Bainbridge Island
““If you choose the simple things and find joy in nature’s simple treasures, life and living need not be so hard.””
Living on the waters of Puget Sound for more than 20-years has been a privilege for me. Waking on the eastern shores of Bainbridge Island I have enjoyed many cups of coffee watching the sun rise. Beach combing, beach walking, crabbing, kayaking have been a great part of my island lifestyle.
A native Washingtonian, with 40+years of my life on Bainbridge Island has taught me how important our natural resources are. Bainbridge Is relatively a small island with 12-miles of shoreline, much has been developed and what has not is under strict management by the States’s Shoreline Management guides and the City of Bainbridge Island. Living on the water has been a privilege but I also feel like I am one of it’s guardians.
Waterfront by the Numbers
Bainbridge Real Estate Recap
As we anticipate the arrival of 2024, it's valuable to assess the performance of 2023 to gauge the momentum of the island housing market entering the new year.
Throughout the year, headlines consistently highlighted our human inclination to evolve by recognizing and concentrating on potential threats, a phenomenon known in psychology as negativity bias. Consequently, various news outlets tended to emphasize negative perspectives.
However, individuals like myself lean towards focusing on the positive aspects, and the Bainbridge Island housing market indeed presented numerous silver linings amid the challenges.
Just 6% of home sales in 2023 concluded for more than 10% over the listed price, in contrast to the pre-pandemic average of 3% achieving such margins (with 2021 witnessing an exceptional 38% of homes selling for at least 10% over the list price).
The typical home sale price reached 100.8% of the list price. In the peak buying season from April to September, the average sale price was nearly 2.5% above the listed price.
The Months of Supply, a gauge of market pace where 4-6 indicates a balance between buyers and sellers (lower values favoring sellers), averaged 2.1 in 2023. Prior to 2020, spanning 2015-2019, the average was 2.4.
Bainbridge’s Competitive Market
The housing market on Bainbridge Island exhibits a degree of competitiveness. On average, homes in this area receive two offers and are typically sold within approximately 29 days. The median sale price for a home on Bainbridge Island was $1.1 million last month, reflecting a 1.0% increase compared to the previous year. Additionally, the median sale price per square foot in Bainbridge Island is $538, showing a notable 17.0% rise since the previous year.
Market Data
Over the past five quarters depicted in the graph below, the enduring upward trajectory in sales volume is finally showing signs of deceleration. Nevertheless, home prices continue to rise, and the number of homes sold still surpasses pending listings due to heightened economic demand. As the season slows down and inventory diminishes, there's a possibility that prices will stabilize, fostering a more equitable balance between buyers and sellers. Alternatively, they may begin to transition towards a market that is more evenly poised.
If you're interested in delving into these intricacies and staying abreast of the latest developments in the island's waterfront housing market, don't hesitate to get in touch with me.
Sold on Bainbridge Island
I acknowledge that the market currently seems less brisk than it has been in a considerable period. However, this perception stems from a collective decrease of around one-third in the numbers of new listings, pending sales, and closed sales compared to pre-pandemic standards. Importantly, these reductions are proportionate to one another.
It's advisable to overlook the pessimistic headlines and recognize that selling remains opportune. Investing in property on Bainbridge Island continues to be a robust and reliable long-term option.
“The Island, though small, is a vibrant, beautiful place covered in soaring green forests and bordered by stunning rocky beaches. As a community the Island is extremely safe, with a fantastic education system and public parks teeming with camps and clubs in the summertime. ”
Top Bainbridge Island Schools
10/10
Bainbridge High School
9330 High School Road Northeast, Bainbridge Island, WA, 98110
9/10
Capt. Charles Wilkes Elementary School
12781 North Madison Avenue Northeast, Bainbridge Island, WA, 98110
9/10
Capt Johnston Blakely Elementary School
4704 Blakely Avenue Northeast, Bainbridge Island, WA, 98110
Things to do on Bainbridge Island
The Bloedel Reserve
Bloedel Reserve is a wonder of nature, created by the imagination, vision, and a passionate love of the natural world shared by our founders, Prentice and Virginia Bloedel.
At Bloedel Reserve, you will find a special place to connect with nature…and a place to reconnect with your nature.
Fay Bainbridge Park
This beachfront public recreation area nestled on the northeast tip of Bainbridge Island, Washington is open from dusk to dark. The park comprises 17-acres of land, including 1,420 feet of Puget Sound shoreline. The park offers beach activities and camping situated to take in the views of Puget Sound, the Cascade Mountains and Mount Rainier.
The Grand Forest
Forest bathing is refreshing and much needed in this crazy busy world. Bainbridge Island is home to the Grand Forest, a magical walk through old growth forests situated on a Pacific Northwest island.
It does require a bit of foreknowledge of hiking, but it’s worth it to experience the wonders of nature.
