Wednesday, August 09, 2006

June Price Update: Bainbridge Average Up, Median Down

Sorry for the late update, but here are the numbers for June '06 compared to June '05.

Average price of a Bainbridge Island home is up 6% Y-O-Y ($558,661 from $525,395).

Median price of a Bainbridge Island home is down 1% Y-O-Y ($481,000 from $485,000).

86 homes were sold in 6/06 compared to 50 sold in 6/05, so sales volume is up.

I don't think there is much to make of this data, other than when combined with the previous two months data, it shows Bainbridge homes are not as "hot" as is commonly thought. This really shows that the old Real Estate Agent maxim of "getting in while you can" is not as compelling as it has been in the very recent past.

Kitsap county homes increased 14% and 10% (average, median) on a Y-O-Y basis. Bainbridge is the laggard for the rest of the county in home appreciation.

My view is that prices are moderating and will start to show consistant Y-O-Y declines. I still hold to my 20 cents on the dollar by 2010 prediction. Once California shows complete inversion of appreciation, you will see an amplified response on Bainbridge (since we are California's 59th county).

Comments are always welcome. If you know any Realtors that can contribute one way or another, please direct them to this site.