Current Bainbridge Island Market Conditions

2012 started off with quite a bang in our office.  In the last week of February alone I had four closings and the statistics right now of PENDING sales show growth and optimism for our market, especially in the higher end segment.

Our $400-$600k market has been our solid and swiftly moving market from 2008-2011, yet as we move into 2012, we are also seeing healthy action in the higher end market of $800k and up.  Right now the sales look like this:

  • There are 196 ACTIVE Residential listings
  • 52 are PENDING and they break down to:
  • 12 in the  0-$400k range
  • 13 in the $400-$600k range
  • 10 in the $600-$800k  range
  • 17  in the over $800k range

Jen’s Recent Sales

Sold by Jen Pells | Bainbridge Island RealtorSold by Jen Pells | Bainbridge Island Realtor
Sold by Jen Pells | Bainbridge Island Realtor

Sold by Jen Pells | Bainbridge Island Realtor

 

 

 

 

 

 

Below are some updated market charts with data through October 2010.  This data is for single family residences and excludes waterfront properties.  If you’d like to see this data for waterfront only, or data rendered differently, just email me and I can create the charts for you based on your wants and needs.

One major item to note is that inventory is going down

That means a reduction in supply, which, yes, creates demand.  The buyers out there right now, are serious buyers, many who want to find a house by the end of the year.  Everyone gets excited about fresh, new inventory.  If you are thinking about selling your house, this is a good time of year.  And, another item to note is that price per square foot has stayed up all year from where it dipped in January.

Price Per Square foot Bainbridge Island Real Estate

Price Per Square foot on Bainbridge Island over 3 Years

Average Price Per Square Foot on Bainbridge Island for 2010

Average Price Per Square Foot on Bainbridge Island for 2010

For Sale Pending and Sold data for Bainbridge Island October 2010

For Sale Pending and Sold data for Bainbridge Island October 2010

According to an article published in the LA Times, buyer’s wants and needs lists have changed over the past decade. With the downturn in the economy and a move towards practical versus showy, the following shifts are becoming apparent as builders and developers change up their blue prints.

Buying on Bainbridge

Today’s buyers are looking for:

  • Large kitchen with an island
  • Green features: high efficiency appliances, insulation & windows
  • More space in secondary bedrooms – 10X10 not okay anymore
  • Home offices or studies
  • Main floor master bedroom
  • Two or Three car garage
  • Master bath with oversized shower & seating – with a trend towards smaller master baths
  • Children’s playground, walking paths nearby

At one time got buyer’s attention, now, not so much:

  • Formal dining room
  • Upstairs laundry rooms & home theaters
  • Expensive “focal point” stairways
  • Vast, impressive, formal entryways
  • Large expanses of glass in windows – due to being less efficient
  • The community clubhouse/pool/gym
  • Swimming pools
  • Dog parks
  • Golf courses

Buyers on Bainbridge Island Have Their Lists Too:

They too follow these nation-wide trends, and folks are certainly prescribing to the less is more philosophy of smart use of space.   But all-in-all the average size house here is still pretty large at 2600 square feet.  Our weather makes sense of that want/need and here are a few others wants/needs I have seen on Bainbridge Island buyer’s lists:

Bainbridge Buyer’s List:

  • An ADU or guest space
  • Basement
  • Bonus Room
  • Mud Rooms
  • Lots of windows or skylights
  • Decks or easy to access backyard space
  • High or vaulted ceilings
  • Open floor-plans
  • Heat pumps – efficient heat

Many of these features speak to life in the Northwest, light is very important.  An ADU or guest space is important to many folks because Bainbridge Island is such a great place to visit  – many people regularly have family or visitors coming to stay. What I find interesting and challenging out in the field with buyers is that buyers want these features in their homes now, but often times buyers are looking at homes that are 10-20 years old.  Many people plan on making changes after purchase and I think that will continue to be the case for many buyers since new construction has been so limited in the past three years and likely will be for the next three.  So, yes I predict you’ll see more dumpsters in driveways as folks knock down that dining room wall to create that big, open kitchen . . .with skylights . . .and a mud room attached.

On October 9, 2010, in Homes, Real Estate Business, by

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