A Cedar-Shingled Type of Year

The 2020 market is warming up after the hustle and bustle of the holidays and our most recent “snowstorm.” As we get closer to February, it is always my cue to compose one of my favorite blog posts, the list of my top 10 homes on the island for 2019. Last year 376 homes sold on the island – down a bit from the busy 398 we saw sell in 2018. One thing that quickly surfaced on this list was days on market and sales price versus list price.  Many of my recent lists have homes with short days on market and price escalations.  This list shows many homes with a month or two of market time and a lesser sales price.  This illustrates what I found to be true working day in and day out in the market.  Last year sellers wanted to test/try-out prices.  2018 was so robust and it was fresh in seller’s minds.  But, the market was a touch cooler and the list illustrates this.  We expect things to continue to head towards an even cooler, more balanced market. Although sellers are still very much in the driver’s seat at this moment.

This is my 12th annual list.  What?!  (See all of my lists here) And again, these are homes that personally resonated with me when I toured them.  Last year, while I was giving clients a tour and highlighting key houses we drove by my client pointed out to me that I really liked cedar-shingled homes.  Huh?  I actually had not overtly realized that. After she said that I did begin to see them in my marketing materials and on my top ten lists. So, right on cue, we actually start the list with this handsome cedar-shingled home for #10.

Island Ave on Bainbridge Island sold in 2019

#10 | 4629 Island Ave NE on Bainbridge Island sold in 2019.

#10

Original List Price $885,000

Sale Price $930,000

Days on Market – 2

Date Sold 5/30/2019

Click here for more photos and the full listing detail.

For #10 we start on the popular south end of the island on a beautiful piece of property on Island Avenue. This charming home and property were a fun package.  The historic home was built in 1914 with lots of warm wood and cozy spaces.  I loved the south facing deck and bucolic feel of the shy-acre lot.  The home also had a sweet guest studio over the garage.  It was no surprise this very well-priced home and property saw a quick collection of multiple buyers and in just two days sold for almost $50K over the asking price in the busy selling month of May.

Sumanee Lane on Bainbridge Island sold in 2019

#9 | 8326 NE Sumanee Place on Bainbridge Island sold in 2019.

#9

Original List Price $1,348,000

Sale Price $1,298,000

Days on Market – 47

Date Sold 10/1/2019

Click here for more photos and the full listing detail.

For #9 we head north to Hidden Cove Estates and Sumanee Place. This handsome home and large property were a unique package for this neighborhood.  The home had been impressively updated by Jefferson Fine Home Builders with a modern kitchen and spa-like master bath.  The lot for this home was larger than most in the neighborhood at 1.67 acres and included an impressive sport court, fire pit area and lots of room to roam.  Most of all, I liked the modern vibe the owners and builders were able to pull out of this originally, more traditional home.  Well done!  And after a month and a half on the market the sellers were able to command almost $1.3M for their home.  A record sales price for the original phase of Hidden Cove Estates. And I predict we may see that number surpassed this year.

Hansen Road on Bainbridge Island sold in 2019

#8 | 8000 Hansen Road NE on Bainbridge Island sold in 2019.

#8

Original List Price $1,300,000

Sale Price $1,250,000

Days on Market – 24

Date Sold 6/26/2019

Click here for more photos and the full listing detail.

For #8 we move to mid-island and Hansen Road.  This home caught my eye for its very serene, neutral color palette and because most of the home is all on one level.  I liked the feel of the separate wings, liked the impressive workshop space and the flat acreage that surrounded the home.  This is one the I was surprised to see linger from 24 days, but in May/June it had a lot of similar competition and the price was a tad high as well.  So, in the end, we did see this one close $50k under asking at the end of June.

Irving Lane on Bainbridge Island sold in 2019

#7 | 8174 Irving Lane NE on Bainbridge Island sold in 2019.

#7

Original List Price $1,218,000

Sale Price $1,125,000

Days on Market – 44

Date Sold 10/11/2019

Click here for more photos and the full listing detail.

