In the first six months of 2007, there were 282 real estate transactions (all types of properties) on Bainbridge Island (with an average price of $713,500). By contrast, we had 112 transactions in the first six months of 2009 (averaging $686,000). In the second half of 2009, real estate began to move a bit; we finished with 166 transactions between July and December (compared with 213 in the second half of 2007 and 120 during that period in 2008).
Home-buying activity has increased but house prices are still sagging. Although this is the natural cycle and is a necessary step prior to the market returning to positive figures, it is a painful process for all. For the year, home prices are down 12% on average and are 6.4% of the median home price of 2008. Prices are down an average of 20% since the height of the market in 2007; with the median price drop of 19.7%. While the lower prices fueled the transaction rebound, we must wait for prices to stabilize before we declare the market healthy again.
Thursday, January 28, 2010
Sunday, January 3, 2010
Happy Belated New Year!
A quick look at the end of 2009 in Bainbridge Island Real Estate…
On New Year’s Eve, Bainbridge Island had 158 available residential listings ranging in price from $139,000 (trailer in downtown Winslow trailer park) to $5,950,000 (historic waterfront on Manzanita Bay). The average list price was $969,965; the median list price was $698,000.
The average house size (square footage) was 3451 sq.ft., with an average price of $319/sq.ft. Average number of days on market was a whopping 250 days, over 8 months!
That’s a look of the homes available at the end of last year. Now let’s look at the ‘success’ stories.
During the last quarter of 2009, Bainbridge Island saw 61 residential properties sell. The average sale price was just over $600,000; the median sale price was exactly $500,000. The highest priced home fetched $1.6M (a waterfront home near the ferry); the lowest price was $265,000 (a 968 sq.ft. home near Lynwood Center). The average sale price to list price ratio was 94.29%.
It looks as if the smaller homes are selling more readily. The average size of the 61 homes sold in Q4 of 2009 was 2699 sq.ft, with an average price of $236/sq.ft. Compare this to the average list size of 3451 sq.ft. and $319/sq.ft.
Wishing you and yours a happy, healthy and prosperous 2010!
On New Year’s Eve, Bainbridge Island had 158 available residential listings ranging in price from $139,000 (trailer in downtown Winslow trailer park) to $5,950,000 (historic waterfront on Manzanita Bay). The average list price was $969,965; the median list price was $698,000.
The average house size (square footage) was 3451 sq.ft., with an average price of $319/sq.ft. Average number of days on market was a whopping 250 days, over 8 months!
That’s a look of the homes available at the end of last year. Now let’s look at the ‘success’ stories.
During the last quarter of 2009, Bainbridge Island saw 61 residential properties sell. The average sale price was just over $600,000; the median sale price was exactly $500,000. The highest priced home fetched $1.6M (a waterfront home near the ferry); the lowest price was $265,000 (a 968 sq.ft. home near Lynwood Center). The average sale price to list price ratio was 94.29%.
It looks as if the smaller homes are selling more readily. The average size of the 61 homes sold in Q4 of 2009 was 2699 sq.ft, with an average price of $236/sq.ft. Compare this to the average list size of 3451 sq.ft. and $319/sq.ft.
Wishing you and yours a happy, healthy and prosperous 2010!
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