Thursday, May 18, 2006

Median Price of Bainbridge Slips Year over Year

I'm trying to get the data from the internet, but until then, the Kitsap Sun reports that Bainbridge Island real estate has started to slip.

When you compare April 2006 to April 2005, you get the following:

Number of homes sold has fallen by 28% (41 vs 57)
Average price of a home has risen by 3% ($695,699 vs $672,729)
Median home price has fallen by 2% ($587,000 vs $600,000)

Now, this isn't exactly a cratering, but it is early in the bust. Most of 2005 was a very up year for the national, regional and Bainbridge bubble. Most RE pimps are trying to convince us, and themselves, that there is no bubble, and prices are only going up from here.

I would expect to see more dramatic YOY decreases as time marches on. The comparisons will start to reflect the present price as marked from the peak.

The remainder of the Westsound was not much better.

Hansville prices are down by 21% to 26%.
Poulsbo median prices are down by 5%, while average is up by 4%
Kingston median prices are down by 5%
Kitsap County prices are up by 2% to 4%.

When you compare this to the Feb '05 numbers, it shows that the bubble is cooling all across the board. Back then, Bainbridge was increasing 12 to 27%, Poulsbo was up 27% to 16%, and Kitsap County was up 18-23%.

1 comment:

Surffroggy said...

Heh heh, real estate pimps. I like that term. I hope you don't mind me linking to this article. I'm Jeremiah from realestatedecline.com
..thanks