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.
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4 comments:
Very impressive data. It can be a bit difficult if you are trying to Sell Your Home in such a market.
Sell Your Home
Real Estate market is so unpredictable. But ht efigures show a promising future.
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With the increase in house buying activities, the prices would definitely increase in future. it may take time due to current market conditions but the change is about to come.
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The market looks promising. The Transition might be slow but the prices would rise subsequently.
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