Can you hear the cheers? As I predicted, May was a breakout month for Real Estate Sales on Bainbridge Island. There were 47 single family homes sold (including condos & townhomes) during the month of May 2012. This is the highest number of monthly home sales on the island since I’ve been tracking the data and going back before Nov. 2009. Other good news: Less than 20% of the sales during the month were “distressed properties”(Bank Owned Foreclosures and Short Sales) at about 8.5% and 11% respectively.
Average selling prices declined from the previous two months, but were 15.3% above the average selling price from May 2011.
There were 6 homes Sold that were above $1 Million but there was also a higher number of lower priced properties Sold in May, which I think indicates a general broadening of the overall very positive Real Estate Market on the Island with sales activity increasing at all price levels, not just at the upper end.
I expect to see the good news continue when I report again next month.
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–Brian Wilson, Broker
John L. Scott Real Estate
19723 10th Ave NE; Suite 200
Poulsbo, WA 98370