Hopeful

Yes, hopeful. I am sort of having that same hopeful feeling you have on the first day of school. Hopeful because it is a new start. Hopeful that this year will be better than the last. Hopeful that this year – anything is possible. Hopeful sums up January real estate on Bainbridge Island.

Our sales volume is up, mortgage rates are down, and buyers are easing themselves down off of that very tall fence. Don’t forget about the $7,500 first time buyer’s credit that is out there for folks who have not bought a home in the last three years, people are using it. I am sensing movement in the right direction. Here is why I say this.

• Last month 12 homes sold on the island – in 2008 9 homes sold
• In February of 2008 16 homes were sold
• Currently, on the island, 27 homes are pending

So, not only was January up, but February is certainly looking up as well. Hopefully, that will carry on into the rest of the year. Here are some stats on what is going on right now:

• Last month the average sale price was $630K versus $755K last January – yes, that’s right, prices are down considerably
• Homes on the market right now range inprice form $199K to $6.3 million
  
• The current homes pending on the island range in price from $350K to $6 million

In short, there are buyers out there in all price ranges and inventory has come down. There are currently 198 homes on the market compared to the high of 304 in June of 2008. More about inventory on Bainbridge Island in future posts. More about hope.