Hi Karen: I live in the Central Kitsap area, not Bainbridge Island but I do "follow" Bainbridge's market statistics.

The previous comments you've received are correct. And there's not much additional information I can provide. This is a tough market, similar to the mid-1990s and as a seller, you must pay attention to the competition (other houses for sale) and market direction.

To gain leverage you want to be "ahead of the market."

Dave Jones, CRS

We have just updated our Bainbridge Island real estate statistics. According to data available to us as members of the local Multiple Listing Service as of April 30, 2008, the island’s absorption rate for residential properties stands at about 10%, which is below the historical average. This number is the result of dividing the number of properties under contract into the total number of active listings. In the $800,000 to $900,000 price range, none of the 23 listings is currently under contract. There have been 9 sales in the last six months, averaging 127 days on the market at closing at about 94% of the property’s original list price. With 1.5 sales per month, there is a 15.3-month supply of homes on the market. By comparison, in the $750,000 to $850,000 range, there are 25 total listings with one under contract, for a 4% absorption rate. Six sales have closed in the last six months, averaging 154 days on the market (ranging from 90 to 219 days). Given one sale per month, we have a 24-month supply of homes in this price range. Best wishes, Bill

Hi Karen, If you hired a full-time agent to sell your home, I hope that these statistics were part of their listing presentation with you. While we don't have a crystal ball, before that for sale sign goes in your yard, it would be nice to have some expectations in place. It would be nice to know if you have to vacuum your house every morning for 2, 3, 4 or 9 months. It's interesting that each agent that has answered your question has a different answer. I might suggest that you direct your questions to your agent as well so you have a chance to build even more trust in that relationship. Let your agent actually serve you and walk with you during this process. If you're second-guessing them, either you're just nervous or you might not have hired the right person. Best wishes for selling your home quickly!!

Hi Karen,

I went online and looked at your home and it is lovely! There are currently 8 homes on the market in your area between 800 and 850k one of them being yours of course. The median price is 825k and the average market time is about 80 days. Based on solds which are your comparables 3 have sold in the last 6 months, 2 in Nov 07 and 1 this March. The average list price for these was 856k, average sale price 839K and average days on market 148. My question to you is that if you have this home listed and are paying the Real Estate Agent to represent you why in the world has that person not provided this information to you. You should have no question in your mind as to how much your home is worth based on comps,who your competition is and how long they were and have been on the market. This is all info that you should be leary of listing your home without! If you have any other questions feel free to view my website and I wish you the best of luck in obtaining a buyer for your home.

Jennifer Kilkenny

Hi Karen,

As of April 27, the statistical average market time for the Bainbridge Island market is 135 days, the average listing price is about $1.05 M and the average selling price is $1.024 M. Another measure of the health of a market is the number of months of inventory there is on the market - how long it would take to sell everything now on the market at the current rate of sales. As of the end of March there were 15.5 months of inventory on the market on Bainbridge. The dividing line between a buyers and sellers market is often thought to be about 6 months of inventory.

The bottom line? There are houses selling, but they are the ones that are priced best or have a unique advantage. There is no reason to panic, but there is reason to understand and accept the realities of the market.

You can see average market time and price graphs updated monthly on my web site BigWaterProperties.com. Click on the link below and click on Market Graphs.


Wayne Paulson