Island during the Month of September. This is less than the number of homes sold in August, but in line with seasonal expectations and more than September of last year. Also, the average selling price of $483,321 is higher than last year’s average, indicating an increasing trend in real estate sales & prices on Bainbridge Island.
The median selling price for the Month of September was $395,500, which is less than in August but very close to the Median of $399,500 for the month of September 2011. The median selling price provides an indication of the price point where most of the sales activity is occurring but it does vary significantly on a month-to-month basis. Digging a little deeper into the data, and also looking at the average selling prices, it appears that there was a lot more sales of lower priced homes during September compared with the previous month.
Additionally, distressed properties (REO’s, Bank Owned Foreclosures, and Short Sales) can have a large influence on both the average and median selling prices. This month, 20% of homes sold were distressed properties, which is significantly higher than the 7% in August and 17% from September of last year and is slightly worse than the County’s 16% The first time this has happened in well over a year. It is important however; to keep this in perspective because with total sales of 35 homes for the month, 20% is only 7 distressed properties. So while the distressed percentage had a significant increase month over month, because the number of homes Sold decreased, in terms of the quantity of distressed homes, there were only a couple more Sold in September compared with August Sales.
While there is a fairly steep decline on the graph in number of homes sold from August to September. A decline in home sales is typical during normal seasonal market declines, However; the larger than average decrease in September can be attributed to the very high market activity on Bainbridge Island during the Month of August.
Overall, we see improvement in the market on Bainbridge Island with a nearly 21% increase in number of homes sold compared with the same period last year.
By Briana Wilson
Reviewed by Brian Wilson, Broker
19723 10th Ave NE; suite 200
Poulsbo, WA 98370