Bainbridge Island Summer Sales | the activity continues into fall

Summer on Bainbridge Island . . . smooth sailing. . . some of the other kind. My daughter was one of the lil’ sailors out in Eagle Harbor this summer.

Season of Sales

From June through Labor Day, the summer real estate activity was a little crazy (it still is really). And when I am crazy busy at work, my blog does not get the attention it deserves.  Thanks for sticking with me. I was VERY fortunate to work with some amazing families this summer, many who are new to the island, and loving the island change of pace.  And now that school has started, I am getting reports that they are more than happy with our fabulous school district too.

Low Inventory

Our summer weather is sticking with us (big hurrah!) and we are all hoping that the dry weather will inspire some sellers to put their homes on the market this fall.  Our inventory is very low. We could use an infusion of fresh new listings.  Buyers, happy about the low interest rates, are certainly ready to pounce. As of today there are only 157 active listings on the island.

Graph-worthy Data

To give you an idea of our summer activity, check out the graph below – a good graph is worth a thousand words. The numbers represent total closed sales. The activity seen below has resulted in:

1. More Multiple Offers . . . simple function of supply and demand. If a desirable listing hits the market, it will typically go pending within the first two weeks, but we are also seeing multiple offers come in on homes that have been on the market a year. . . which always makes me shake my head.  But, people want what other people want, I guess is one explanation.

2. Price increases . . . (especially in certain price ranges – $400-500k being a prime example).  In August of this year the median price home was $530k, vs. $469k just one year ago.  This is also, of course, a direct result of #1 above. If three people want a house, the price just went up . . .

3.  Deals flipping . . . meaning a buyer backs out during escrow.  You tend to see more flipping when things are moving fast and buyers act quickly and then have second thoughts.

Total Closed Summer Sales

Still Wind in our Sails

Time will only tell how fall and 4th quarter will measure up.   But, I think our low inventory will likely keep things interesting, and although some of our sales volume will surely taper off as the holidays approach, my bet is, based on the number of buyers still out in the market looking at houses,  our 4th quarter data will show marked improvement over 2011.

Jen’s Summer Sales 2012