Summer is over, over.  It is raining.  The holidays are coming.  We are very seasonal here on Bainbridge Island with our real estate market and our busy listing season is April – August.  When I sold real estate back in California the listing season was less dramatic, sales happened pretty consistently year round. Here, in Washington, we are more affected by the weather. We are heading into that slower listing season right about now. Our busy season bled into fall this year more than it ever has in my 12 years in the business here.  Right now we have about 80 homes on the market.  In January, that number may get down to around 50. I have seen it in the 30’s before.  In our small niche market, a handful of good listing makes a big difference.  Which is why listing in the winter can be very good for sellers.  Some of my favorite homes on the island have come on the market in fall and winter. They are always such a fun surprise.

In the fall I get a bit of time to reflect on the past busy season.  What worked?  What could be improved?  How do I want my business to continue to evolve?  I look at where my clients are coming from and where they are going.  Below is a grid of my 2019 summer sales, back when the sky was indeed blue.

Homes sold by Jen Pells real Estate Summer 2019

Fun facts about my summer sales:

Total number of sales from Memorial Day through Labor Day – 18

Highest priced sale – $3.6M for a 5,000 square foot waterfront home on South Beach

Most affordable sale – $435,000 for a one bedroom condo at Harbor Square

Number of repeat clients – 8

Number of related clients in the grid above – 4

Number of sellers represented – 12

Number of buyers represented  – 6

Number of clients who moved from one house to another house on Island – 7

Number of sales that represented Newcomers to the island – 5

Number of sales that were multiple offers – 7

Shortest days on market for sales above  – 2!

Longest days on market for sales above  – 23

Things move quickly in the prime selling season and I worked some long days in the summer making sure my clients were where they needed to be before their next chapter started. Good thing it stays light until 10pm here in the summer.

The market is still moving at a nice pace, but I am grateful for pace that is a touch slower so I have a little more time to breath and recharge and give a little extra time and attention to my active fall and winter clients.

If you’d like to talk more about the market, give me a call.

To see my complete sales portfolio, click here.

8411 Wyatt Way NW for sale by Jen Pells Real Estate.

This adorable cottage on the west-end of Winslow is a must see. Open today (Saturday) 1-4.  Loads of charm and fine finishes inside and out. Three bedrooms, two baths and a private, flat, grassy yard. A great package – in town, close to the ferry, schools and trails.  Contact me if you would like a private tour.

Open House: Saturday 1-4pm

Quaint living spaces with original oak flooring from the 1940’s.

Crisp new kitchen with white wood cabinetry, high end appliances and quartz countertops.

Large dining area flows to the west-facing back deck. The perfect spot to enjoy summer dinners.

Main floor master suite.

Gorgeous master bathroom with frame-less shower door, marble vanity and modern tiles and fixtures.

Family room in the walk-out daylight basement. Also has office space, laundry and a private bedroom.

Patio space in the fenced area of the back yard. Grassy and flat. The motorized awning was recently added and remote controlled.

Details about the home:

Charming remodeled 3 bedroom cottage featuring original oak flooring, beautiful crown molding and crisp new custom kitchen with fir floors, stainless steel appliances and quartz countertops. Main floor master, luxurious baths with marble vanities. Easy entertaining with French doors to deck, patio and backyard. Newer roof, siding, furnace, hot water heater, retractable awning, shed, blinds, custom closet systems, and lighting. Easy commute with nearby trails to ferry, shops and restaurants.

  • Offered at $610,000
  • 3 bedroom/2 bathrooms in 1,974 sq feet
  • .65 acres, partially fenced
  • Extensive remodel in 2016 including plumbing, electrical and foundation
  • Remodeled kitchen with white wood cabinetry, quartz counters and high-end appliances
  • Main floor master suite
  • Spa-like master bathroom with dual sinks, marble countertops and modern fixtures
  • 1940’s oak flooring in living spaces
  • Fir flooring in kitchen
  • Second bedroom and bathroom on the main level
  • Bonus space, office space and private bedroom in daylight basement
  • Extra storage and laundry closet in daylight basement
  • Hunter Douglas Blinds throughout
  • Custom light fixtures throughout
  • French doors
  • Elfa Closet Systems & cedar closets throughout
  • Motorized awning over back patio
  • Fenced, flat, grassy backyard
  • West-facing deck off the dining area
  • 160 sq. ft. shed under the deck
  • Paved parking area with drainage and new gravel added to drive
  • Close to Winslow, schools and walking trails
  • Terrific condo alternative – no HOA dues

To see the full Windermere listing, click here.