For #7 we move into Wing Point for Irving Lane and another classic cedar-shingled home.  I really loved the chef’s kitchen in this home.  I also loved the location in Wing Point, being central and close to Winslow and the ferry. The home has a European flair and I loved that the appliances and finishes were not cookie-cutter.  The owners had custom built this home with quality builder Spellman Construction and their finer, more unique choices were fun to see.

3180 Crystal Springs Dr NE sold on Bainbridge Island

#6 | 3180 Crystal Springs Dr NE sold on Bainbridge Island in 2019.

#6

Original List Price $1,598,000

Sale Price $1,544,000

Days on Market – 18

Date Sold 11/12/2019

Click here for more photos and the full listing detail.

For #6 we go back down south to sunny Crystal Springs. This larger home and guest house also had a rare water-side deck. Nicely updated throughout with vaulted ceilings and tall windows, this waterfront-package was a nice value, especially for it’s desirable Crystal Springs location. Having a listing down here this year too, I realized I really, really love this area and the proximity to Lynwood Center, Pleasant Beach Village and the trails of Fort Ward Park and Gazzam Lake.  And the Crystal Springs, Baker Hill, Point White Loop are a popular walking/jogging destination in and of itself. I know the new owners from California are really going to love the sun they will soak up  in their new home.

11711 Two Creeks Road NE on Bainbridge Island sold in 2019

#5 | 11711 Two Creeks Road NE on Bainbridge Island sold in 2019.

#5

Original List Price $1,445,000

Sale Price $1,545,000

Days on Market – 6

Date Sold 4/12/2019

Click here for more photos and the full listing detail.

For #5 we go back mid-island to Two Creeks Road. This listing came on early in the selling season and caught the eye of many anxious buyers.  The popular, fun modern farmhouse style of this home plus a sweet guest cottage on the water was more than appealing.  This waterfront is bay-front, which does mud at low tide, but the land/acreage is large, flat and sunny.  This property/package checked many boxes for a lot of buyers.  And for that reason, I was not surprised to see the multiple offers and hearty $100K price escalation.

9368 NE Endicott Street on Bainbridge Island sold in 2019

#4 | 9368 NE Endicott Street on Bainbridge Island sold in 2019.

#4

Original List Price $1,750,000

Sale Price $1,800,000

Days on Market – 1

Date Sold 4/5/2019

Click here for more photos and the full listing detail.

For #4 we go north to the popular Port Madison Neighborhood.  This was my first listing of the year and I had helped my buyers purchase this brand new view home from the builder back in 2013.  I do love a Dutch Colonial home and this pretty one is perched high atop Port Madison to take advantage of the water views.  With this home you have a wonderful and rare combination of a newer home built within an older, developed, well-loved neighborhood.  My sellers really made this house a home during their ownership.  They did amazing landscape and hardscape work and dialed in all of the finishes in the home plus added a hot tub, extra decking and an amazing fenced garden area.  I really love that this home has five outdoor deck/patio spaces.  A wonderful home that sold on the first day for $50K over asking price.

6900 NE Dolphin Drive sold on Bainbridge Island in 2019

#3 | 6900 NE Dolphin Drive sold on Bainbridge Island in 2019.

#3

Original List Price $1,348,000

Sale Price $1,348,000

Days on Market – 7

Date Sold 6/11/2019

Click here for more photos and the full listing detail.

For #3 we go farther north to Dolphin Drive. I think this home best defines my favorite architectural style.  Modern style, clean lines  – really a true Northwest Contemporary home. Architecturally designed and built, this home is sited facing south on lovely flat acreage and has its own guest cottage.  Inside the main home the spaces are refined and practical.  Lovely but not fussy or complicated. This home had a great vibe and lots of soul. As a gardener, I especially loved the sunny two acres.  Had this home been central or on the south end I certainly would have made a play for it.  This custom home with a guest cottage/legal ADU on over two acres at $1,348,000 speaks to the values you can find on the north end of the island where traffic and north end highway access can be tricky. Location, location.

