Bainbridge Island had 24 home sales in January 2013. This is a fairly steep decline from the 41 in December, but not unexpected in the middle of the slow season. Compared with the same period one year ago, the number of homes sold in January was up 60%!
The average selling price in homes increased from $458,476 in December 2012 to $463,907 in January. Bainbridge Island continues it’s leading position in the Kitsap Real Estate Market.
The median selling price for January declined to $353,ooo, while it was at $375,000 in December 2012. A look at the selling price per Sq. Ft. showed a large jump from $217 in December to $300. in January. This is due to a higher percentage of sales from smaller homes including town-homes & condominiums which sell for less and therefore contribute to a decrease in the Median prices.
25% of property sales on Bainbridge this January were distressed (Short Sales and Bank REO’s), which is a 5% increase from December. Since there were fewer homes Sold during January, the distressed properties comprised a larger percentage of the total sales even though they decreased in terms of absolute numbers, from 8 to 6.
Compared to Kitsap County as a whole, Bainbridge Island’s average selling price was over $210,000 more, but matches the Kitsap County trend of a decrease in the number of homes Sold for the month and therefore a slightly higher percentage of sales consisting of distressed properties. This was predicted in our Blog post from December 2012 due to our reporting an extraordinary number of homes sold on Bainbridge Island during the month of December due to fears of tax changes, and our belief it would not be repeated during January. In this trend, Bainbridge more closely matches the County data including the distressed property sales at 25% of the total homes Sold.
Moving forward in the Bainbridge Island market, we expect to see an increasing number of homes Selling, increasing prices, decreasing time on market and a decrease in percentage of home sales coming from distressed properties.
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By Briana Wilson
Reviewed by Brian Wilson, Broker
19723 10th Ave NE; Suite 200
Poulsbo, WA 98370