 

This rare, larger three bedroom townhouse with recent updates is a terrific package. In-town living with modern finishes AND three bedrooms, all for under $450,000.  I will be open Saturday and Sunday to show off this sweet townhome.  When you are in Winslow this weekend, come take a look.  The Bainbridge Island Farmer’s Market is on Saturday!

Open Houses:

Saturday, April 14th from 1-4pm

Sunday, April 15th from 1-4pm

Welcome to Winslow Park Townhomes.

Two level townhome with three larger bedrooms and a one car attached garage.

Fabulous updates in the kitchen, baths and all throughout the home.

Dining area and eat-in kitchen.

Spacious and open living area with cozy wood stove.

New, south facing back deck.

Large master bedroom with walk-in closet.

Plus two more bedrooms.

Gorgeous, updated bathroom with subway tile and quartz counter.

And a community pool.  Summer is right around the corner.

Details about the home:

  • 1,360 square feet
  • 3 bedrooms and 1.5 bathrooms
  • Attached, one car garage
  • Private, south facing back deck on main level
  • Fabulous updates including kitchen, baths, carpet, paint, trim, doors, and fixtures
  • Vaulted ceilings and ceiling fans and updated lighting
  • Community open space and pool
  • Walking distance to Winslow and ferry – in the heart of all the action
  • HOA dues = $517 – no ongoing assessment – many recent complex updates

Light, bright 3 bedroom townhome in the heart of Winslow with easy access to ferry. Thoughtfully remodeled kitchen with new white wood cabinetry, quartz counters, subway tile and ss appliances. Modern updates throughout home include, crisp paint, new doors/trim, light fixtures and carpeting. Updated half bath downstairs and 3 spacious bedrooms up with another large, fully updated bath. Cozy wood fireplace plus a sunny back deck. Private, attached garage. Community pool, open space and rec room.

Click here to see the full Windermere listing details.

 

I am excited to announce my newest listing on the sunny south end. This charming Fort Ward home provides a terrific opportunity for the next owner to earn some sweat equity – which is hard to find theses days. Over 3,000 square feet of living space plus over 2,000 sq ft of partially finished basement. Potential for MIL space, rental opportunity, guest space, home office/s, yoga studio – you name it. Come take a look for yourself during my open house on Sunday 1-4 or contact me for a private showing.

Open House

Sunday, April 15th from 1-4pm

Welcome to 2101 Belfair Ave on Bainbridge Island.

Charming, classic style on a sunny, flat lot.

A gracious entry way to greet your guests.

An extra-large kitchen with loads of storage, wood cabinetry and two pantries.

Main floor master with vaulted ceilings, french doors to the back deck and a five piece master bath with extra laundry.

Bright and sunny family room connects to deck and kitchen.

Three level home with flat and sunny backyard.

Partially finished basement has great potential for sweat equity. Plumbed bathroom, kitchen and wired media room.

Details about the home:

  • 3,000+ square feet of finished living space
  • 2,000+ square feet of partially finished basement space offers quick equity opportunity
  • .37 acre lot in sunny Fort Ward
  • 4 generously sized bedrooms, 2.5 bathrooms
  • Main floor master suite with 5 piece master bathroom
  • Vaulted and tall ceilings
  • Formal living and dining rooms
  • Updates in the master bathroom suite
  • Two laundry facilities
  • Hardwood floors on main level
  • New exterior paint in 2017
  • Connected sewer and water

Charming 3000 sq ft, 4 bedroom home with a 2,077 sq ft partially finished daylight basement plumbed for bath, kitchenette and media room. Hardwood floors and vaulted ceilings on main. Large kitchen, main floor master with 5 piece bath, 2 walk-in closets. Laundry on main and up. French doors open to sunny Trex deck on this flat, spacious lot in popular Fort Ward. New exterior paint. Some TLC needed. Sweat equity opportunity with the potential for 5,000 sq ft of living space. Connected sewer/water.

