Bainbridge Real Estate Market is Moving at a Frenetic Pace
How frenetic is Bainbridge Island's residential real estate market these days?
Check out these examples, courtesy of Chamber member and Windermere agent Justin Shutt:
-- A four-bedroom 2,150 square foot home in Winslow, located on what is described as a "busy road," fetched five offers and sold for $1.2 million!
-- Across the island in Fletcher Bay, a larger four-bedroom, which recently went through a "cosmetic makeover," attracted nine offers and sold for $905,000 - some $80,000 over its asking price.
While island businesses in the retail and restaurant sectors are struggling somewhat during the Covid-19 pandemic, Bainbridge real estate sector is snapping along at unprecedented pace.
According to Shutt, total single-family home sales on the island totaled 58 in August, a new record for the month, while sales volume soared to $69.06 million. The latter figure is 17% higher than the previous record set two years ago in August 2018.
"While I've been using 'frenetic' to describe the activity level over the last few months," said Shutt, "seeing these numbers makes me question whether that is even an appropriate word for it, or if it's (now) an understatement."
Surprisingly low mortgage rates - expected to stay in place until next April - are beyond the heightened demand for island homes, real estate experts say, along with factors such as some buyers seeking out safer places to live or others who may want find themselves in jobs where they can work from home.
"It's a seller's market, plain and simple," says Shutt. "There simply has never been a better time to sell a home on Bainbridge Island."
The average sales price for homes in August was $1.19 million, while 30% of sales last month were to "all cash" buyers. The average number of days homes were on the market before they sold in August was 25, but 48% of those homes sold in seven days or less and for an average of 1.9% over the asking price, Shutt said. The number of pending sales during the month was up 50% over last year and is the second highest market of all time.
"Needless to say," adds Shutt, "the demand for housing stock on Bainbridge Island is arguably at an all time high."
Guidelines for Restaurants, Bars, Wine-Tasting Rooms
With more tourists coming on to the island - in part due to the additional Washington State Ferry now crossing between Seattle and Bainbridge and the perception that we are a safer place to visit - we thought it would be appropriate to provide our many establishments with some current guidelines.
Here is some information we gleaned from the Kitsap Health Department:
Meanwhile, Gov. Jay Inslee has provided additional guidance for weddings and funerals as part of Washington's Safe Start Phased Re-opening Plan.The update allows weddings and funeral receptions to resume, as long as they meet specific requirements:
-- Receptions and ceremonies must be capped at 30 people, or 25% of venue capacity, which ever is less;
-- All tables at the reception must be seated by household, with table sized capped at 5 people;
Work on Agate Pass Bridge nearing Completion
The more than years long painting project on the Agate Pass Bridge - that connects Highway 305 with the Kitsap Peninsula - is nearing completion.
The maintenance project started in the summer of 2019 and ocassionally interrupted traffic on the two-lane span for periods - fortunately the delays ocurred mostly at night and or during non-commuter times.
Let us Know if You'd Like to Learn More About E-commerce
Last week we told you that the Chamber of Commerce and City Councilman Joe Deets, along other partners, such as the Downtown Association, are working on efforts to support businesses in what is fast-becoming our emerging virtual economy.
Thanks in part to the COVID-19 pandemic and the requirements of masking up, social distancing and sanitizing, many businesses will be looking for other channels to better communicate with customers and sell their products and services.
Through funds that could be provided by the City of Bainbridge Island and through the federal CARES Act, we are hoping to provide local businesses with the tools to do online commerce, whether it's selling clothing, pizza or architectural services.
As we mentioned before, most businesses these days have a web site, but not all are able to sell their products or services online.
The idea that the Chamber and Deets and company are proposing is a sort of e-commerce training hub, where interested businesses can learn first hand from industry experts on how to do real business online - from completing a transaction, to shipping and receiving products to marketing themselves to Bainbridge customers and many others world wide.
If all goes according to plan and businesses catch on, there could also develop a localized online "general store," where locals and other interested customers could check out Bainbridge products and services and possibly makes purchases.
If you are an island business that might be interested in learning more about e-commerce and what it could mean for your business, please contact Chamber President/CEO, Kevin Dwyer
Kevin Dwyer
President and CEO
