A record year for Realogics Sotheby’s International Realty and Seattle real estate in general. The recent 2016/2017 Market Report | Year End & Trends publication highlights the championing counties and neighborhoods from the previous calendar year. A brief glance at this report and you can see that our entire Western Washington region has seen an increase in home values. Kitsap median selling prices, in particular, increased 9.30% in 2016. Kitsap just beat out Island County and had the sixth highest increase overall (after King with +12.64%, Pierce with +11.38%, Jefferson with +11.32%, Snohomish with +10.44%, and Skagit with +9.76%). The full report breaks down increases by zip code as well, with Bainbridge (98110) increasing 5.22% with a median home price of $647,000. That puts Bainbridge Island values higher than many in the region.
A notable difference in Kitsap County is that it finally shifted to a sellers’ market with an average monthly supply changing from 2.7 in 2015 to 1.9 in 2016; and in December the median price for new construction topped out at $329,000. For a portion of the year 2016 the median days on the market for Bainbridge Island properties dipped below 10, which is astounding! Ending the year, however, the residential and condominium averages rounded up to just under 30 days. Possibly due to two top ranked public high schools by U.S. News, the population of Bainbridge is estimated to have increased 3.5% since 2010; however, our population density has stayed relatively low and is 39% less dense than Anacortes. This may be due to the fact that four-fifths of Bainbridge Island housing stock remains single-family. (Though the Grow Community may change that for next year’s report.)
In Poulsbo, the population growth from 2010 to 2015 was much greater, at 9.1%; and monthly supply of homes for sale dipped to 1.7 in 2016 (down from 2.3 in 2015 and 40% tighter than 2014’s duration of 4.5 months). Poulsbo prices were more volatile than the greater Kitsap County majority with a modest $2,000 year-over-year decline in median sale price. However, the city is gaining population with homebuyers as it offers greater affordability, especially along its waterfront. (See the full report and you’ll notice one of the properties I sold in 2016 is included on this page!)
Have more questions about the area or want a printed copy of the report? Please contact me.