Sara, Home Seller in Bainbridge Island, WA

What is the average days on market for Bainbridge Island?

Asked by Sara, Bainbridge Island, WA Wed Nov 11, 2009

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5
Keith Sorem, Agent, Glendale, CA
Wed Nov 11, 2009
Sara
I used to live in Washington state, my wife is from Seattle, so here are some thoughts that you might want to consider.

Average days on market is not what you want or need. The real question is this: how long should my home be on the market to sell for top dollar?

In almost any market there is a market within the market. Currently in your area there is lot of inventory. A balanced market is considered six months of inventory. If you take the total listings on the market, and divide them by the number that sold last month, that is the Absorption Rate. I do not have stats for your area, but your Realtor does.

Typically in a market with over six months of inventory we use the term "buyer's market", meaning there are more homes for sale the buyers to buy them. However, the real issue is that there is a price that a seller pays when their home sits on the market.

I'll just give you my stats, you ask your Realtor.
Homes that sell within 30 days almost always sell closest to asking price. In my MLS that means 100.3% of asking. At 120 days that falls to 96.7%...and that is AFTER some price reductions.

Ask your REaltor what your stats are. In most cases we expect the most market activity when the listing is new...in the first few weeks. So in the first two weeks we expect 10-12 showings, or one offer. If we don't see that activity, we adjust the price.

The reason these facts are important to you is this...the AVERAGE market time may be 90days. But YOUR home's market time needs to be around 30 days to get the best price, otherwise buyers and their agents will begin to figure out very quickly that your home is over-priced.

it is possible that you are trying to sell on your own, without professional representation...you problem is that you have not clue what the market is doing , you are just guessing.

Hope that this is helpful. The market within the market are the home that are prepared right, priced right, and marketed to their complete advantage, so they sell within the first month. The rest of the listings sit, and sit.......and sit.
1 vote
Tricia Hanley, , Kitsap County, WA
Mon Nov 30, 2009
Hi Sara!
You have received accurate accounts of what the average days on the market for Bainbridge Island are. I checked it out a little deeper and found that high end and lower end homes can sit on the market for a long time. The most expensive home on the Island has been on the market 802 days while the least expensive has been on the market 335 days. I believe homes on Bainbridge Island need extra special marketing. Many people with the dollars to buy Bainbridge Island homes come from out of state and out of the country. Our local Northwest Multiple Listing Service only reaches Washington State Real Estate Agents. Make sure when you are ready to sell you find an agent that can get your home marketed to Washington State and Beyond.
0 votes
Rich Jacobson, Agent, Silverdale, WA
Wed Nov 11, 2009
Sara: Just go to this page on my website, and it will give you all the latest stats for Kitsap County, including Bainbridge:

http://www.kitsaplife.com/market-reports/

Let me know if you have any additional questions!

RIch Jacobson
Web Reference:  http://www.soundbiteblog.com
0 votes
Wayne Paulson, Agent, Poulsbo, WA
Wed Nov 11, 2009
As of November 8, the average days on market for active listings was 167 days and for properties that were sold it was 152 days. If you would like to see a graph that shows the history of the market days and selling prices, go to my web site (BigWaterProperties), and click on Marke Graphs.

Wayne Paulson
0 votes
Mack McCoy, Agent, Seattle, WA
Wed Nov 11, 2009
One hundred and twenty-six days is the average, 61 days is the median. One property sold after 972 days on the market!
0 votes
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