3853 Pleasant Beach Drive NE on Bainbridge Island sold in 2019

#2 | 3853 Pleasant Beach Drive NE on Bainbridge Island sold in 2019.

#2

Original List Price $3,678,000

Sale Price $3,678,000

Days on Market – 6

Date Sold 11/22/2019

Click here for more photos and the full listing detail.

For #2 we head south to the island’s coveted Gold Coast – Pleasant Beach – for this low bank waterfront home.  When my family first explored the island back in 2004, we rented a house a few doors down from this home.  It makes sense that we fell head over heels for the island after experiencing this special spot.  This home and guest home were designed by local architect Roger Katz and built by local builder Jim Hobbs in 2012.  A dream team that really thinks things through and spares no expense.  A private low-bank waterfront acre facing south with a home built in the classic/traditional, timeless style that appeals to so many did catch the attention of those buyers who could afford the over $3M price-tag.  This one was a fun one to see simply because homes on this drive rarely come up. Roger Katz got many things right on this one, like the kitchen and family room that soak out the sun and views and the private guest cottage that is a special home in and of itself. No surprise that even at this higher price point, this home sold for full price in six days, even at the very end of the selling season in October.

South Beach Drive on Bainbridge Island sold in 2019

#1 | 9515 NE South Beach Drive on Bainbridge Island sold in 2019.

#1

Original List Price $3,498,000

Sale Price $3,600,000

Days on Market – 5

Date Sold 6/5/2019

Click here for more photos and the full listing detail.

For #1 we go even farther south to the sunniest part of the island  – South Beach. This was my Mother’s Day Weekend listing for this year.  My sellers wanted their gardens to be in full bloom and the flowers popped open the week before Mother’s Day.  I sold this home to my clients (off market) in 2016 and it was built by local fine home builder Jerry Reese Construction in 2008.  Sitting on over half an acre of low bank southwest facing waterfront, this home is known locally as the “fish house” because the builder added cut-outs of fish under the eaves that cast shadows on the home.  A very cool, hard to notice feature, unless you stop and look. And since this one is so pretty, many people did stop and look.  The kitchen in this home is essentially THE kitchen to end all kitchens.  Kind of like, you had me at the kitchen.  The media room, divine master suite, and guest house are not bad either.  Hands-down, this guest house really is the nicest guest house I have seen on the island.  I would be more than just content to live in the guest house.  So, on Mother’s Day weekend last year more than one person flew in to see this special home and it sold after only six days on the market for more than $100,000 over asking price.

Touring homes is a fun part of my job and I consider it a true privilege to take a peek inside so many cool homes. To get a feel for the homes I personally enjoy touring and see all twelve of my top ten lists in one place, click here.  This is a great way to get an ideal for the beautiful and unique homes on our island.

I am anxious to see how the big 2020 year unfolds and  I can’t wait to seem more unique homes.  And of course lots and lots of charming cedar-shingled homes too.   I look forward to seeing you out there.

Listing photos courtesy of NWMLS.

 

 

 

 

 

Grateful to have worked with such amazing people in 2019 and wrap up the year with 31 total sales. Looking forward to a fun and fast-paced 2020!

Jen Pells' 2019 Sales collage for Bainbridge Island

On January 14, 2020, in Uncategorized, by

It is an honor to wrap up my 2019 listing season with one of my very favorite homes on the island.  I sold this home to my clients back in 2013 and it made my top 10 list that year.  This home was already special and charming before my clients bought it and sprinkled their style and talent for design all over it.  It did not take my clients long to find the best of the best contractors (Tom Whealdon Construction, Salisbury Woodworking, Chameleon Fine Home Painting, Seri Yekel Design) on the island and they did some amazing remodeling and renovations on this home over the past seven years and today it is truly EXCEPTIONAL!

It is certianly one to see in person.  Open Sunday, December 8th from 1-4pm or reach out for a private showing. 

Find out much more about this fine home at bainbridgeviewhome.com or at the Windermere site.

