Bainbridge Island May 2013 Home Sales data
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The number of homes Sold on Bainbridge Island during May surprised to the upside increasing from 43 in April to 47 in May. It appears the main reason the projected slight decline in closed homes for May did not materialize was due to pending home sales closing faster than anticipated. Offers are being written aggressively to win seller approval against competitive offers and one of the strategies being used is to offer faster closing dates in the offers. With well qualified buyers having pre-approvals in place and using lenders with local underwriting; loan processing and underwriting approval times are being reduced. There are also a significant number of cash purchases closing which can have very short closing times.
As projected, the average selling price increased from approximately $547,000 in April to over $555,000 in May. Also in line with our projections, the median selling price declined from $500,000 in April to just over $460,000 in May.
It is noteworthy to point out that on average, the list price where an offer was received by a Seller was very close to the actual average selling price. This means that generally (on average) offers are coming in very close to or at the asking price. This is indicative of a very competitive real estate market where there is strong demand for the available homes listed for sale. Of course there are varying competitive pressures with various property types and price points, which is why we stress “average”
Looking ahead, it appears the real estate market on Bainbridge Island is continuing an increasing price and sales trend. Pending home sales of all status types increased again, moving from 92 in April to 97 in May. From the Pending sales, it appears that June will see about the same number of closed sales +/- as we had in May, so home sales remain brisk.
Due to the composition of property types that are currently Pending and waiting to close, we project that there will be a decline in June for both the median and average selling prices to approximately $450,000 and $500,000 respectively, however; looking toward July, we anticpate a strong rebound in both the Median and average prices as home sales continue a strong and increasing trend on Bainbridge Island.
Some significant factors which support increasing home prices on Bainbridge include the supply of homes at or below the current median selling price which has dwindled to less than 29% of the available homes for sale. We also see a declining number of distressed properties of all types including REO’s and Short Sales available for sale and there is still 20% of the available homes for sale with an asking price over $1Million. The bias is strongly toward increasing prices and there appear to be plenty of buyers wanting the fabulous lifestyle on Bainbridge Island who are willing and able to buy homes here at all price points.
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Brian Wilson, Broker cell: 360-689-2466 -and-
Jana Salmans, Managing Broker cell: 360-509-9684
19723 10th Ave NE; Suite 200
Poulsbo, WA 98370
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