Residential homes on Bainbridge Island were selling for a YTD median price of about $598,000 at the end of November, a drop of 12.6% from a year ago. The median price for closed sales occurring in November ($507,500) was down about 27% from a year ago. This substantial drop in median price is due not only to sellers lowering their price, but also because the distribution of likely buyers has changed. 13 of the 16 sales last month were for less than $650,000. A year ago only 8 of 19 closed sales were in this price range. A primary contributor may be the higher interest rates and continued inability to sell jumbo loans (exceeding $475,000). Kitsap County YTD median price has fallen 9% over the past year. The YTD number of Bainbridge closed sales is down 44% from a year ago, and the YTD number of pending sales is down 36%. These numbers have improved slightly as the in the past couple months. The number of closed sales is down 24% Countywide from a year ago. The number of active listings on Bainbridge (216) is down 3% from a year ago. The inventory turnover (total homes on the market divided by number sold last month) is 10.8 months, up a lot from the 24.1 month turnover rate of last month. Bainbridge Island is a strong buyers market.
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