2018/2019 Bainbridge Island & Kitsap County Market Report

Realogics Sotheby’s International Realty has compiled the 2018/2019 Market Report, which profiles 8 key counties and 31 communities in Western Washington. The report also includes a 2018 retrospective, an in-depth look at Seattle’s performance on the S&P CoreLogic / Case-Shiller Home Price Index, and a 2019 Look Ahead. Below we have compiled trends in Kitsap County and Bainbridge Island.

Kistap County

The quarterly number of residential sales in Kitsap County, which had risen continuously year-over-year since the third quarter of 2011, went flat in the fourth quarter of 2017, and fell throughout 2018. The year ended with 7.4 percent fewer homes sold than in 2017.

Home sales in Kitsap County are overwhelmingly residential. with condominium sales comprising only 5.3 percent of the total in 2018.

Except in the first quarter, when median cumulative days on market shrank to 19 from 2019 in the first quarter of 2017, quarterly market times in 2018 were virtually unchanged from those of the preceding two years.

Among the smaller communities in Kitsap County, residential prices averaged $451,000 for 175 homes at Kingston, $461,000 for 83 homes at Seabeck, and $471,000 for 64 homes at Hansville.

The 2018 median residential price in Kitsap County was $345,000 with a compound annual growth rate of 9.2 percent from 2014 through 2018.

Bainbridge Island

The 17.8 percent increase in 2017 home sales on Bainbridge Island appears, in retrospect, to have reflected pulled-forward demand, as residential selling transactions declined by 8.7 percent in 2018. The number of sales in 2018 was still 5.0 percent and 7.6 percent greater than 2015 and 2016, respectively.

There were fewer condominium sales on Bainbridge Island in 2018, and their proportion of overall sales contracted to 21.5 percent—roughly equal to the average for the past five years. Median quarterly cumulative days on market flirted with the 30-day mark several times in recent years, before breaking through to 39 in the fourth quarter of 2018.

Residential selling prices averaged $1.08 million for 24 homes at Wing Point, $1.1 million for 20 homes at Port Madison, $1.12 million for 22 homes at Fletcher Bay and Crystal Springs, and $1.46 million for 19 homes at Battle Point.

The median residential price on Bainbridge Island rose at a compound annual growth rate of 10.0 percent from 2014 through 2018. In 2019, a modest decline of less than eight percent is forecast.

For more information, read the full report below or contact us today to discuss the implication for homes in your neighborhood.