Bainbridge Sees Big Real Estate Rebound

Posted by on November 11, 2012 at 5:16 pm

house for sale

by Jim Peek with Sarah Lane, November 11, 2012, 5:21 p.m.

What has happened every 18 hours here on Bainbridge since January 1st? A single family residence or condo has sold. Comparing November 1, 2011, year-to-date totals with those of November 1, 2012, we get the following results:

Single Family Residences (up 50 percent in sales volume)

  • 2011—January 1-November 1: 220 homes sold
  • 2012—January 1-November 1: 331 homes sold

Condos (up 17 percent in sales volume)

  • 2011—January 1-November 1: 56 units sold
  • 2012—January 1-November 1: 66 units homes sold

Vacant Land (up 47 percent in sales volume)

  • 2011—January 1-November 1: 19 lots sold
  • 2012—January 1-November 1: 28 lots sold

The amount of available, unsold inventory of single family homes here on Bainbridge Island is 47 percent less than it was this time last year, and many price points have switched, making a tight, “sellers market.”

The biggest jump is in higher-priced homes. Forty-two homes in the range of $600,000-$700,000 have sold this year so far, compared to 24 in all of 2011. Twelve $900,000-$1 M homes have sold so far this year, but only 3 did last year. And thirteen homes over $1.6M sold in 2012, compared to 8 in 2011. As of October, the median sale price was $602,500. In October of last year it was $475,000.

If you have been waiting to make a move, now is a great time to sell your home and purchase another while interest rates are at near-record low levels.

Photos courtesy of Jim Peek.

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Categorized | Community, Real Estate

3 Responses to “Bainbridge Sees Big Real Estate Rebound”

  1. How do you expect me to believe in a real estate rebound while this adorable home remains on the market, just sitting there all lonely, dejected and unloved: http://www.estately.com/listings/info/11830-kallg

    Nearly five acres of pony-filled land, greenhouses and garden boxes, multiple barns/stables, chicken coop and a pond—it's a wonderland of all our Bainbridge dreams come true! No one's allowed to say anything positive about real estate as long as this fantastic property remains for sale. Did I mention the stainless steel appliances? People love those.

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  2. Shameless self-promotion indeed :( I am a lifelong Bainbridge resident though for whatever that's worth.

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