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Pleasant Beach Sunrise Eagledale Toe Jam Hill Lynwood Center Agate PointEdgecombe Meadowmeer Arrow Point Rockaway Euclid South BeachUpper Farms Grand Country Club Bainbridge Island Tolo Battle PointHidden Cove West Port Madison Rolling Bay Yeomalt Bill PointManzanita Baker Hill Fletcher Bay Winslow Crystal Springs Point White Beans Bight Port Blakely Wing Point Bergman Seabold Port Madison
BAINBRIDGE REPORTpresented by Dennis Paige
2014
The Bainbridge ReportDENNIS PAIGE
Page 2
Welcome to the Bainbridge Report, my yearly in-depth review of the Bainbridge Island real estate market. This report uses market-wide data from the Northwest Multiple Listing Service to compare transactions which closed in 2014 to that of previous years.
2014 recorded sales were essentially fl at, decreasing from 507 in 2013 to 502, maintaining a number not seen since 2005. A strengthening job market and interest rates hovering around 4% has created an intense demand for properties on Bainbridge Island, especially around the median price point. For those homes, multiple offers and very short days on the market are the norm as we move into 2015.
Inventory continues to be the signifi cant problem in 2014-15, with Bainbridge experiencing year-over-year inventory declines for more than two years. In 2014 alone, inventory was down another -7% year-over-year and days on the market dropped another 21% to 61 days. Despite depressed inventory levels, buyer demand has been intense.
Market wide median price rose signifi cantly to $620,000, an18% increase. The upper mid-range market ($450-$850K) continued to maintain the largest market share, increasing this year to 48% of the market up from 44% in 2013. Prices are projected to continue their upward trajectory as pressures from low inventory and increased demand create sales over asking price in many situations.
The luxury market saw a signifi cant increase in sales from 2013, from 39 transactions to 54 in 2014. Sales in the $1M-$1.2M range again represented a greater proportion of the luxury market in 2014, while the steepest increase came in the $2M+ category, with 8 homes selling in 2014, up signifi cantly from 3 in 2013. Bainbridge also saw two signifi cant sales over 3 million, the fi rst sales in that range since the Cot-tingham Farm sale in April of 2012.
If you have any questions or would like to talk about your specifi c needs, feel free to contact me any time at [email protected] or just give me a call at 206-920-3824. For a digital copy of this report please visit www.realestateonbainbridge.com/market.
Sincerely,
Dennis PaigeDennis PaigeFounding Director
Equal Housing Opportunity. Each o� ce is independently owned and operated, Realogics Sotheby’s Interna-tional Realty - 271 Madison Ave S. Bainbridge Island, WA 98110. All information regarding property for sale is from sources deemed reliable, but Realogics Sotheby’s Intl. Realty makes no warranty or representation of accuracy and is subject to change without notice.
The Bainbridge ReportDENNIS PAIGE
Page 3
Historically low inventory has made buying diffi cult for many looking to take advantage of low interest rates. Overall sales were above average for the 3rd year in a row, to levels not seen since 2005. Page 4
2014 Market Wide
The West side of the island had the fewest sales of any area in 2014, representing only 79 total.
West Side
The North end has the highest average sale price with homes in the $450-850K range
representing 53% of total sales and the most sales over $1M at 17.
North End
Winslow continued to have the highest number of sales of any other area (140) and has benefi ted from the strengthening of the
condo market in 2014.
Winslow
The South end is second only to the North for sales over $1M, and is fi rst in sales over $ 2M (4). Fort Ward continued its resurgence this
year with 21 sales.
South End
The Bainbridge condo market strengthened in 2014, with a third year of increased sales and an 8% increase in price. Page 7
Condo Market
The upper end is back, with a 38% increase in sales this year. There was also movement in the top tier with 3
signifi cant sales over $3M. Page 6
Luxury Market
INTERACTIVE MAPView sales in your neighborhood
bit.ly/soldmap14
key: 2014 sales
The Bainbridge ReportDENNIS PAIGE
Page 4
Bainbridge Island Market Wide
Sales - Closings
There were 502 closed sales in 2014, with 401 residential units and 101 condo units sold. Condo sales were a slightly larger percentage of overall sales compared to 2013 and overall market activity was historically strong, repeating the records of last year. Even with high demand, low inventory has constrained the number of sales in 2014.
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Number of Sales 466 532 630 517 505 465 232 269 308 324 466 507 502 Average 408 408 408 408 408 408 408 408 408 408 408 408 408
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Inventory
Inventory started 2014 at very low levels and continued an established decline, with 7% fewer listings than a year prior. Bain-bridge Island has experienced lower than average inventory for over two years and Q4 2014 had the lowest inventory in over a decade. Average days on the market have dropped another 21% year-over-year, to 61 days in 2014. This continues to present a signifi cant problem for potential buyers looking to take advantage of low interest rates.
