Bainbridge Island Real Estate Market Report | Q3 2018

Bainbridge Island Real Estate Market Report

Autumn Temperatures

 

Checking the Thermometer

Every day, we hear news about the cooling real estate market but it’s important to consider all the factors that go into those reports. Yes, our market has chilled slightly from its previously overheated state (although we never reached the same sizzle as the Seattle market) and has settled into what might be described as a strong normal market. The business section also contains reports of ongoing job growth in the Seattle area, especially in the well-paid tech industries. Concurrently, when Seattle’s transportation woes and other urban issues are taken into consideration, the demand for Bainbridge homes, especially for families, will likely continue for the foreseeable future.

Crunching the Numbers

On the whole, most indexes show data that support a steady market in the coming months. If we isolate the third quarter and look at sales, the number of homes sold only dropped 4.4% from 2017 (137 in 2017 and 131 in 2018). In that same period, the median price of homes sold went up from $875K to $912K – a 4.2% increase. If we compare the median price of homes sold during the third quarter, they are up 8.8% from the beginning of the year. Additionally, the Cumulative Days on Market dropped in the third quarter of this year compared to 2017 (44 in 2018 vs. 47 in 2017). Active and Pending inventory numbers are where elements of the cool down show. Inventory is down in total inventory and active (total minus pending sales), which is contrary to what people are hearing. Pending sales are weaker at 40 compared to 57 at the same time last year. Of all the numbers we examine, this 29.8% drop is what supports the slowdown assessment. However, when reviewing the data, we can conclude that the market is healthy and strong. Maybe not as feverish as last year, but it’s still a great time to be selling or buying on Bainbridge Island.

Condominiums and Land

The condominium market has softened compared to 2017, with 73 units sold compared to last year’s 89. There seem to be two parts to the condo market: the affordable (less than $500K) and the higher end, which usually includes a good view. The affordable unit sales are up from last year, with 64 sold versus 45 in 2017. The drop in the higher end appears attributable to a lack of supply rather than a softness in the market. Land is barely lagging behind 2017, with 24 sales year to date compared to 29 in 2017. Buying land with the intention of building is not for the faint of heart these days. Builders are busy while construction prices are still rising. New zoning rules have also added an element of uncertainty and expense.

Taking Everything into Consideration

Multiple offers are less common than last year, and prices have risen but not at the frenzied pace of last year. Our rental market has also calmed down. Our Kitsap County neighbors, Kingston and Poulsbo, are also performing well and benefiting from Seattle’s growth. Buyers do not seem to be concerned with rising interest rates (which, after all, are still quite low), which helps to boost confidence. As we enter the fourth quarter, there are many opportunities for both buyers and sellers.

Posted on October 24, 2018 at 5:20 pm
Jackie Syvertsen | Category: Bainbridge Island Real Estate, Bainbridge Island Real Estate Statistics, Newsletter | Tagged , , , , , , , , , , , , ,

Local Values & Current Inventory

 

BAINBRIDGE ISLAND Real Estate Values are at an all time HIGH and the current housing Inventory is at an historic LOW.

A Seller’s Market : Out of approximately 9600 Island households, there are currently only:

42 HOMES FOR SALE

6 RESIDENTIAL CONDOMINIUMS

20 LAND LISTINGS

Don’t get stuck in the annual competition:

Let’s get your home ready and on the Market before the usual Spring Rush.

Call Me, I would love to work with you!

Jackie Syvertsen

206-790-3600

www.Jackie98110.com

 

Posted on January 29, 2018 at 10:15 pm
Jackie Syvertsen | Category: Bainbridge Island Real Estate Statistics, Newsletter | Tagged , , , , , , , , , , , ,

The Pool at Pleasant Beach Village

Summer fun on Bainbridge Island is just around the corner…
 

Next summer, a beautiful outdoor private pool complex will open at Pleasant Beach Village. Perched above the Village retail area, the facility will feature a 25-yard recreation pool, children’s wading pool, and hot tub!

The Pool at Pleasant Beach will operate seasonally (May through September) with ample nearby parking. Monitored by trained lifeguard staff, amenities include: swimming lessons, playful children’s pool with largerthan-life water toys, lounge chairs, men/women/family changing rooms, and outdoor showers. A covered picnic and BBQ area is designed for families to enjoy their own picnic fare, or take advantage of delicious food options including wood-fired pizzas from the Snack Shack or burger deliveries from Hammy’s. An added bonus: our full-service patio bar will serve refreshing adult libations. Members may also reserve The Campfire at Pleasant Beach, an additional picnic and campfire site tucked in the woods above the pool—a great location for birthday parties or casual gatherings and celebrations. Designed as a family destination for the lazy days of summer, The Pool will offer hours of relaxed enjoyment

Join today: Pool Application
For pricing: Price Sheet
Frequently Asked Questions

For applications or additional questions, please contact Kendra Vita or Laurie Teddy at 206.866.6499

 

 

Posted on February 26, 2015 at 11:43 pm
Jackie Syvertsen | Category: Fun Things to do on Bainbridge Island | Tagged , , , , , , , , , , , , , ,