Downsizing, simply put, is the move from a larger home to a smaller one which usually occurs when one does not have dependents living with them anymore or at retirement. There are many significant benefits to downsizing, including; financial incentives, decluttering your life, and a simplified lifestyle.
Demand for waterfront homes on Bainbridge Island remains consistent from where it was in 2014, with 39 total sales in 2014, 41 in 2015 and 40 in 2016. Average square footage on Bainbridge Island comes in at just under 3,000, with an average of 2,953. The average price per square foot, however, has steadily increased since 2014, from $398.76 per SF in 2014 to $448.89 now.
Average sales prices have also increased steadily, 14.1% from 2014 to 2016 ($1,163,244 to $1,327,450) with sellers obtaining nearly 97% of the asking price. The high sale in Bainbridge this year is $5,970,000 compared to just $3,025,000 over the same period in 2015. We see this trend over and over in higher-end areas which continues to bode well for those markets.