2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 Total Listings 196 153 104 105 136 112 75 105 121 123 64 New Listings 66 42 9 61 63 41 12 61 64 67 18 Percent New Listing 34% 27% 9% 58% 46% 37% 16% 58% 53% 54% 28%
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Num
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The Bainbridge ReportDENNIS PAIGE
Page 5
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
2012
2013
2014
$0-$250k $250-$450 $450-$850 $850-$1.3M $1.3-$2M $2M+
Sales by Price Category
With the price increases in 2014 came a signifi cant reduction of sales in the $0-450k range. The upper mid-range market ($450-$850K) continued to maintain the largest market share, increasing this year to 48% of the market up from 44% in 2013. This year 6.5% of sales closed for over $1.3M, up from 4% in 2013.
2008 2009 2010 2011 2012 2013 2014 Median Price $589,500 $546,000 $541,000 $493,000 $524,650 $527,000 $620,000 Average Price $749,970 $662,668 $640,701 $581,855 $634,809 $602,500 $706,275
$400,000
$450,000
$500,000
$550,000
$600,000
$650,000
$700,000
$750,000
$800,000
Sales
Pric
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ingle
Fam
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Bainbridge Island Market Wide
Historical Sales Price
2014 was the year of price increases on Bainbridge, especially in the mid-range. The median price jumped nearly 18% year-over-year as a result of strong demand and very low inventory which pushed prices higher. Cash buyers represented nearly 1/3 of all purchases, and multiple offers became more common.
The Bainbridge ReportDENNIS PAIGE
Page 6
INTERACTIVE MAP - View your neighborhood - bit.ly/soldmap14
Luxury Market
Sales - Closings
There were 54 closed sales over $1M in 2014, a 38% increase from 2013. The year’s strong sales performance resulted in the highest number of closed sales over $1M since 2007. Sales have been climbing since 2011, up 225% over the low, with sales over $2M coming back particularly strong with 8 homes sold. Signifi cant sales include 3 over the $3M mark in 2014.
2007 2008 2009 2010 2011 2012 2013 2014 Total $1M+ 68 38 30 28 24 50 39 54 $1.5M+ 21 7 6 7 10 16 8 21 Percent Over $1.5M 24% 16% 17% 20% 29% 24% 17% 28%
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Num
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Historical Sales Price
Median sales price increases in the luxu-ry market were a more moderate 4.1% compared to the market as a whole. The average increased 3.9% due to 8 sales over $2M (only 3 in 2013) and 3 sales over the $3M mark.
2008 2009 2010 2011 2012 2013 2014 Median Price $1,252,500 $1,249,250 $1,414,000 $1,533,500 $1,359,500 $1,342,500 $1,398,750 Average Price $1,248,500 $1,306,000 $1,663,500 $1,543,500 $1,371,000 $1,351,500 $1,540,500
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
$1,600,000
$1,800,000
Sales
Pric
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Fam
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The Bainbridge ReportDENNIS PAIGE
Page 7
INTERACTIVE MAP - View sales in your neighborhood - bit.ly/soldmap14
Condo Market
Sales - Closings
In 2014 we witnessed an 8% increase in median sales price to $362K. As with the single family homes, condo inventory is quite low dropping 42% to 2.3 months of inventory with 6 months considered a balanced market. Sales numbers continued to climb from 80 in 2012, to 93 in 2013 and 101 in 2014. 4 sales were recorded over $1M with 3 occurring in the Williamson Landing building and a 4th as a 8 unit investor package.
Historical Sales Price2013 2014
$0-$200k
$200-$300k
$300-$400k
$400-$500k
$500k+
2007 2008 2009 2010 2011 2012 2013 2014 Total Condos 133 44 55 53 67 80 93 101 $500K+ 50 13 9 8 6 4 12 21 Percent Over $500K 27% 23% 14% 13% 8% 5% 11% 17%
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SIGNIFICANT SALES
Private Port Madison Dramatic water views throughout, along with an open layout perfect for entertaining and modern
lifestyles.
$2,695,000
Sunny South BeachOffering a contemporary take on traditional style ~
light & bright, with high ceilings, walls of glass and an open main floor layout.
$1,275,000
Urban in the CountrySet amidst the peace and quiet of this close-in rural
setting near the Grand Forest, this is unlike any other new neighborhood you’ve seen.
$795,000
In-Town LivingEnjoy convenient carefree in-town living, just steps
away from shops and ferry, and 35 minutes to all that Seattle has to offer.
$425,000
Heart of MeadowmeerVaulted ceilings and an abundance of windows cre-ate a bright, open floor plan with spacious interiors,
tons of storage and plenty of room to expand.
$459,000
Urban Style & SensibilityStunning modern style and open, light-filled interiors featuring sophisticated finishes & colors, along with
an abundance of glass.
$715,000
Colorful Harbor ViewsPeek of Olympic Mountains and all day light are
enjoyed in this upscale 3300 square foot architectur-ally designed home.
$1,275,000
Sunny Watch HillSet on a spectacular south facing 2 ac view lot, this
craftsman style home offers unrivaled views and plenty of room and privacy.
$1,480,000
Beautiful In-Town HomeSophisticated, quality home with circular floor plan, traditional mill-work, sunny decks, fenced backyard
and a wonderful waterfront trail to town.
$918,000
Bainbridge Island, WA