Bainbridge Island Single Family Home Sales Data & Prices from April 2010 through Sept. 2011 + the first 21 days of October

Posted on October 23, 2011 by admin
Graph showing home sales & prices on Bainbridge Island, WA

Residential Home Sales & Prices on Bainbridge Island from April 2010 through Oct 21, 2011

This graph shows 18 months of single-family residential home sales data for Bainbridge Island between April 2010 – Sept 2011 & also includes the first 21 days of Oct. 2011.
(For the most recent data, go here )

The Bainbridge Island market has a lower percentage of sales that are distressed properties compared to the rest of Kitsap County.  Data for Kitsap County as a whole, shows about 32% of all Sales are distressed (REO or Short Sales).  On Bainbridge Island, for the three months of July, Aug & Sept 2011, an average of only 13% of all Sales were distressed.  That is more than 50% lower than the distressed sales in Kitsap County as a Whole.

Reviewing selling prices, Bainbridge Island is experiencing a Seasonal decline in the average home selling price, which is similar to the decline in the rest of Kitsap County, but a bit less.  Comparing the Oct 2010 average selling price with the MTD Oct 2011 average selling price, we see that prices on Bainbridge Island are about 3% below levels of a year ago, while prices in Kitsap County as a whole are about 5% below their year ago levels.  Note 1: Due to a relatively small number of home sales on Bainbridge MTD through Oct 21, 2011 (only 14),  the data averages may change significantly by the end of the month, so check back here sometime around the first week of November to get the final October data, or subscribe to the RSS feed to get new data as soon as it’s available.  Note 2:  The “Listing Price” on the graph, is the price at which an offer was received.

Data Source: NWMLS

-Brian Wilson, Broker
John L. Scott – Poulsbo

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Distressed Homes (REO & SS) as a percentage of total home sales in Kitsap County

Posted on October 22, 2011 by admin
Graph showing distressed properties as a percentage of total home sales

Graph showing distressed properties as a percentage of total monthly home sales in Kitsap County

(For the most recent data, go here )

Distressed homes as a percentage of total homes sold in Kitsap County have remained in a remarkably tight range between 30 – 40% of total home sales; and for the previous 6 months it’s been very close to 30% (+/- 2%).

The percentage of distressed properties comprised of Short Sales has also been relatively steady, averaging 39% of the total distressed property sales for the past 6 months.  During this period there were 2 months where the Short Sales comprised 50% & 58%, but for the previous 3 months, they’ve comprised between 27% & 42% of the total distressed properties Sold. 

In Summary:
As a percentage of the total Homes Sold in Kitsap County over the past year, Short Sales comprised approximately 8 – 15% of the total, while REO’s comprised approximately 20 – 28% of the total number of homes Sold in Kitsap County.

-Brian Wilson, Broker
John L. Scott Real Estate – Poulsbo

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Single Family Home Sales in Kitsap County 4/2010 – 9/2011

Posted on October 21, 2011 by admin

Graph showing Kitsap County Residential Home Sales & Prices

Note: In the event you got to this article from an older link, here is a link to the newest data for this category of monthly home sales in Kitsap County 

This graph shows the Monthly Average Original Asking Price, the Average Listing Price at which an offer was received and then the Average Selling Price.  It also overlays and shows the monthly total number of  Single Family Residential Homes Sold in Kitsap County from April 2010 – September 2011 plus month-to-date data through October 21, 2011.

Reviewing this data, there are some interesting trends that seem to be developing.  The actual Selling price has been declining for each of the previous 3 months and appears to have declined about 8% County-wide during these months.

In the past 2 Months, the average County-wide Selling prices have dropped to the lowest level in more than 2 years!  

I believe a significant contributor to this pricing weakness is the relentless REO (Bank Owned) inventory which continues to put heavy pressure on the market, and is weighing much heavier on some communities & neighborhoods (Bremerton, Port Orchard) while others with less REO activity (Bainbridge Island) are seeing less direct impact.

We are also seeing what I’d call capitulation from some sellers who have had their homes on the market for much longer than the average times and are finally pricing their homes to the market, which in many cases means they are becoming Short Sales.

Lastly, sellers in general are much more aware of current market conditions than ever before, and therefore are more willing to aggressively price their homes to sell in the current market.

I believe with low prices and historically low interest rates; that now is a great time to be looking to buy a home.  It’s actually an exciting time to be a Buyer.   I also believe this is now a terrific time to be considering investment properties of all kinds, particularly if you are a cash Buyer or have at least 25% to put down. 

-Brian Wilson, Broker
John L. Scott Real Estate – Poulsbo

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Eye on the N. Kitsap Real Estate Market

Posted on September 8, 2011 by admin

(For the most recent distressed property data, go here
for the most recent Kitsap County home sales and selling prices go here)

Currently as of Today, Sept 8, 2011 there are 330 resale properties that are “Sale Pending” (under contract) in North Kitsap County.  106 of the 330 are distressed properties (Bank Owned & Short Sales) which is 32.1% of the total.    66/106 are Bank Owned (REO’s) from foreclosure and 40/106 are Short Sales, which are comprising an increasing percentage of the distressed properties being Sold, as lenders appear to increasingly be favoring Short Sales as opposed to going through the foreclosure process.