Offered at $1,448,000

10578 Sunrise Drive NE  on Bainbridge Island.

10578 Sunrise Dr NE on Bainbridge Island.

The fabulously remodeled kitchen.

Living room with vaulted ceilings and centerpiece river rock fireplace.

The cozy family room.

Charming main floor hallway.

The master suite retreat.

The spa-like master bathroom.

View from the master bedroom.

The guest apartment over the garage.

The sandy beach – deeded beach access is via a private trail.

Front of the home.

Aerial view of the property.

Details about the home:

Enjoy views of the Sound and deeded beach access from this charming, jewel-box home tucked behind mature, professionally-designed landscaping. Reimagined and masterfully crafted by fine local builder Tom Whealdon, this home is a beautiful marriage of high-end finishes and thoughtful details. Divine chef’s kitchen with French range and Sub-Zero fridge, spa-like master suite retreat, and wide plank quarter sawn oak flooring. The 650 sq ft guest apartment shares the same refinement. A rare find.

  • three bedrooms – 3,241 sq ft in main home
  • guest apartment over garage – 650 sq ft
  • Sound and Cascade Mountain views
  • .59 acres – flat lot
  • deeded beach access
  • remodeled by Tom Whealdon; originally built in 1961
  • chef’s kitchen, spa-like master bathroom, quarter sawn oak floors, wool carpeting
  • fine finishes and  updated fixtures throughout the home
  • two main floor bedrooms; master bedroom on second level
  • heated 2-car garage

Please reach out for a private showing.

Again, much more info on the home can be found here.

 

 

 

 

 

 

 

On December 6, 2019, in Homes, Listing, Open Houses, Top 10 Homes, by

Happy New Year!

The 2019 market is starting to wake up after its short winter rest, which is always my cue to compose one of my favorite blog posts, the list of my top 10 homes on the island for 2018. Last year 398 homes sold on the island – down a bit from the busy 439 we saw sell in 2017, but up from 369 in 2016. 2018 was my best year yet in real estate, so it indeed felt busy in my world.

This is my 11th list (see all the lists here) and again, these are homes that resonated with me personally when I toured them last year.  I am not one to live in or love a cookie-cutter home, so charm and even quirkiness get my attention.  In 2018 we continued to see spec-built homes come onto our market.  As DR Horton sold out, two other neighborhoods took their place, including one by Quadrant who has entered into our Bainbridge Market for the first time.  For now, let’s take a tour around the island and through the selling season of last year.

 

#10 | Island Center Road NE

#10

Original List Price $710,000

Sale Price $720,000 (multiple offers)

Days on Market – 6

Date Sold 6/1/2018

Click here for more photos and the full listing detail.

For #10 we start mid-island on a beautiful piece of property on Island Center Road. This home and property were a fabulous package.  The home is cozy at just under 1600 square feet and colorful with warm wood and beautiful, practical built-ins. I loved the barn door too. High quality materials were used throughout the home, which overlooked a bucolic two-acre property with tucked off a main road.  I am a big fan of metal garden artwork and this property had a nice collection mixed in the gardens and fruit trees. The home also had a sweet guest space over the garage.  It was no surprise this well-priced home and property, all abloom in June, saw multiple offers.

 

#9 | Manitou Beach Drive NE

#9

Original List Price $825,000

Sale Price $865,000 (multiple offers)

Days on Market – 7

Date Sold 5/25/2018

Click here for more photos and the full listing detail.

For #9 we move east to a view home on Manitou Beach Drive. This is another cozy home, but with a completely different vibe. This older home built in 1920 and just under 1900 square feet was the cozy beach cottage many buyers were looking for last summer.  Off Murden Cove, this home has nice views of the water plus a charming yard and garden too.  Nice updates were done through the home over the years, but the original charm remained.  Many of the homes in the Murden Cove area have views, but are also walkable to the popular Rolling Bay hub, a nice combination that makes it a popular choice for buyers.  Again, I was not surprised to see this sweet cottage receive multiple offers last May.

