If we follow the trendlines from the first quarter of the year, then it’s still a great time to list a home for sale. With inventory low, and buyer demand remaining steady, year-over-year median price gains are likely to continue.
Bainbridge Island Market Trends: Q4-2020
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.
Bainbridge Island Market Trends: Q2-2020
2019-2020 Waterfront Report
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.
Bainbridge Island Market Trends: Q1-2020
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.
Bainbridge Island Market Trends: Q3-2019
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.
Bainbridge Island Market Trends: Q2-2019
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.
2019 Waterfront Update
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.
Bainbridge Island Market Trends: Q1-2019
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.
Annual Market Update: Bainbridge Island
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.
Bainbridge Island Market Trends: Q4-2018
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.
Bainbridge Island Market Trends: Q3-2018
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.
Bainbridge Island Market Trends: Q2-2018
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.
2018 Waterfront Update
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 Trends From Around the Sound: Q1-2018
Bainbridge Island Market Trends: Q4-2017
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.