Click here to see the full Windermere listing details.

On April 13, 2018, in Home Tours, Homes, Listing, Moving, Neighborhoods, by

LEAVES FALL; MARKETS RISE

Bainbridge Real Estate MarketThe Big Picture

In order to paint an accurate portrait of the Bainbridge Island real estate market during this autumn season, it’s important to put it in the context of the broader regional economy. Through that lens, things are looking very good. Estimates for September 2016 through September 2017 indicate an employment increase of 76,100 in Washington. According to the U.S. Bureau of Labor Statistics, the private sector added 61,400 jobs while the public sector gained an estimated 14,700 jobs over the year. Windermere Chief Economist Matthew Gardner backs that up in his Third Quarter Report, writing, “I maintain my belief that the Washington State economy will continue to outperform the U.S. as a whole. Given such a strong expansion, we should also expect solid income growth across Western Washington.”

The Seattle job market continues to be a huge draw for people moving here from across the country and around the world. As the number of residents in the Puget Sound area rises, Bainbridge Island has been and continues to be a viable and attractive residential option. The desirable amenities are obvious: from the rural feel to the vibrant community to the relative ease of a 35-minute commute by ferry versus an hour and a half by vehicle in the Seattle Metro area – just to name a few.

Another factor that affects our market is buyer fatigue. We’re seeing an increase in island buyers who are fed up – after multiple failed attempts to purchase in Seattle, where they may have competed against dozens of other eager bidders – and choosing to look in our direction for alternatives. This very real and frequent market dynamic contributes to the health of our local market.

Bainbridge Real Estate MarketA Positive Price Report

The third quarter saw continued upward pressure on prices. As the chart below shows, we saw near-double-digit price gains in terms of average and median sales prices over the same period last year. This resulted in a dramatic increase in sales activity in the high-end market with a 34% increase in sales between $1 to $1.5 million and a whopping 85% increase in sales over $1.5 million. (The fact that we’ve begun to list sales that exceed $1.5 million as a separate category is solid evidence of our changing market.)

Our price growth has been consistent over the last several years. The strong population and employment numbers mentioned above help to move the market, but low inventory continues to limit buyer choice. In fact, we had a small decrease in the inventory from the third quarter of 2016 (98 homes on the market) to this year’s third quarter inventory of 92. These data points would suggest continued upward price movement, at least in the short term, that’s complementing a gradual increase in residential sales in recent months.

Keeping Things in CheckBainbridge Real Estate Market

As is true in any transitioning market, we need to look at things from every angle. Even given all the positive signs summarized here, sellers should not assume that they can sell their homes in only a matter of days, in any condition and at whatever high price they set. This simply is not the case. Yes, we are still in a seller’s market, with 2.4 months of limited inventory. However, realistic expectations are critical. While we do still experience multiple-offer scenarios, those have become less prevalent over the course of the year. Instead, we have experienced more price reductions as some sellers were a little aggressive in their initial pricing. It’s important to remember that every house, every neighborhood and every transaction has its own distinct characteristics. An local real estate professional is essential for navigating the current market conditions.

Bainbridge Island Real Estate Market

Finishing Strong

Traditionally, real estate activity tends to slow down in the fourth quarter. Already, this year has been quite different. In only the first few weeks of October, our office has nearly doubled the number of sales compared to this time last year. Open house activity has been robust, indicating an energized pool of buyers just waiting for that perfect home to come along. If these trends continue, we could be in for a very exciting close to an already strong year. Here’s to a healthy and hearty season in all corners of our wonderful island community.

Bainbridge Real Estate Market

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