The pandemic sparked significant growth in the values of waterfront properties, but in the middle of 2022, this niche sector of the Bainbridge Island housing market encountered a perfect storm of economic headwinds, causing a slowdown.
June 2023: Inventory on Bainbridge Island
Between 2020 and 2021, the average sale price of waterfront homes surged by approximately 20%. However, from 2021 to 2022, the increase was notably lower, at just 6%. The most significant year-on-year difference in this market was the number of pending sales, which declined by more than a third compared to the previous year. Another noteworthy trend was the abundance of sales over four million dollars in 2020 and 2021, a record-breaking figure. Yet, during the latter half of 2022, the number of homes listed at that price point dwindled to almost zero, and eight homes listed in that range were taken off the market.
Bainbridge Island boasts nearly 60 miles of shoreline, which means a multitude of variables contribute to the market value of each property. Nuances like privacy, quality of view, accessibility to the beach, and the overall quality of the home play crucial roles. If you wish to delve into these details and stay updated on the latest insights into the waterfront housing market on the island, feel free to reach out to me.