 

#8 | Cherry Orchard Lane

#8

Original List Price $850,000

Sale Price $900,000

Days on Market –  2

Date Sold 3/7/2018

Click here for more photos and the full listing detail.

For #8 we stay mid-island and move a bit west to a modern home on a large lot on Cherry Orchard Lane. This home sold twice in one year, but the last sellers made some nice changes, including paint inside and out.  This is a rare larger, cleared,  flat lot, close-in to town. The property also connected to Strawberry Hill Park.  Custom-built, the home has a bit of a modern flair, an open floorplan and a main-floor master.  I really like Cherry Orchard Lane, as it is one of the first streets as you head out of town where you begin to see larger parcels like this one at over two acres.  Smaller homes (2,100 square feet) on large lots are also rare.  Built in 2010, this newer, custom-built home sold for $50K over asking the first weekend it was on the market.

 

#7 | Fernclff Avenue NE

#7

Original List Price $1,098,000

Sale Price $1,100,000

Days on Market – 6

Date Sold 3/8/2018

Click here for more photos and the full listing detail.

Staying central we move east again for #7 to this charming cedar-shingled home on Ferncliff Avenue. I listed this home last winter and this is such an easy home to live in and love.  My clients were so sad that they outgrew this home as the charm and high quality craftsmanship spilt out from each and every corner. Solid wood doors, box-beam ceilings, a clawfoot tub. This home is also close to the ferry, across the street from beach access and has peak-a-boo views of the Sound.  I fell for this kitchen, with a built-in breakfast booth, apron sink, large island and TWO pantries.  Like I said, this was a home that was easy to live in and love and hard for my clients to leave – although they indeed moved into a another very sweet home. This homes sold for above full price last March.

 

#6 | Tiffany Meadows Drive NE

#6

Original List Price $1,198,000

Sale Price $1,198,000

Days on Market – 83

Date Sold 5/22/2018

Click here for more photos and the full listing detail.

Mid-island is the theme for this list as we move closer into the Wing Point Neighborhood for #6. This is another cedar-shingled home, but of a completely different style.  This homes was designed by local architect Jim Cutler.  This three-level home has walls of windows and sits right on the Wing Point Golf Course.  I like how they used half walls to unify the spaces. The unique style and high-end finishes set this home apart from the more traditional homes in this neighborhood. I also loved that it appears to be floating above the golf course and neighboring pond and it is also tucked off the main road.  But what I loved the most were the  multiple decks around the house off the main living spaces – throughout the day you could enjoy eastern and western sun. This home sold for full price last May.

 

#5 | NE Setting Sun Lane

#5

Original List Price $1,498,000

Sale Price $1,550,000 (multiple offers)

Days on Market – 6

Date Sold 5/31/2018

Click here for more photos and the full listing detail.

Now for #5 we move north and west to the lovely home on Setting Sun Lane. This home was built by one of my favorite builders, Rick Debarros. I believe this was the last home Rick built on the island before he retired and moved out of state.  His construction was high quality, the finish choices are timeless and the floorplans he built were spot on for practicality with a nice balance between wide open spaces and separate rooms.  He understood the need for mud-rooms (especial in the PNW), large laundry rooms and bonus rooms.  The home sits on a large one-acre west-facing lot right across the street from popular Battlepoint Park.  This home resonated with many buyers last spring and saw multiple offers in May.

 

#4 | Edgecombe Place NE

#4

Original List Price $1,575,000

Sale Price $1,605,000

Days on Market – 3

Date Sold 6/1/2018

Click here for more photos and the full listing detail.

We quickly move back closer to town with this view home coming in at #4 on Edgecombe Lane. This home was a terrific package.  It was remodeled by Smallwood Construction in 2011 and very well done.  The home and property have an estate-like feel with a gorgeous front yard with views on the Sound and Seattle and a park-like lawn in the back yard.  Across the street, the neighborhood shares private beach access.  Inside the home were a nice balance of rooms with tall vaulted ceilings and smaller rooms with warm wood built-ins and a cozy feel.  Many view homes orient one direction, but the fabulous thing about this home was the yard and setting were striking all around the home.  One lucky buyer snapped this home up the first weekend with an over-asking offer.