This continues the relatively consistent trend during the past nearly 2 years, where distressed property sales have comprised between 30 – 39% of the total Sold properties in all of Kitsap County.   Starting about 3 or 4 months ago, we started seeing between 30 – 50% of the “Sold” distressed properties being comprised of Short Sales, where previously Short Sales consistently comprised only about 25% of the total number of distressed properties being Sold County-wide.

-Brian Wilson, Broker
John L. Scott Real Estate – Poulsbo

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IMPORTANT UPDATE: Updated statistics showing the number of distressed properties Sold compared to the total monthly Single Family Residential Sales in Kitsap County.

Posted on August 14, 2011 by admin

 

Graph showing 23 months distressed property sales vs ttl sales

Graph showing 23 months distressed property sales vs ttl sales

 

 

 

 

 

 

 

  (For the most recent data, go here )

In the 4 months since I last reviewed this data (March 2011), it appears that Distressed properties are continuing to comprise about 30% of the total property Sales in Kitsap County.   There appears to be a slight declining trend developing.  In each of the last 4 months, distressed properties as a percentage of total property sales have been declining from 36% in April to 28% in July.  This is still a high percentage and is still having a negative impact on resale home prices, but it is good to see a declining trend and I hope it continues.

 

In analyzing the data, there is a very interesting trend developing.  The percentage of distressed property sales that are comprised of Short Sales compared to REO (Bank Owned) sales has been dramatically increasing!  In the previous 19 months, Short Sales had consistently comprised about 25% of the total distressed property sales.  In two of the last four months Short Sales comprised 50%! Of the total distressed property sales and in the other two months, Short Sales were 30% of those respective monthly distressed property sales.

 

It may be a bit early to draw a conclusion from this, but I think it is indicating that Banks are beginning to work harder to accommodate Short Sales rather than foreclose on distressed mortgagors (borrowers)!  I have commented and it has been in many publications, that Bank Owned Real Estate (REO’s) have been underselling the current market prices for homes by a national average of 30-35%.  This number varies quite a bit from area to area, but the data is clear:  REO properties are being sold at below current market values and have continued to put significant downward pressure on all resale home prices.

 

I’m thrilled if this trend continues, because while Short Sales are often sold at a discount, they are discounted much less than if the home were an REO property and this will contribute to stabilizing home prices!

 

There are other potential negative issues for the mortgagor with Short Sales, but overall, I think it is a positive development for the Real Estate Market.

 

-Brian Wilson, Broker
John L. Scott Real Estate – Poulsbo

 

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Bainbridge Island Home Sales – 18 Months – Through June 30 2011

Posted on July 10, 2011 by admin
Bainbridge Island Home Sales Data Through June 2011

Bainbridge Island Home Sales and Prices Chart

(If you want the most recent data, go here )

The chart above shows 18 Months running of Home Sales and Prices on Bainbridge Island, through June 30, 2011.  For each month, for all of the Sold Homes, you can see the Average initial asking price, the Average listing price at which an offer was received, and then the Average “Sold” price.
The Bainbridge Island Market continues to have a slightly lower percentage of “distressed” properties on the market compared with the rest of Kitsap County. While the average percentage of Distressed Sales in Kitsap County have been between 33 – 39% of all Sales,  on Bainbridge Island in May, just 6 out of the 27 Sold (22%), were distressed (Bank Owned or Short Sales).  In June 6 out of 33 Sold (18%) were distressed Sales. 
 
As of June 30, there were 43 homes in some sort of “Pending” status so it appears Sales are continuing their seasonal rising trend and appear headed for the largest monthly sales volume we’ve seen on the island since more than two years ago!
 
While increasing numbers of home sales is great, prices on the island remain under pressure as the number of homes on the market are also pushing a two-year high, so supply is still way outpacing demand and Buyers are continuing to be extremely selective.
-Brian Wilson, Broker
John L. Scott – Poulsbo
 
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Weakness underlying the recent “good news” in Housing Markets

Posted on June 28, 2011 by admin

This morning it was reported that the S&P/Case-Schiller home price indices, which are the leading measure of U.S. home prices, showed a monthly increase in prices for the 10 & 20 city composites for the first time in 8 months.  The 10 & 20 City Composites were up 0.8% & 0.7% respectively in April vs. March.  Sounds good so far, and the market cheers!….however; both of these indices are actually down 3.1% & 4.0% from the same period a year earlier, and overall, home prices are back to their price levels from Summer of 2003.

Another issue just reported this morning by DSNews.com (Default Servicing News), is that the combination of a large “shadow” inventory of Bank Owned Properties (REO’s), combined with tight credit conditions for first-time home buyers means that home prices at the low-end of the market will continue to fall at a faster pace than homes priced in the mid & high-end, according to Capital Economics.

