Our sales volume has stabilized over the past several months and inventory is down from last year. We have 242 available homes listed for sale on Bainbridge Island, last year we had 254 at this time of year. We have 47 homes under contract right now; one year ago we had 31 homes under contract …a 51.6% improvement!
October continued the trend: In October 2009, Bainbridge Island saw 24 closed sales. In 2008 we had just 10 closed sales in the month of October.
We are not back to the days of 2006/2007, but our trends are improving month over month when compared to 2008.
Nationally, home foreclosures have dropped for three straight months; another trend helping to stabilize our housing market.
Monday, November 16, 2009
Monday, September 28, 2009
Some Green Shoots to Grab
According to Standard & Poor’s S&P/Case-Shiller U.S. National Home Price Index, real estate values increase this past quarter over the first quarter of 2009. This is the first quarter-on-quarter increase in three years. The Case-Shiller Index of 20 major cities also rose for the three months ending June 2009 over the three months ending in May 2009 (only Detroit and Las Vegas are continuing to experience declines).
Locally, our real estate volume has increased since the beginning of the year with July posting 21 residential sales and 20 residential sales in August (compared to 12 sales in January and 11 in February, 2009).
The quietest price point? Those homes over $2M (although agents report that serious interest is up for the upper echelon of home prices).
Perhaps the biggest surprise right now? Even though it is a buyer’s market, Bainbridge only has 249 active residential listings right now, far below the 300 plus often seen at this time of year.
Locally, our real estate volume has increased since the beginning of the year with July posting 21 residential sales and 20 residential sales in August (compared to 12 sales in January and 11 in February, 2009).
The quietest price point? Those homes over $2M (although agents report that serious interest is up for the upper echelon of home prices).
Perhaps the biggest surprise right now? Even though it is a buyer’s market, Bainbridge only has 249 active residential listings right now, far below the 300 plus often seen at this time of year.
Wednesday, July 29, 2009
Bainbridge Real Estate Holding Steady...
That is if you’re not selling raw land.
A glimpse of our current market activity shows that we are just about the same as last year for volume.As of Tuesday, July 28th, Bainbridge had 293 active residential listings with 40 of those listings under contract (13.7%). Last year at this time we had 338 active residential listings with 43 of those listings under contract (13%).
The condo market is moderately improved this month: 128 active with 9 under contract (7%). Last year we had 124 condos on the market with 5 under contract (4%).
Land is another story. Land loans are expensive and harder to find. There are good, solid lenders with land loans available, but the loan rates are several points higher than conventional residential loans.
We have 81 land listings on Bainbridge right now with 0 under contract. Last year we had 89 land listings with 7 under contract (8%).
Well, our real estate market isn’t as hot as our weather (101degrees today?!), but it is perking right along.
Speaking of the weather…please take special care to drink plenty of fluids and do not leave children or pets unattended in cars or any place they can over heat. Check in on elderly friends and neighbors to be sure they are OK.
Stay cool…take care.
A glimpse of our current market activity shows that we are just about the same as last year for volume.As of Tuesday, July 28th, Bainbridge had 293 active residential listings with 40 of those listings under contract (13.7%). Last year at this time we had 338 active residential listings with 43 of those listings under contract (13%).
The condo market is moderately improved this month: 128 active with 9 under contract (7%). Last year we had 124 condos on the market with 5 under contract (4%).
Land is another story. Land loans are expensive and harder to find. There are good, solid lenders with land loans available, but the loan rates are several points higher than conventional residential loans.
We have 81 land listings on Bainbridge right now with 0 under contract. Last year we had 89 land listings with 7 under contract (8%).
Well, our real estate market isn’t as hot as our weather (101degrees today?!), but it is perking right along.
Speaking of the weather…please take special care to drink plenty of fluids and do not leave children or pets unattended in cars or any place they can over heat. Check in on elderly friends and neighbors to be sure they are OK.
Stay cool…take care.
Wednesday, July 1, 2009
Confidence up as housing prices stabilize
The stock market ended its best quarter in years yesterday and pending home sales rose 0.1% in May, according to the National Association of Realtors. Hopes are high that sales will hold steady after rising 7.1% in April; April was the fourth straight month of gains.
Locally, our inventory of unsold homes is lower than in recent years. Bainbridge Island has 298 homes on the market today with 38 of those homes under contract (13% of homes are under contract.)
Not surprisingly, our most active segment of the market is first time homebuyer’s and entry-level homes. Buyers in this price range are often eligible for the $8000 first time homebuyer’s credit. These buyers generally enjoy much better interest rates with conforming loans.
Today’s statistical breakdown:
23% of the 66 homes priced up to $500k are under contract. Of the 150 homes in the $500k-$1M range, 13% of the homes are under contract. Bainbridge has 82 homes priced over $1M of which 5% (4 homes) are under contract.
Clearly, statistics favor homes priced less than $500k, but we are seeing increased activity in the upper price ranges…hopefully another sign of recovery.
Locally, our inventory of unsold homes is lower than in recent years. Bainbridge Island has 298 homes on the market today with 38 of those homes under contract (13% of homes are under contract.)