 

#3 | NE Gordon Drive

#3

Original List Price $1,950,000

Sale Price $1,885,000

Days on Market – 46

Date Sold 11/30/2018

Click here for more photos and the full listing detail.

For #3 we move about as far north as you can go to Gordon Drive. This home is another wonderful package.  Waterfront, dock, acreage, plus a charming, modern home with fun hobby spaces.  This north-end beach house has a lot of what waterfront buyers are looking for.  Many waterfront homes are on small lots. The privacy here with a large enough lot to garden and have fruit trees is hard to find.  This waterfront home on 200 bulkheaded feet also has a dock.  Inside, I loved the impressive front door, all-glass entry hall, and exposed beams throughout.  The one-level home originally built in 1939 had been added onto nicely by the current, longtime owners.  Some lucky buyers have moved into a classic, impressive Bainbridge Package.

 

#2 | Fletcher Landing NE

#2

Original List Price $1,950,000

Sale Price $1,950,000

Days on Market – 8

Date Sold 8/17/2018

Click here for more photos and the full listing detail.

Bouncing back to mid-island again we find ourselves on Fletcher Landing for #2. Fletcher Landing is a bit of a hidden gem on the island.  Tucked in off the open water, the bay here is tranquil, easy water to live on and play on. I loved the mid-modern vibe of this house and the location on the bay sites it well for impressive Olympic Mountain Views.  Another home with a dock, and additional hobby/studio spaces.  The sleek, modern kitchen overlooks the water and the large, covered deck is fantastic to enjoy the outdoors all year round. The front court-yard gives the homes a special, private feel as you enter.  I was not surprised his home did not last long on the market, seeing a full-price offer the first week.

 

#1 | NE Country Club Road

#1

Original List Price $2,300,000

Sale Price $2,100,000

Days on Market – 17

Date Sold 12/10/2018

Click here for more photos and the full listing detail.

The south-end makes a rare appearance for #1 as we head into the gated community of Country Club Road for the coveted top spot. It is rare when one of the 18 homes comes on the market in the Seattle County Club Neighborhood on Bainbridge Island. So, when they do, most agents, including myself, make sure we go tour them. They are always a visual feast.  This home had never been on the market before and much of it was in original 1914 condition. This 6,200 square foot home has an amazing view due-south off Restoration Point.  Architect Carl Gould (founder of the Architecture School at the University of Washington) knew what he was doing when he sited this home to take advantage of southern sun, Rich Passage and Mt. Rainer views.  The home itself has amazing period details like a butler’s kitchen/pantry, massive amounts of clear grain fir trim, clawfoot tubs, and grand decks, both covered and uncovered, overlooking the impressive open waters and rustic beach down below.  Walking through the home this is certainly one where you wished the walls could talk. I am sure this home saw some superb summer parties in its day. This home, which requires county club approval, and currently has dues of $1,800 a month sold for $2.1M after 17 days on the market.

 

Below is a mapping of the homes on my list. We seemed to have very little activity on the south-end last year and much more central and north – my list seems to express that.

I consider it an honor and privledge to tour so many unique and special homes. To get a feel of the homes I personally enjoy touring and see all eleven of my annual lists in one place, click here.  Have a fun virtual tour of beautiful homes on our island.

   It will be interesting to see how the 2019 market unfolds. Here’s to more, charming and unique homes. I look forward to seeing you out there.

 

 

 

 

 

Bainbridge Island Real Estate

The 2018 Bainbridge Island Good ole’ 4th of July Parade.

