North Kitsap, Southeast Jefferson and Bainbridge Island Real Estate Market Graphs
These graphs show the average market time, average list price and average sales price for homes over the past several years for North Kitsap County (NK), Southeast Jefferson County (SEJ) and Bainbridge Island (BI). At the time these graphs were created, the average sales price was 69 percent of the average list price for NK, 88 percent for SEJ and 71 percent for BI. These figures are down from historic levels, but trending up from the recent past.
The graphs continue to show buyer's markets, but average selling prices are remaining stable in NK and BI. Listing prices continue to hover at early 2005 levels for all three markets.
Average selling prices in SEJ have been trending upward from a low of $254K in July of last year, with a recent acceleration. Investigating the probable factors driving that rise, I found that since the beginning of 2009, 91% of the sales over $400K and 63% of the sales between $300K and $400K occurred after June of 2009. In contrast 51% of the sales under $300K occurred after June 2009. I think it is safe to conclude that much of the increase in average selling price has been driven by increased sales of properties over $300K.
The reverse is clearly true as well, that much of the reduction of average prices prior to July 2009 was due to the low level of sales in upper price range. However, a high level of list price reductions and negotiated price concessions are evidence that selling prices of individual properties declined as well.
Inventory declines are beginning their typical early spring increase in all three markets.
