Things, they are shifting . . . a bit.  We are still in a seller’s market and sales are brisk and sellers are happy and buyers are a bit more happy because they are not ALWAYS in multiple offer situations.  Take a closer look at the KITSAP numbers in the GARDNER REPORT below.  Click on each page to see a blown up version. 

Daily, at the gym and the grocery store, people want to know about the market.  We are a small, niche market and even those not in it daily can feel the slight change happening.

The largest shift I am feeling right now is that many, many, empty-nesters in the larger homes on an acre-plus have listed their homes this year. I thought we would see more of that last year but this year those homes really arrived on the market and the $1.1-$1.3M range of the market is feeling the “flood” of listings.

As of today we have 116 homes on the BAINBRIDGE ISLAND market

21 are between $1.1-$1.3M

76 are above $1M

Only 26 are below $800K and several of those are what many of us consider townhomes

Buyers have options in all price ranges and when they do, they are choosy and specific. That is a refreshing shift. When I have my buyer’s agent hat on it is a fun day. I love that buyers have 5-8 great options to consider and can make an under-asking offer.  When I have my seller’s agent hat on I say, prepare, prepare, prepare and get ahead of the pack.

All in all, it is about strategy and timing. We are a very-seasonal market here and our end-of-summer slow down is beginning too. How can that work for you as a buyer or seller?  We all have our own specific ways of getting our clients to closing day.  I am having a fun, busy summer, with buyers and sellers.  If you are curious about how this current market can work for you, let’s chat.

Jen Pells Real Estate Bainbridge Island

Jen Pells Real Estate Bainbridge Island

Jen Pells Real Estate Bainbridge Island

Jen Pells Real Estate Bainbridge Island

 

Bainbridge Island Homes for Sale - Jen Pells Real Estate

Checking the Thermometer

No, Chicken Little, the sky is not falling. It has just shifted from clouds skittering past to a more mellow and peaceful sky. 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 of time, the median price of homes sold actually 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 (the average time it takes to sell a home) dropped in the third quarter of this year compared to 2017 (44 in 2018 vs. 47 in 2017). The inventory and pending numbers are where elements of the cooldown show themselves. Inventory is actually down in both total inventory and active (total less pending sales), which is contrary to what people are hearing. Pending sales (homes under contract) are weaker at 40 compared to 57 at the same time last year.

Of all the numbers we examine, this 29.8% drop is the one that most directly supports the slowdown assessment. That being said, when we look at all the data at once, we can conclude that the market is pretty darn 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.

Bainbridge Island Homes for Sale - Jen Pells Real Estate

Condominiums and LandBainbridge Island Homes for Sale - Jen Pells Real Estate

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 is actually up from last year, with 64 sold versus 45 in 2017. The drop in this segment’s higher end appears attributable to a lack of supply rather than a softness in the market.

Land is also lagging a bit behind 2017. We’ve had 24 sales so far this year compared to 29 in 2017. Buying land with the intention of building is not for the faint of heart these days. Good builders are busy and in short supply and construction prices are still rising. The new zoning rules have also added an element of uncertainty.

Taking Everything into Consideration

It is true that we’re not seeing as many multiple offers as we did last year. Prices have risen but not at the frenzied pace of last year (over 18% from the beginning of 2017 to the end of the 2018 third quarter). Our rental market has also calmed down. Business in our Kitsap County neighbors, Kingston and Poulsbo, is also feeling healthy and strong and they are also benefiting from Seattle’s growth. Buyers do not seem to be particularly concerned with rising interest rates (which, after all, are still quite low), which helps boost their confidence. As we enter the fourth quarter, there are many opportunities for both buyers and sellers. Sellers benefit from the lower inventory (which means less competition) and the typically slower pace of the end-of-the-year market makes sellers view serious buyers with more attention because there simply aren’t as many buyers shopping this time of year.

Bainbridge Island Homes for Sale - Jen Pells Real EstateStaying Nimble

Whenever the market shifts, it’s wise to ensure your strategies have adapted to it. As we tilt toward normalcy, there will be more competition for buyers that sellers need to accommodate. Presentation, realistic pricing and sound advice when offers do arrive are as important as ever. Skillful real estate brokers prove their value in helping both buyers and sellers match their approaches to the existing market. We here for you, wherever you are in your real estate journey.

All in all, life and real estate are good on the island we call home. We wish you health and happiness as we head into the holiday season.

This charming custom home in the desirable Commodore Neighborhood is a rare in-town package.  Four bedrooms, a finished basement and entertaining spaces inside and out.  All within walking distance of schools, Winslow and the ferry.  Come take a tour today in person.

Open House: Sunday 1-4pm

Welcome to 1525 Arthur PL NW and the Commodore Neighborhood.

Formal living room with dramatic  floor-to-ceiling windows.

Remodeled kitchen with white wood cabinetry, black granite counters and stainless steel appliances.

Master suite with cozy fireplace and private balcony.

Spa-like master bathroom with California Closet Systems.

Custom 900 sq ft hardwood deck, with spa.

Large .37 acre, fenced lot with sport court, fire pit, shed, and garden space.

Details about the home:

Charming custom home on quiet cul-de-sac in the desirable Commodore Neighborhood. Exceptional outdoor living spaces on larger, private lot. Quality finishes and updates, including remodeled kitchen with white wood cabinetry and granite countertops. Finished basement with spaces for media room, office, and storage. Four larger bedrooms all upstairs plus formal dining and living rooms. Master Suite with private balcony and cozy fireplace. In-town convenience close to schools, ferry, and Winslow.

  • Offered at $868,000
  • Four bedrooms and 2.5 bathrooms
  • 3,500 square feet on .37 acres
  • Charming custom built home with covered front porch, cedar siding and cedar roofing
  • Formal living and dining rooms plus family room, bonus room and office
  • Light and bright remodeled kitchen with white wood cabinetry, black granite countertops, subway tile backsplash and newer stainless steel appliances
  • Hardwood floors on the main level
  • Fir windows, doors and trim throughout most of the home
  • Large master suite with a fireplace, private balcony, connected master bathroom and custom California Closet organization
  • Spa-like, updated master bathroom with double sinks, an extra-large dual-head shower and private toilet room
  • Oversized laundry room/mud room
  • Media room in the basement with built-in bookshelves, projector system and pull-down screen
  • Private room in the basement with separate entrance – perfect for home office, yoga studio or gym
  • Spacious 900 square foot hardwood custom deck and spa in the fenced backyard with sport court, fire pit, storage shed, garden space and fenced dog-run area
  • Electric forced air with heat pump
  • Connected city water and sewer

Visit the full Windermere listing here.

Visit this home’s custom website 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.

 

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

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Windermere Real Estate/BI, Inc.