Realogics Sotheby’s International Realty recently released a Waterfront Update with an analysis of stats from around the Sound since the start of 2018. Here, we take a dive into the latest trends on Bainbridge Island and the Kitsap Peninsula, where home values are rising and days on market are falling as more and more buyers embrace the waterfront lifestyle.
As a mature commuter market accessible by ferry from downtown Seattle, Bainbridge Island offers an abundance of saltwater frontage with views of the city and the Cascade Mountains along most of its eastern shore. In addition, boaters with homes here enjoy a suburban springboard to marine destinations around Puget Sound and north to the San Juan Islands.
From January through May 2018, the average selling price among the 27 waterfront sales on Bainbridge Island was $1.225 million with an average price per square foot of $542.43. Waterfront homes during this period were selling in just over 2 months at 63 cumulative days on market (CDOM).
Here we look at Kitsap Peninsula as a whole apart from Gig Harbor and Bainbridge Island, which present different dynamics as close-in markets for major cities (Tacoma and Seattle, respectively). The Peninsula offers saltwater frontage from Hood Canal to the Puget Sound, and homes are often more affordable than equivalent properties in exurban communities along the I-5 and I-90 corridors. Waterfront prices here are distinctively influenced by city and mountain views and access to ferries (i.e. at Kingston and Southworth).
Key Report Trends Around the Sound
· There were 115 sales in the North Sound region from January 1st to May 31st 2018, which far out-paced any other area surveyed in the report.
· The lowest cumulative days on market reported was in Seattle Central—comprising Leschi, Madison Park, Mount Baker and Seward Park—at 43.5 days.
· The highest recorded sale in King County (and Washington state) was a waterfront estate in Medina at $26,750,000, which was represented by Realogics Sotheby’s International Realty.
· Bellevue had the highest average waterfront sales price for the recorded period at $5,400,000, while Snohomish County refleced the lowest at an average price of just under $450,000.
Waterfront Single-Family Homes
Average Selling Prices, 2014 to 2017, January 1 to June 30 2018