The number of homes sold on Bainbridge Island for February 2012 was up 86% from the previous month and up 75% from the same period one year earlier, however; the average selling price is a different story. For February 2012, 25% of the homes Sold on the island were distressed and since there were zero (0) Short Sales, all of the distressed sales were bank owned foreclosures.
Unlike nearly every other month since tracking the data, the Real Estate market on Bainbridge Island for February 2012 is a tale of two markets. On one hand we see that over 85% of the foreclosed properties sold on the island were Sold at a price below $400,000. Since this category comprises nearly 25% of the total sales, it had a significant negative impact on the average home sale price for the month.
On the other hand, there were 4 sales in excess of $1 Million Dollars, (more than we’ve seen for quite some time) but these only accounted for 14% of the homes sold so they were not enough to offset the negative impact of all the low priced foreclosures sold during the month.
The number of sales in the upper mid range ($600K – $900K) only accounted for about 11% of the market, much lower than “normal” in the last couple of years.
I believe this is an anomaly because I have never seen such skewed data since methodically tracking it on the Island for the past couple of years. Stay tuned next month, I’m betting the average sale price will jump back closer to the trending line for the previous 6 months.
It is very positive and a vote of confidence for the real estate market on the island, and the economy, to see an increasing number of sales in excess of $1 Million Dollars.
If you’d like to see the February 2012 Real Estate sales data for all of Kitsap County go here
If you’d like to see a comparison of distressed home sales with total home sales in Kitsap County for Fenruary 2012 go here
Thank You for visiting our blog, we hope it has been helpful or at least interesting to you. If you would like to see different data or information or if you have any comments, please let us know.
–Brian Wilson, Broker
John L. Scott Real Estate