Not surprisingly, our most active segment of the market is first time homebuyer’s and entry-level homes. Buyers in this price range are often eligible for the $8000 first time homebuyer’s credit. These buyers generally enjoy much better interest rates with conforming loans.
Today’s statistical breakdown:
23% of the 66 homes priced up to $500k are under contract. Of the 150 homes in the $500k-$1M range, 13% of the homes are under contract. Bainbridge has 82 homes priced over $1M of which 5% (4 homes) are under contract.
Clearly, statistics favor homes priced less than $500k, but we are seeing increased activity in the upper price ranges…hopefully another sign of recovery.
Sunday, June 14, 2009
Home Inventory Shrinking
Waiting to purchase a home may not be the best strategy for those looking for bargains in residential real estate. Interest rates are beginning to rise and there are fewer homes on the market this year than last. As of today, Bainbridge Island has 261 active residential listings; last year at this time we had over 300 active residential listings.
In the past few weeks, interest rates have climbed from record lows of 4.5% to over 5% for a conventional, 30-year fixed-rate mortgage. While interest rates under 6% are still historically low, every tick upward impacts your mortgage payment. There are still good deals in home financing, but conventional wisdom predicts that interest rates won’t stay low forever.
Parts of King County are showing signs of price stabilization, with a few areas in the Seattle area posting price gains. System-wide, prices for single-family homes and condominiums that closed last month were up about 2.6% since January of this year.
Don’t let these historically low interest rates, lower prices and the $8000 tax credit (available to ‘first-time’ home buyers) pass you by!
In the past few weeks, interest rates have climbed from record lows of 4.5% to over 5% for a conventional, 30-year fixed-rate mortgage. While interest rates under 6% are still historically low, every tick upward impacts your mortgage payment. There are still good deals in home financing, but conventional wisdom predicts that interest rates won’t stay low forever.
Parts of King County are showing signs of price stabilization, with a few areas in the Seattle area posting price gains. System-wide, prices for single-family homes and condominiums that closed last month were up about 2.6% since January of this year.
Don’t let these historically low interest rates, lower prices and the $8000 tax credit (available to ‘first-time’ home buyers) pass you by!
Tuesday, May 19, 2009
Bainbridge Island Real Estate Now
As of May 16, 2009 Bainbridge Island had 270 residential listings; 30 of which were under contract giving us an 11% listing/pending ratio. Last month, on April 15th, Bainbridge had 252 residential listings with 33 homes under contract for a 13% listing/pending ratio.
Our most active segment of the market is in the $300k-$400k price range. 32% of homes in this price range are under contract. One of the reasons so many homes sell in this range is the availability of money at low interest rates for loans up to $417k. Loans in this range are much easier to qualify for than larger (jumbo) loans and come with historically low interest rates.
Need another incentive? For the next several months, first time home buyers may qualify for up to an $8000 home buyer credit.
Our most active segment of the market is in the $300k-$400k price range. 32% of homes in this price range are under contract. One of the reasons so many homes sell in this range is the availability of money at low interest rates for loans up to $417k. Loans in this range are much easier to qualify for than larger (jumbo) loans and come with historically low interest rates.
Need another incentive? For the next several months, first time home buyers may qualify for up to an $8000 home buyer credit.
Wednesday, April 29, 2009
Some good news
Good news for sellers: Yes, homes are selling. In fact, more homes sold in the first quarter of this year than in Q1 last year (37 vs. 34). As of April 7, there were 13.8% more homes pending (under contract) than on that date last year (33 vs. 29). Pending condominium sales are up substantially: there was only one pending at the beginning of the year vs. ten condos in contract now.
Good news for buyers: House prices are low. On Bainbridge, the median home price has dropped 17.2% since March 31 of last year (see chart below). Condominium prices have not statistically dropped, but with only five condo sales on the books so far in 2009, not enough have sold to make a valid statistical model. The same is true with land, of which there have only been three sales this year with one pending at the time of this writing.
Good news for borrowers: Loans are available, and rates are great! If you have 20% to put down with good credit, loans for less than $417,000 are readily available at rates ranging from 4.75% to 5.4%. Jumbo loans (packaged for $417K to $700K, and from $700K to $1.5M) are also available at rates as low as the high 5s and low 6s; with down payment requirements ranging from 20% to 35%. Interest rates for jumbo loans will likely decrease over the next few months.
Good news for buyers: House prices are low. On Bainbridge, the median home price has dropped 17.2% since March 31 of last year (see chart below). Condominium prices have not statistically dropped, but with only five condo sales on the books so far in 2009, not enough have sold to make a valid statistical model. The same is true with land, of which there have only been three sales this year with one pending at the time of this writing.
Good news for borrowers: Loans are available, and rates are great! If you have 20% to put down with good credit, loans for less than $417,000 are readily available at rates ranging from 4.75% to 5.4%. Jumbo loans (packaged for $417K to $700K, and from $700K to $1.5M) are also available at rates as low as the high 5s and low 6s; with down payment requirements ranging from 20% to 35%. Interest rates for jumbo loans will likely decrease over the next few months.
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