Residential sales volume for June 2008 increased 16% from May 2008
Year-to-date 2008 (vs. Year-to-date 2007)
Residential sales volume: off 40% to $477 million
Residential transactions: off 35% to 1,471
Mobile home sales on land: off 43% to $18 million
Plexes (2-5 units) sales: off 69% to $5 million
Land sales: off 54% to $43 million
Commercial volume: off 57% to $61 million
Average residence: $324,358, off 8%
Existing home transactions sold up 20% in June 2008 from May 2008
Volume sold: $335 million, off 41%
996 units sold, off 37%; Half (median) sold for more than $264,810, off 6%
The average price on Bainbridge Island: $777,488, off 3%; avg $/SF: $327, off 3%The Existing
Homes information below has Bainbridge Island data removed
Average price: $295,036, off 3%
Average $/SF for homes sold at $180.43 (all sales), off 8%
Best range: $225,001 - $250,000, with 26.3 per month
Second best range: $250,001 - $275,000, with 16.5 monthly
7.3 lots acreage sold monthly, off 63%; average: $185,724 up 2%, incl 2 on BI @ avg $350,000
33.8 per month of existing homes sold, off 25%; average price: $481,226 off 2%
Median price for existing homes: $425,000, up 8%
4.7 new single family homes sold monthly, off 34%; average price: $416,217, off 19%
Median price for new homes: $404,500 off 6%
$/SF for existing homes: $234.11, off 5%; new: $183.48, off 4%
Average lot sizes, existing homes: 2.5 acres, off 4%; for new: 2.9 acres, up 13%
New single family homes units
Bainbridge average sale price: $1,019,706, up 3% (3 recorded sales)
Kitsap without Bainbridge average sale price: $323,818, off 13%
New homes represent 21% of volume and 22% of units recorded
Volume: $92 million, off 6%; 277 sold this year, up 16%; (40% sold by Quadrant)
New Single Family Homes information below has Bainbridge Island data removed
Average $/SF: $167.54, off 6% (32% of sales with data)
Best ranges: $300,001 - $350,000 with 10.5 monthly
Next best range: $275,001 - $300,000 with 7.2 per month
The average lot sold for $119,362, off 2%; Bainbridge Island: 2 at average: $374,953
26.3 sold monthly, off 27% from the 35.8 that sold per month last year
Best range: $100,001 - $150,000 with absorption of 19.7 per month, up 75%
The average lot represents 36% of average new home
The median priced lot represents 37.9% of the median new home price
Attached unit sales off 63% in June 2008 from May 2008
Below - includes condominiums and town-homes
Average sale price: $303,874, off 12%; w/o BI: average $216,785, off 1%
Median sale price: $227,500, off 14%
90 sold, off 60%; 31% new (28 units); BI: 30 units at avg $478,051, up 2% (5 new)
Volume: $27 million, off 65%; $14 million on BI, off 73%
Average $/SF existing: $216.64, up 6%; new: $288.15, off 13% (No new solds in June)
Best ranges new: $200 - $210,000; $230 - $240,000 and $500,000+, each with 0.7 monthly
Best ranges existing: $300,001 - $400,000 with 1.7 per month
Projection
Relative inventory decreased to 10.4 months, still a buyers' market. Prices will soften. No matter who wins in November, any changes will take at least eighteen months to impact the economy. The world is so interconnected; our downturn will be felt globally.
