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!
Monday, November 16, 2009
Green shoots continue…
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.
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, 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!
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