2009 was no 2008

Those of us in real estate could really feel these numbers below as we closed up the year.  2009 was a different year than 2008.  I am hoping for a “normal” market as we head into 2010.  To look at the year end numbers very simply, if 2007 (332 sold) was very high in regards to number of sales and 2008 (187 sold) was very low, 2009 (212 sold) looks like it was the happy medium. Where the price per square foot is heading is the question everyone is asking.  I am predicting stabilization, but I will analyze that topic further in an upcoming post.

December Numbers for homes sold on Bainbridge (does not include condos)

2009 – with currently 162 homes on the active market, with 31 pending

2007 2008 2009
Total Sold 15 13 22
Median Sales Price $602,000 $427,000 $502,000
Avg. Days on Market 232 210 265
Price per sq. ft. $234 $211 $213

Year-End numbers for homes sold on Bainbridge (does not include condos)

2007 2008 2009
Total Sold 332 187 212
Median Sales Price $680,000 $589,000 $546,000
Avg. Days on Market 98 108 139
Price per sq. ft. $303 $284 $239
Historical Year End Numbers for homes sold on Bainbridge

Update as of 11/06/09
President Obama signed the Worker, Homeownership, and Business Assistance Act of 2009 into law today. The legislation greatly expands the First Time Homebuyer Tax Credit by making more first time homebuyers eligible for the credit and now includes homebuyers that are not first time homebuyers. This new legislation is a huge victory for you, the Washington REALTORS and the National Association of REALTORS.
First Time Homebuyers
The current law is extended until April 30, 2010. Buyers have until that date to have a signed purchase agreement. There is an additional 60 day grace period to complete the financing. More first time homebuyers are eligible because the new law raises the annual income limits from $75,000 to $125,000 for singles and from $150,000 to $225,000 for married couples.

 

Current Home Owners
Over 60 percent of current home owners will be eligible for a tax credit of up to $6,500 if they purchase a home by April 30, 2010. These homebuyers must have lived in their home for five consecutive years over the previous eight years to qualify. Qualified homebuyers can get the credit if they purchase a home for $800,000 or less as their primary residence between November 7, 2009 and April 30, 2010. The income limits are the same as the First Time Homebuyer listed above.
Info Courtesy of Washington Realtors
On November 6, 2009, in Real Estate Business, by
The Hillandale Neighborhood on Bainbridge Island

A custom weather vane on a Hillandale Home, their trademark.

Each home has an original, from rabbits to orcas, no two are alike.

A home in the Hillandale Neighborhood on Bainbridge Island

One of 36 charming homes in the Hillandale Neighborhood on Bainbridge Island.
Nestled behind Weaver Creek on the corner of Weaver Road and Wyatt Way is the Award Winning Hillandale Neighborhood. Hillandale is a neighborhood of 36 homes that all line a circle and share a grassy, central open space. Built Between 1999 and 2005, Hillandale homes have Nantucket Style charm and are all personalized with their own custom weather vanes. The homes were built by local builder Dick Allen and are popular for their timeless appeal and quality finishes. Clever touches like built-in bookcases, main floor masters, and storage nooks big enough for a play space, make these homes inviting and easy to live in. Beyond the charm of the homes themselves, their proximity to downtown Winslow and the ferry terminal make them very popular. Homes in Hillandale range in size from 2100 square feet to 4300 square feet, most between 2300 and 3300. Lot sizes average about .20 acres.

A home in the Hillandale Neighborhood on Bainbridge Island

One of 36 homes in Hillandale.

Shared open space in the Hillandale Neighborhood on Bainbridge Island

The shared open space in the heart of the Hillandale Neighborhood.
Picnic tables, grass, and trees, make it an inviting and attractive amenity.

A home in the Hillandale Neighborhood on Bainbridge Island

A charming home in Hillandale on Bainbridge Island.
On September 25, 2009, in Neighborhoods, Photos, by
Shrinking inventory + increase in the number of pending sales + increase in median sales price since January 2009 = a stabilizing marketplace!

Here are the statistics:
Active Listings August 2009 = 2029
Active LIstings August 2008 = 2769
26.72% decline in inventory (that is a good thing, less supply = more demand)
Pending Listings August 2009 = 362
Pending Listings August 2008 = 293
23.55% increase
Closed Transactions August 2009 = 256
Closed Transactions August 2008 = 242
5.8% increase
The median sales price declined 12.45% (August 2009 compared to August 2008). However, the median price increased approximately 4% during the past several months (January 2009 compared to August 2009).
Data courtesy of:
Mike Eliason
Association Executive
Kitsap County Association of REALTORS®
and the NWMLS.


They look a lot like last year. Here are the numbers. Data is take from the NWMLS.

2009

  • Number of Closed Residential Sales 45
  • Days on the Market 202
  • Selling Price Per Square foot $267
  • Selling Price $778K


With 32 Homes Pending or Contingent and 10 additional Condos Pending or Contingent.


2008

  • Number of Closed Residential Sales 44
  • Days on the Market 139
  • Selling Price Per Square foot $305
  • Selling Price $901K


The biggest difference I see is days on the market, it is up form 139 to 202 – that is two additional months of market time- almost seven months total. That is long haul for sellers.

And yes, prices are down, price per square foot is down and average sale price is down. However, on the island, with such a wide range in sale prices from the 200 hundred thousand up to six million, those numbers are hard to lump together.

What I am hearing from other agents is what I have been feeling “it has been a slow start.” I think we all hoped for a swifter 2009, but even with the low interest rates and first time buyer’s credit, consumer confidence and unemployment still loom overhead.

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