Flag-Waving Season

Summer has come to our island, and with it our only-on-Bainbridge annual celebratory activi- ties. We had an energetic Third of July street dance, a festive Fourth of July parade, and a successful Rotary Auction thatgrossed more than $600,000. When we move our attention to local real estate statistics, everything appears to be equally sunny. Our median price is up 12.5%, home sales over $1,000,000 are up almost 28%, and condominium sales are up 36%! Still, if you talk to the experienced agents, they are detecting a shift. Let’s explore all the reasons why.

Buyers Behind the Wheel

We talk all the time about buyers’ markets and sellers’ markets. But it’s really the buyers who drive any market. Even in an ascending sellers’ market, buyers and their actions create the excess demand over supply and rising prices.

Bainbridge has always been blessed with a sophisticated and knowledgeable buyer pool. They are well educated and usually quite disciplined. These days, it appears they’re also beginning to be more cautious. Maybe that’s due to the state of the world, a possible coming interest rate hike, or just the general assumption that we’ve been on this run for more than a cou- ple of years and we must be close to the top of the climb. You might ask, then, why in the midst of this caution our statistics are so positive. There are several factors at work; signs that the market is not as “heated” as last year and is stabilizing. Here are a few specifics:

  •   Inventory, something we’ve lacked for a while, is creeping up.
  •   We’re also seeing more price reductions and fewer multiple offers, with more buyers saying,  “Let’s just wait and see what happens.”
  •   The number of homes under contract (“pendings”) is down 17.3% from last year and hasn’t bounced back in the firstpart of July.

Bainbridge Island Real EstateThe Bigger Picture

We are also hearing of a cooling in other markets, both to the east and the west. This is not really a cause for concern, as our market is very dynamic and this sort of shift requires adjustments in strategy rather than extreme actions. Good and knowledgeable advice will help both buyers and sellers negotiate the changes and still achieve their (realistic) goals.

When one speaks of the dynamism of a market, the statistical chart vividly shows the changes in our market. In the first half of 2012, 48 homes sold in the 0-$400K price range. By 2014, that number was halved to 24 and has plunged all the way to 4 this year. These homes didn’t disappear; they just moved up into another price range. Right now there is only one home for sale for less than $400,000 on Bainbridge. In 2014 (just four short years ago), 78 homes sold for less than $600K, while this year that number is only 19. But there’s an important point to make about what’s happening at the other end of the pricing spectrum: In 2014, only 31 homes sold in the $800K-$1.5M range and this year there were 101 sales in the same price range. So even if our market does “stabilize” a bit, we have to acknowledge that it has appreciated dramatically.

A Busy Condo Segment

What about those condominiums? With 62 sales in the first half of this year, you’d have to go back to 2007 to find a more active January-June period. Also, the median was up 13.6% to $468K, matching the all-time median condominium price set in 2007. The condominium market has lagged behind the home market in price recovery from the peaks set in 2007 (the residential median got back to the high set in 2007 by the end of 2015), but the market has shown steady strength in the past year and a half. The condo market has benefited by being able to offer resi- dence on Bainbridge for less than it costs to buy many homes. It’s also shown an active upper end as people have down- sized (which has been driven by success in the upper end of the house market). This success has happened in spite of some very low condo inventories.

On LandBainbridge Island Real Estate.

The median price of land sales for the first six months also finally matched this segment’s 2007 peak. (In 2007, the median was $406K and in 2018 it was $400K.) As with condominiums, it has been a long road back to our previ- ous highs, but they have arrived. The volume of 22 sales exceeded 2007’s 18 sales in the first six months, but fell shy of 2015’s peak of 33 sales through June.

Bainbridge Island Real Estate Data 2018

A Positive Tilt

All in all, we are giving our first six months of 2018 a very high grade. Condominiums and land have had a great half of the year and so have homes. We detect some stabilization and cooling off in the home market, but all of us at Windermere are prepared to employ our strategic know-how to guide both buyers and sellers toward their goals, whatever shifts are taking place. And when you’re not pondering your next real estate adventure, get out there and enjoy the predictably spectacular beauty of a Bainbridge summer.

 

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jennifer@jenniferpells.com
206.718.4337
fbox3
Windermere Real Estate/BI, Inc.