We are also seeing REO properties being priced substantially below the current market which is also having a continuing negative impact on non-distressed home sellers.  Nationally, REO properties are being priced on average between 36 -39% below current market values in their respective areas.  To be fair, many of these REO properties need many repairs and many could be considered “fixers”, but they are still putting significant pressure on home prices, as the banks want them Sold quickly.  Buyers are being conditioned to look for those “screaming deals”, while properties priced fairly (at the market) are languishing unsold for months.

Another mostly undiscussed aspect of REO’s being Sold while non-distressed properties remain unsold, is that there are no “move-up” Buyers when a Bank Owned Property is Sold, so this also decreases the Sales for higher priced homes, keeping pressure on the Mid to Upper Priced homes. 

Stay tuned, In future postings, I’ll be discussing interest rates, strategies for different categories of Buyers and the changing demands we are seeing from many Buyers.
-Brian Wilson, Broker
John L. Scott Real Estate – Poulsbo

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Bainbridge Island Real Estate Stats May 24, 2011

Posted on May 24, 2011 by admin

Market Summary Data for Bainbridge Island Dated May 24, 2011

(If you want the most recent data, go here )

Due to a large number of new listings in this time period, we feel it is important to provide timely updated statistics

 In the previous 28 days (April 26 – May 24 2011):
Total Number of Properties listed on the NWMLS (Active Status): 286
Number of Properties Pending or Sold: 34
Number of Properties Pending Inspection, Pending Backup or Contingent: 24

Conclusion:
The total number of Pending+ Sold Properties is the largest number since about June of 2010 and very close to the same data for 2010 at this time of the year.

The current ratio of Pending+Sold to the Total Active properties on the market, indicates a very strong Buyer Bias which typically leads to a future drop in the Median & Average Selling Prices.

Currently:
Median Price of all Active Listings: $560,475
Average Price of all Active Listings: $841,950

From April 26 thru May 24:
Median Price of all Sold Listings: $499,000
Average Price of all Sold Listings: $565,479.  This is near the low for the previous 18 months, during which time there have only been 4 other months where the average Selling price has been lower.

Other Interesting Stats:
Total Number of Active Listings being offered at $1,000,000 or more: 68
There are 2 listings over $8,000,000
Total Number of Listings Sold in the previous 12 Months that were $1,000,000+: 20

In this reporting period there are only 14 REO (Bank Owned Properties) among all the Active, Pending & Sold Which is much less than the County & National Averages. There are 26 Short Sale Properties among the Active listings. As a percentage of total properties, this is also less than the statistics for the County as a whole.
-Brian Wilson (admin), Broker
John L. Scott – Poulsbo

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Residential Single Family Home Sales Data for Bainbridge Island

Posted on April 26, 2011 by admin
Residential Home Sales Data for Bainbridge Island

Bainbridge Island Residential Home Sales Data

This graph shows the previous 18 Months Sales Data for ALL Single Family Residential Home Sales on Bainbridge Island, WA.  It is not quite all the way through the Month of April, but I don’t expect to see more than about 4 -5 additional closings through the end of the month, however; the month of May appears setup to be a relatively good one when considering the number of properties currently in a “Pending” status that will likely close in the Month of May.

The number of homes sold on the Island, has varied significantly month to month and over time, but overall it appears to have trended a bit more level, after the major decline of 2007-2008, than Kitsap County as a whole.   This is not to say that Sales on the Island have not experienced a decline in terms of prices or numbers, they absolutely have.  They just haven’t swung as high, likely due to less effect from the various first time home buyer tax credits which at key points buoyed sales in other parts of Kitsap where median prices were much lower. 

The data on the Island which is relatively the same as the rest of the County over the previous 18 months:  The Original Asking Price, compared to the Price at which an offer was received and then finally the Actual Selling Price.   The 3 bar graphs show these average prices month-over-month and my conclusions are the same as for the graph I posted showing this same data for the entire County.

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Kitsap County Distressed Real Estate Sales Compared to Non-Distressed Sales

Posted on April 22, 2011 by admin

Distressed Residential Real Estate Sales Compared to Non-Distressed Sales in Kitsap County

 This graph shows the monthly distressed single family residential sales (SFR) compared to total SFR for all of Kitsap County.  REO is an acronym for “Real Estate Owned” which are Bank Owned Properties and SS is an acronym for “Short Sales”. Total distressed Sales in my data are comprised of both REO and SS properties.  Of these two types, REO comprised about 75%, while SS is about 25%.  So on average in Kitsap County, Short Sales comprise about 8% of the total closed SFR sales, and REO are about 22%.

Another interesting fact derived from the graph/data is how remarkably consistent the monthly total distressed property sales have been as a percentage of total sales for over 1.5 years.  To me this implies central planning and control of the rate of distressed sales being allowed on the market, most likely to control the negative impact distressed properties have on resale home prices.

In Kitsap County last month (March 2011), the total percentage of sales that were distressed jumped nearly 10% from all previous months, going back over 1.5 years.   For the most part, this recent monthly increase is consistent with National Data for total percentage of properties sold that are distressed, as reported by DSNews.com in a recent article.

From recent conversations I’ve had with several Real Estate Brokers; in the previous month through this week, we have been seeing more appraisals coming in below the agreed upon terms between a willing buyer and willing seller.  If this continues, we will see prices decline on average.

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