There is a certain kind of magic in the air on Bainbridge Island during the autumn months. From the stunning foliage to the seasonal produce to community events, it’s the perfect transition from an action-packed summer into cozy harvest season. Take advantage of the last string of sunny days and make this a month to remember with our curated list of the top October events to keep you and your loved ones entertained this month.
You’re ready to jump into the real estate market, list your home, and make a successful sale—congratulations! Deciding to embark on a property sale is no small decision. Ensure the process is seamless, lucrative, and productive by avoiding these common seller pitfalls.
Living near the water is a dream for many, offering serene views, recreational activities, and a unique lifestyle. Seattle and its surrounding areas boast some of the most sought-after waterfront communities, each with its own distinct charm. From tranquil island retreats to vibrant suburban enclaves, these neighborhoods offer something for everyone. In this blog, we'll explore the best waterfront communities in the Seattle area, including Bainbridge Island, Medina, Mercer Island, Kirkland, and West Seattle.
The beautiful landscapes of the Pacific Northwest aren’t complete without our water views. From in-city waterfronts along our lakes and the majesty of the Puget Sound to island living and vistas along with Washington’s scenic port towns, there’s nothing like finding a piece of shoreline to call your own. Realogics Sotheby’s International Realty has observed over two years of waterfront transactions, from January 2019 through March 2021 across Western Washington’s most sought-after destinations.
This year, Realogics Sotheby’s International Realty presents two reports to inform buyers and sellers in the Puget Sound real estate market. First, the 2021 Exclusive Report looks at how Seattle’s booming and diverse economy has spurred unprecedented development and population growth with a clear urbanization trend.
When the clock struck midnight on December 31, few were disappointed to see 2020 end. But despite the difficulties endured over the last year, the real estate market remained resilient. It powered forward boasting median home prices that had continued to rise since the initial lockdown last March, more closed home sales than this time last year, and low inventory in nearly all the market areas.
The number of waterfront sales on Bainbridge Island dropped from 58 in 2018 to 43 in 2019. There are a few waterfront condominium units on the island, with modest but steady sales over the past two years. Excluding these sales reveals a sharper decline in waterfront residential sales, from 51 to 37 transactions. However, high-end sales moved in the opposite direction. There were 17 sales over $2.0 million in 2019, compared with nine such sales in 2018.
The first quarter of 2020 boasted a seller’s market on Bainbridge Island. The COVID-19 pandemic likely had an impact on the real estate market, it's not yet evident in data from the first three months of the year. Since this time last year, the area has been trending towards a seller’s market, with less inventory available. Median sales prices are up year-over-year as well, by almost 12 percent. While homes spent an average of 77 days on market, up 10 days from the first quarter in 2019, sellers were more likely to see more value in their homes, as the average price per square foot was up 23 percent.
After double-digit home price growth from the second quarter of 2018 to that of 2019, the median sales price of single-family homes on Bainbridge Island retraced slightly to $870,000 in the third quarter of 2019. Buyers in this area purchased homes with greater speed than seen in previous years as homes sold in an average of just 19 days on market—a sharp decline from the 44 days they spent on the market in both Q3-2017 and Q3-2018. Conditions are relatively favorable for both buyers and sellers, with a healthy supply of inventory, at 2.4 months.
After a year-over-year retracement of the median sales price of single-family homes in the first quarter of 2019, home values saw double-digit growth in the second quarter of the year, increasing from $865,000 in Q2-2018 to $979,000 in Q2-2019, a 13.2% gain. It is thus no surprise that the neutral market we reported in the first quarter has now shifted back into a seller’s market, with 2 months of inventory. Though the average cumulative days on market was up slightly from this time last year—at 33 days—it was markedly lower than Q1-2019, when homes sold in an average of 67 days.
Nothing quite compares to the waterfront lifestyle on Bainbridge Island during the summer months. Aquatic adventures abound with long days spent at the water’s edge. In the spirit of the waterfront season, Realogics Sotheby’s International Realty recently released RSIRWaterfront.com, which takes a close look at sales trends in 14 counties around Western Washington with price trends and topographic maps of 27 waterfront communities. Below we have compiled thoughtful insights for Bainbridge Island and Kitsap County.
The market slowdown that began in the fourth quarter of 2018 continued into the first quarter of 2019, with the median sales price of single-family homes on Bainbridge Island settling at $843,000, a 6.33% retracement from the first quarter of 2018 (when homes sold for $900,000). In the first quarter of 2018, we reported a sharp decline in inventory, however as was the case in many markets, inventory rose on Bainbridge Island in Q1-2019, pushing into a neutral market, with 3.2 months of inventory.
The data for 2018 is in and Realogics Sotheby’s International Realty has put together a comprehensive market report that covers eight key counties and 31 regional markets around the Puget Sound. Below, I’ve outlined trends from Kitsap County, Bainbridge Island and Poulsbo for you to consider as we move into the busiest sales season of the year in our real estate market.
As we closed 2018, the real estate market on Bainbridge Island underwent its typical seasonal slowdown. Many buyers elected to take a break from their home searches and some sellers also paused, as inventory fell to a low of 1.6 months. Though there were fewer sales, home values did not depreciate, as the median sales price reached $1,035,000, the highest figure reported on a quarterly basis in all of 2018.
Though Seattle and the Eastside both reported slight decreases in the average median sales price from the second to third quarter of 2018, home prices on Bainbridge Island increased on a quarterly basis, from $865,000 in the second quarter of 2018 to $912,000 in the third quarter. This 5.4% quarter-by-quarter increase is larger than the 2.3% year-over-year gain, and may be attributed to a shortage of supply.
Though other areas around Puget Sound experienced increased inventory in Q2-2018, Bainbridge Island saw a decrease in homes for sale with just 1.8 months of inventory. The number of homes sold likewise decreased, while the average sales price remained relatively steady between Q2-2017 and Q2-2018 at $965,000 and $972,000, respectively.
Offering an abundance of saltwater frontage and stellar city and mountain views, it’s no surprise that Bainbridge Island stands as a prime commuter market and destination for those that want to live an idyllic lifestyle with easy access to the Pacific Northwest’s fabulous recreation and the hustle and bustle of the city. Realogics Sotheby’s International Realty recently released waterfront stats from around the Sound, revealing what’s been happening on the Island since the start of 2018.
Market data from the fourth quarter of 2017 indicates that Bainbridge Island continues to attract buyers, as the number of homes sold was up slightly from Q4-2016 despite a sharp 32.9% inventory decrease. Fierce competition paired with a lack of inventory is driving up prices, as the median sales price rose 14.8% to $972,000.
