Home sales on Bainbridge Island were terrific again for the month of July 2012. The data for July shows another record number of homes sold for the month. The median selling price at $538,500. was up to highest level in well over a year and the difference between the original asking price, the price at which an offer was received and the final selling price were compressed. The average number of days a home was on the market before being Sold also declined again in July. Together, the factors of price compression, decreased time on market and increased number of homes sold indicate continuing strength in the residential real estate market on Bainbridge Island.
Another significant indicator supporting the view of an improving economy and real estate market on the island is that distressed properties comprised only 11% of the total homes Sold during the month of July.
On the graph for this month, I changed the home sales trend-line from a polynomial equation to a quarterly moving average which more closely tracks the actual results.
August is traditionally a slower month for home sales in this area than July, so I would not be surprised to see a slight decline in the number of homes Sold during August.
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–Brian Wilson, Broker
19723 10th Ave NE; Suite 200
Poulsbo, WA 98370