market trends Archives - Diane Sugden

Fall Market News and Tackling Homelessness

windermere bainbridge fall 2019

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 homelessnessAs of Oct. 21st, we’ve raised $113,100.

Fall Market News: A Cool Down

Summer brought significant sales but now we’re starting to see a seasonal slowdown. While the market still favors sellers, it is shifting overall toward a more balanced market.
  • 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%.

Windermere Bainbridge market trend graph fall 2019

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

Your local Windermere Realtor® is the key to success. They use their expertise, industry connections, and data-driven strategies to appropriately price your home. With the right realtor, your property will resonate with the educated buyer and a local realtor understands the nuances of the island’s market.
Online search engines and agents who aren’t familiar with the island tend to have a cookie-cutter approach to our listings. They often use estimates and price per square foot. But each property on Bainbridge Island tends to be quite unique. With a resident market expert, you can increase your chances of selling your home faster with the possibility of more than one offer.
If you’re thinking of buying or selling, let’s discuss your options.
Posted on November 20, 2019 at 7:31 PM
Diane Sugden | Category: Bainbridge Island Market | Tagged , , , , , , ,

Summer Bainbridge Market Forecast and News

windermere bainbridge summer

Sunny Skies For Our Bainbridge Market

The market has really picked up in the last couple of months. Inventory is getting snatched up quickly and there are often still multiple offers, though that’s not as frequent as it was in the past.
  • 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.

windermere bainbridge market trend graph summer 2019

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.

Check out my active listings or my sales portfolio.

When you’re ready, I’m just a click or a call away.

Posted on November 20, 2019 at 7:11 PM
Diane Sugden | Category: Bainbridge Island Market | Tagged , , , , , , ,