Realogics Sotheby’s International Realty has recently released their 2016/2017 Market Report which examines the year-over-year performance of 24 markets that the brokerage serves, factors that have affected the Western Washington housing market this past year, and insight on where the market is heading in 2017.
Bainbridge Island
Low Population Density
Despite its popularity, Bainbridge Island continues to have a low population density. With only an estimated 3.5 percent increase in the population since 2010, from 23,025 to 23,840, the island's 27.6 square miles of livable space only has a population density of 847 persons per square mile (psm). For comparison, the Realogics Sotheby’s International Realty 2016 Market Report examines California’s Tiburon area, which is 59 percent more concentrated, and Washington’s Anacortes area, which is 39 percent more concentrated. This low population density means that residents are able to enjoy relative privacy and beautiful natural spaces that are not easily found in the ever-expanding cityscape of Seattle.
Seller’s Market
The 2016 RSIR Market Report has found that single family residences and condos on Bainbridge Island have been in a seller’s market since January 2015 and the monthly supply has remained below two months from September 2015 through May 2015 with monthly inventory for 2016 averaging out at 2.6 months. This seller’s market means that if you have a property on the island and are considering selling, this could be your most opportune time – to learn more, please contact me here.
Volatile but High Property Prices
Bainbridge Island’s proximity and access to Seattle make it a very attractive location, however, price growth has slowed within the past year. 2016 saw the median home prices grow by 5.2 percent year over year, which is a decrease from 2015 which saw double digit increases. Although there was a decrease in year over year median home prices, a 5.2 percent increase is still a substantial and the overall median home price was relatively high; 131.1 percent higher than that of the Kitsap County average.
Due to the attractive nature of our fantastic community, beautiful island landscape, coupled with the seller’s market, now is a great time to consider selling your Bainbridge Island property. I would be pleased to assist you with all of your real estate needs, please contact me here.
To read the full market report, please click here.