The real estate market on Bainbridge Island continues to be very active, with 43 homes sold during the month of April 2013, which is exactly the low-end number we predicted in March.
Perhaps one of the most significant developments reflecting the strength of the market here is that the average asking price where an offer was received and accepted was above the average initial asking price for all homes sold during April! This means on average, buyers were making offers above the asking price and there were many sellers receiving multiple offers for their homes.
The median home price for April increased 1.4% from the previous month to $500,000 which is also near the high monthly median price over the last 12 months, during which the monthly median price ranged from a low of $353,000 in January 2013 to a high of $538,500 in July of 2012.
The average selling price during April dropped from the previous month from ~ $586,000 to approximately $547,000.
Currently as of May 21, 2013 there are 170 Active listings (homes for sale) on Bainbridge Island.
Here are some interesting facts about these Active listings:
– only 7% are distressed, so distressed sales appear to be declining
– over 19% of these homes for sale are priced over $1Million.
– the Median Active listing price is ~$600,000.
-The Average Active listing price is ~$862,000.
There were 7 distressed properties sold during April which is about 16% of the total homes sold which is down from 21% in March and from reviewing the current inventory of homes for sale, it appears distressed sales will be significantly declining in the coming months.
A Preview for May:
Looking at the current month-to-date data including the pending sales, we can make some predictions for the May data:
-It looks like the number of homes that will close in May will dip to about 34.
-It also appears that the Median selling price will also decline to about $475,000.
-There have been quite a few higher end sales so the average selling price appears to be increasing and we estimate it will be approximately $575,000 for the month of May 2013
There are currently 92 homes under contract in some “sale pending” status. Of this total 17 are some form of distressed sale, which is about 18% of the total future sales, a number in line with the monthly data we’ve been tracking for over 2 years. An interesting and significant fact about these pending distressed sales is that 13 of them or about 14% of total sales are Short Sales, while only 4 or 4% are REO’s (bank owned foreclosures). This shift toward an increasing percentage of the distressed properties being Short Sales and fewer being REO’s (foreclosures) appears to be a trend we are seeing county-wide.
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John L. Scott Real Estate
19723 10th Ave NE; Suite 200
Poulsbo, WA 98370