Realogics Sotheby's International Realty releases a quarterly report on the market trends of Seattle single-family homes, Seattle condominiums, Eastside residential, and Bainbridge Island residential. Quarter Four of 2017 held some very interesting data on Bainbridge Island market trends!
We can see that a large number of residents continue to flock toward the quiet island life that Bainbridge offers. Despite the 32.9% decrease in inventory in 2017, the number of homes sold in Q4 was up slightly from the Q4 2016 numbers. In Q4 2017, 106 homes were sold, compared to Q4 2016's 96 homes sold.
In sharp contrast to the slower pace of life on Bainbridge, things have been moving quickly in this housing market! With an increase in demand, and a low supply of homes on the market, the average Bainbridge Island home spent just 47 days on the market, down 3 days from the previous year.
The Puget Sound region has experienced immense growth over the past few years. It was recently estimated that over 1,100 people are moving to the Seattle metropolitan area every week. These newcomers are eager to put down roots and enjoy the gorgeous views and calm surroundings that Bainbridge has to offer. Fierce competition drove prices up 14.8% from Q4 2016 to Q4 2017. At the end of 2017, single-family homes on Bainbridge Island averaged $972,000. The price per square foot in Q4 2017 was $342.60, which is a 12.7% increase from last year.
The silver living behind this tough competition and steep housing prices is that mortgage rates remain historically low, at 4.25%.
Though needs numbers can seem intimidating, there is no better time than the present to purchase your home! I have deep roots in the Bainbridge Island and North Kitsap communities, and I have been selling homes here for over 34 years. I look forward to partnering with you as we find you a new place to call home! Please contact me to get started today.