Partnering with the Seahawks to Tackle Homelessness
We’re proud to be the Official Real Estate Company of the Seattle Seahawks and we’ve partnered with them for a 4th year to help address homelessness through our #TackleHomelessness Campaign. For every Seahawks defensive tackle during a home game, Windermere donates $100 to Mary’s Place, which provides shelter, resources, and meals to families on their journey out of homelessness. As of Oct. 21st, we’ve raised $113,100.
Fall Market News: A Cool Down
- In the last 9 months, single-family homes have sold for an average of $1,019,444. That’s a 1.6% increase from the same time period in 2018, showing how our robust regional economy positively impacts prices.
- Local agents have sold 288 residential homes through Sept. and 116 of them were sold during the summer. The market did heat up, but when comparing this time period to last year, that’s a 10% drop in homes sold.
- The 3rd quarter absorption rate (the rate at which available homes are sold each month) was 42.1% for single-family homes, a 13.2% decrease when compared to last year’s 3rd quarter.
- As of Sept. 30th, there were 80 active listings. Compared to Sept. of 2018, that’s an 11% decrease. But the number of homes sold in Sept. went up by 3% year-over-year and the number of pending sales increased by 6.5%.
A Look at Condominium and Land Sales
In the condominium market, 78 units have been sold so far this year. When we compare that to 2018, it’s a 21% decrease in units sold. However, September’s average sold price was $629,000, which is a 23.3% increase year-over-year.
Regarding land sales, the average sold price in September was $241,000, a 56.2% drop from September of 2018. But 12 lots were sold during the 3rd quarter this year while only 3 lots were sold during that quarter last year. Land still tends to sell quickly if there aren’t any major issues.
Why a Local Realtor Makes a World of Difference
Sunny Skies For Our Bainbridge Market
- Local agents have sold 183 single-family homes so far this year.
- Of those, 133 were sold in the 2nd quarter, up 3.9% year-over-year.
- In the last 6 months, single-family homes have sold for an average of $1,017,667 up 2% year-over-year.
- June’s absorption rate (the rate at which available homes are sold each month) for all properties was 42.7%, down 26.7% year-over-year, indicating a change toward a balanced market.
- As of July 1st, there were 112 active listings. This is the most we’ve had in the past 5 years at this time. We also have the fewest pending sales (currently 48), so there’s more inventory and fewer sales. Let’s see if this trend continues with consistency toward a market shift.
Buyers are often more selective so understanding their expectations and Bainbridge’s current pricing is important. Many buyers are looking for homes that are in pristine condition. That’s why it benefits you to work with an experienced agent who can guide you through the process.
The Latest on Condominium and Land Sales
While the condominium market has softened, we’re still seeing significant sales with 50 units sold so far this year. June’s average sold price was $491,000. When it comes to land, if it isn’t encumbered by easement issues or similar challenges, then it tends to sell quickly. The average sold price for land in June was $247,000, which is a 51.5% decrease year-over-year. However, my colleagues and I are seeing more activity on vacant land; in June alone, 3 lots were sold and 11 went into pending status.
Moving Toward a Balanced Market
Windermere’s Chief Economist Matthew Gardner anticipates that we will begin to move toward a balanced market. In the past two decades, prices have either been skyrocketing or crashing. “Many [home buyers and home sellers] have never seen a normal market,” Gardner explains. “From a home seller’s perspective, they still have very heady expectations as to what their homes are worth…that needs to be tapered down a little bit. From the home buyer’s perspective, they’re seeing more choice now than they’ve seen in several years.” Despite what some media outlets say when analyzing shorter term averages, it is still a seller’s market and Gardner expects that “home price growth will continue but at a more modest pace.”
If you can dream it, we can find it.
Whether you’re thinking of buying or selling, I’m here to assist you. I can provide you with a wealth of information, from market trends and pricing to local schools and resources.
When you’re ready, I’m just a click or a call away.
When is a Permit needed? For most construction activities on Bainbridge Island, a permit is required!
A building permit is required BEFORE any construction work or activity involving sheet-rock, framing, insulation or other types of remodel or new construction.
A demolition Permit is required before demolition of any building. A site plan and fee are required at the time of submission.
Relocation or replacement of plumbing fixtures. This applies to situations where you replace an existing piece of equipment with a similar unit. i.e. toilet
All development within 200′ of Ordinary High Water requires the submittal of a Shoreline Substantial Development Exemption prior to the submission of a building permit
IS THERE ANYTHING I CAN DO WITHOUT A PERMIT? Absolutely!
- You can construct a fence if it is less than 7′ high.
- Complete finish work such as paint, replace flooring, counter tops or install cabinets.
- Install portable appliances or build a retaining wall <4′ in height.
Also, the following Residential projects can be completed without the issuance of a permit:
- Construction of a deck not exceeding 200 sq ft in area, that are not more than 30″ above grade at any point, not attached to a dwelling and do not serve an exit door.
- Window awnings supported by an exterior wall which do not project more than 54″ from the exterior wall and do not require additional support.
- Swings or other playground equipment.
- Prefabricated swimming pools that are less than 24″ deep
- Sidewalks and driveways.
- One story detached accessory structure used as a play house, storage shed or similar use provided the floor area doesn’t exceed 200 square feet.
Commercial Projects that do not require permits:
- Installation of Temporary Television, motion picture theatre sets and scenery.
- Sidewalks and driveways not more than 30″ above adjacent grade and not over any basement or story below and not part of an accessible route of travel.
- One story detached accessory structure used as a play house, tool or storage shed or similar use provided the floor area doesn’t exceed 120 square feet.
- Nonfixed and movable fixtures, cases, racks, counters and partitions not over 5’9” in height.
In addition to the above referenced permit information, all electrical work must be permitted and inspected by Washington State Department of Labor and Industries. (L&I)
Here are a few tips I have found to be successful when preparing my homes for sale.
First Impressions are crutial any time of year but in the Fall/Winter months there are some things that you should pay close attention to! Here are some tips to keep in mind when preparing your home for sale this time of year.
1. Light Up! Illuminate the walkway and entry of your home with lights. Staggering walkway lights from side to side create a sense of balance. Add a pendant light and matching sconces or lanterns for a designer feel to your exterior.
2. Safety First! To ensure potential buyers can get to your front door without an incident, be sure your driveway, walkways and stairs are clear of leaves, ice and snow.
3. Tidy up your landscape! Keeping your lawn maintained and the fallen leaves and debris raked up as needed will make a big difference and will allow your buyer to imagine what the yard will look like come warmer weather,
4. Freshen up your garden/patio pots with some cold weather plants. Winter Kale, Pansies or witch hazel can liven up a drab landscape or patio.
5. Clean gutters. Leaves accumulate in your gutters in the fall, so clean them out before putting your home on the market to show buyers that you care about exterior home maintenance.
6. Freshen up your paint. In the Fall and Winter months, foliage changes drastically, leaving your exterior surfaces exposed for Buyers to have a clearer view of your home. Sprucing up faded or chipped paint will really make a statement! If it needs it, paint it!
7. Seasonal Staging: Try an elegant pair of potted lighted Topiary plants or a simple wreath on the front porch or door. The small white lights add a sophisticated inviting atmosphere.
I hope you find these tips helpful.