May | Two Extremes

Market Volume Down 26%

During the month of May Bainbridge Island recorded 16 home sales, a decrease of 58% from last year. Even during the doldrums of 2008 Bainbridge recorded 21 sales. Even including the 12 condominium sales the number is still off 40% from last year’s home and condominium sales. This marked the fourth straight month of fewer sales than 2013, placing us 26% off last year’s pace for year to date sales.

Median Price Up 26%

At the same time our median price was up 26% in May over last year while our year to date median of $603K is up 24% from last year (which is much better but still a ways off the peak of $662K for the first 5 months of 2007). The trend of these two statistics are very much in line with a market suffering low inventory. Fewer choices resulting in fewer sales but the sales completed are benefiting from competition amongst buyers.

June Volume Looking  Up

While the 16 sales may have represented a low in completed sales, during the same period this office alone put 56 properties under contract. It is difficult to say whether this is a record, but is is safe to say that it is a lot for one month.

Summer Inventory

Does that mean our low inventory problem is gone? Not exactly; on June 1st there were about 100 active listings, last June there were 134. Better, but we have a ways to go and it appears buyers are anxiously awaiting new choices and leaving all of us in this business wondering if the spring inventory will show up perhaps a little late and arrive this summer.  Stay tuned.