The following graph shows eighteen months of all home sales on Bainbridge Island through October 2011. (For the most recent data, go here )
The information includes total monthly home sales, and compares the averages of: the original asking price, the price at which an offer was received, and then the actual selling price.
There was a jump in the percentage of distressed property sales on Bainbridge Island in October, with Short Sales & Bank Owned properties comprising nearly 29% of the total sales, which is close to the levels in the other areas of Kitsap County. Short Sales were exactly 50% of the distressed properties for the month, with Bank Owned REO’s comprising the other 50%.
50% of the total monthly sales closed during the last 7 days of the month so the total home sales for October ended significantly higher than initially indicated, and have been at a nearly consistent level for the past 3 months. The graph shows that total home sales also exceeded the seasonal levels from the same period in 2010.
-Brian Wilson, Broker
John L. Scott Real Estate – Poulsbo