Market Trends Around the Sound: Q2-2018

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Market Trends Around the Sound: Q2-2018

The statistics from the second quarter of 2018 are in and Bainbridge Island homes continue to gain value as the number of homes for sale and average days on market decline downward.

While other areas in the Puget Sound region boasted rare inventory increases throughout the second quarter of the year, Bainbridge Island actually saw a decrease in the number of homes available for sale, settling at just 1.8 months of inventory. In line with less homes on the market, the number of sales likewise decreased, and the average sales price held relatively steady year-over-year at $965,000 in Q2-2017 and $972,000 in Q2-2018.

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Homes spent 40% less time on the market than they did this same time last year, hovering just under one month at 26 days. The average price per square foot increased to $364.31, which was up 2.5% compared to the second quarter of last year and represented a slightly slower rate of growth than occurred in Q1-2018.

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There were 149 homes sold in the second quarter of 2017 and 127 homes sold in Q2-2018.

Download the Bainbridge Island report here or navigate more trends from around the Sound >>

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Savor the Season with Sail Bainbridge

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The pacific northwest offers summer seasons that are unlike anywhere else. As temperatures begin to rise and days get longer, the time is just right to enjoy quality time with friends and family while admiring the natural beauty that surrounds us. The land becomes a venue for lush greenery and the water welcomes the glistening sun. Bainbridge Island is the perfect place to savor the season.

You can find bustling events across the island, but what better way to enjoy summer than on the water? Sail Bainbridge is a local company that is ready for your next adventure. Captain Ben, owner and operator, spent time sailing as a child and became intrigued with life on the water. His company seeks to give people unique experiences on the water, that can be customized to suit individual needs.

Sails range from two hours to multiple days, with a range of options regarding the number of guests and departure time. Discover sailing packages provided by the company here. Captain Ben is eager to help his guests find the perfect trip and you can ask any questions you may have about adventures here.

If you can’t wait to sail to experience summer on the water, head over to the Waterfront Park and City Dock. The 5.5-acre park provides the perfect venue for family fun within walking distance to restaurants, shops and more. Earlier this month there was a grand opening celebration for the newly updated city dock. The remodel included increasing the dock in size, to nearly 900-feet in length, and installing safety features. Read more about the park, dock and how to plan a visit by boat here.

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Explore Market Trends Around the Sound

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2017 MARKET REPORT: A LOOK AT LOCAL TRENDS

The past year proved to be successful for our local real estate market. Realogics Sotheby's International Realty compiled an extensive look into neighborhoods across the region, and I am proud to share some statistics for Bainbridge Island.

With small communities around the island, Bainbridge offers a lifestyle that is unique to Puget Sound. Home to Bainbridge High School and Eagle Harbor High School, our education system has been recognized by U.S. News as having some of the top rated schools in the state. There are a bounty of local shops and restaurants that deliver the atmosphere of a quaint town while giving you the finest of service. A quick ferry ride will bring you into the heart of Seattle, providing the perfect opportunity for a seamless trip into the city for pleasure or work. What more could you need?

Bainbridge Island's single-family home sales rose by an astonishing 17.8% last year, with a very busy second quarter. These residences make up four-fifths of homes available on the island. Pricing for single-family homes increased, and at a much faster rate than the rest of Kitsap County. Raising by a total of 13% through the year, the average home price is now $836,500.

Read more about the real estate market and find out what is happening in your neighborhood in Realogics Sotheby's International Realty's complete Market Report below.

 

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SOTHEBY’S INTERNATIONAL REALTY IS NAMED AMERICA’S MOST TRUSTED RESIDENTIAL REAL ESTATE BROKERAGE FOR SECOND CONSECUTIVE YEAR

SOTHEBY’S INTERNATIONAL REALTY IS NAMED AMERICA’S MOST TRUSTED RESIDENTIAL REAL ESTATE BROKERAGE FOR SECOND CONSECUTIVE YEAR

For the second year in a row, Lifestory Research named Sotheby’s International Realty America’s Most Trusted® Residential Real Estate Brokerage. The study, which compiled the opinions of nearly 6,300 participants, was conducted over the course of 12 months in the United States. Results where then compared to peer organizations “of like size and complexity” in order to garner highly reliable statistical rankings of home builders, laundry appliances, faucets, paints, kitchen appliances, residential real estate brokerages, HVAC systems, and active adult resort builders.

“Trust is the very fabric of our business: our brokers give it to their clients, it endures generation after generation, and it allows us to create meaningful relationships that last beyond and into many transactions,” reflected Stacy Jones, Vice President of Realogics Sotheby’s International Realty. “I am so proud to be part of the renown legacy of the Sotheby’s brand heritage and to be connected to wonderful people from our firm and the global network that live up to that trust every single day.”

