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.
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.
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.
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.