(For the most recent data, go here )
Compared to the past several months, home sales on Bainbridge Island during December, were at their lowest level in several months in terms of the number of homes sold. There was also a jump in the percentage of sales that were “distressed properties” which includes Short Sales and REO’s (bank owned foreclosures), to about 37% of the total sales.
One month of data doesn’t make a trend and the real estate market on Bainbridge Island has been relatively stronger than all of the other areas in Kitsap for some time, and has typically had a lower percentage of “distressed sales”. It is also important to recognize that the Real Estate market on Bainbridge Island has a significant seasonality, with total monthly sales declining in the Winter and picking up again in the Spring.
There are a couple of bright sides to the data:
One is that the average home prices remained near their highs for the past 7 months, and were only exceeded during the previous Spring market.
It is also interesting to note that while high-end luxury home sales on Bainbridge Island, identified as those exceeding a price of $1 Million were at their lowest level in more than 7 years, the rate of sales for these homes increased into the end of the year. There was an equal number Sold in the last quarter, compared with the number Sold in the previous 6 months, so it appears the high-end luxury home market is strengthening.
Here is a graph by year, from 2002 – 2011 showing the number of high-end luxury homes Sold on Bainbridge Island exceeding a Sales price of $1,000,000:
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-Brian Wilson, Broker
John L. Scott Real Estate – Poulsbo