As the Lifestory Research website describes, “Trust is calculated based on the Lifestory Research Net Trust Quotient Score.” It breaks the score into three levels of a consumer’s trust: 1) “advocates” or clients that feel strong trust toward a brand; 2) “neutrals” or those that have a balanced trust of the brand; and 3) “antagonists” or those that do not trust the brand at all.

“Our research shows brands with high-trust are profitable, create high levels of recommendation, lift employee engagement, and much more,” Eric Snider, President of Lifestory Research, said in a press release. “Trust is at the forefront of the decisions we make every day about people, products, and brands. Successful brands and companies understand it all comes down to trust.”

Trust and the power of an historic legacy were among topics in a recent conversation between BuzzBuzzNews and Philip White, CEO of Sotheby’s International Realty Affiliates. In an interview, White touched on a global strategy that helped the brand grow to $108 billion in annual sales last year, and the way in which the company’s rich heritage provides a backdrop over which “we have been able to be innovative in marketing and technology, providing the best-in-class tools and support for our agents and brokers around the world.”

When asked about what separates Sotheby’s from other luxury real estate brands, White placed the strength in the “professionalism of our agents who, in 2017, led the way in terms of the largest number of agents ranked by REAL Trends/The Wall Street Journal ‘The Thousand’ in the category of individual sales volume and the highest average sales price.”

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How Art Staging Can Impact the Sale of Your Home

HOW ART STAGING CAN IMPACT THE SALE OF YOUR HOME

There is a perception paradox that sometimes exists within real estate: the idea that an empty minimalist home offers a blank slate for potential buyers to imagine their perfect home. While a small slice of the general population may have the unique vision to picture a space with cascading light features, warm and inviting furniture arrangements, or eye-catching objets d’art, the majority of buyers look to experts in interior design for help. The truth is, the benefits of staging your home are extensive. Properly staged homes spend substantially less time on the market, routinely sell for more money, and frequently end up on must-see lists.

Now, how-to-stage-your-home lists are plenty, with most touching on curb appeal, making the most of challenging spaces, and striking that perfect balance between clean and lived-in, not to mention an emphasis on neutral, approachable décor. But, not all will mention the unparalleled impact of adding artwork—a fairly crucial element to a staging environment, since it can cue subconscious feelings and connections in buyers and create emotional attachment to your space. Here’s how to use art staging to create allure and further impact the sale of your home.

Know Your Audience

This may not be the time to hang up a politically-charged Basquiat or that powerful original Mapplethorpe. While it’s true that you never know someone’s particular tastes, erring on the side of caution is wise. Steer away from family photographs and images of people, leaning instead to abstract work, nature images and landscapes, and interpretive silhouettes or figurative renderings to appeal to a wider set of buyers.

Work With the Architecture

Many homeowners have a tendency to hang art too high, which can mean people pass right by the work. The point is to have buyers pause in your space, and to do that, they need to have a direct eye line to it. Follow the unspoken gallery rule of matching the center lines of your artwork if you have pieces close together. Most galleries will hang bigger works with ample space around them at 58-or-so inches off the ground. Use beaming, feature paint walls, and any kind of architectural framing as prime space for your artwork.

Complement the Décor

Consider the mood for each room—is it a relaxed and inviting sitting area? A studious and productive study? A bright and buzzing kitchen? Color plays a very important role in home staging, with neutrals ruling in most cases, but don’t hesitate to mirror the punches of color found around your rooms in pillows or accessories.

Allow the Eye to Travel

How do you want buyers to feel leaving your home? While they will of course be evaluating many aspects of the property, it’s likely that your home may have extra appeal for a particular subset of buyers. Have a fantastic wine cellar to show off? An abstract work with a spiraling stroke pointing to it will let the eye bounce into the next beautiful space. Outdoor infinity pool a big draw? Complement its tone with pale blue washes on the walls in surrounding rooms or with striking outdoor sculptures.

Many buyers may not consider the art outright when viewing a home — after all, it doesn’t come with it as part of the sale — but creating a mood and feeling of positivity, relaxation, and an overall inviting mood will stay with them far longer than they realize, and likely result in less selling time and more offers coming through your door.

Top Photo: Nikki Field & Patricia A Wheatley – Sotheby’s International Realty – East Side Manhattan Brokerage

Learn more about how Sotheby’s International Realty can help you market your home

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Spotlight on Bay Hay and Feed

 This charming, old fashioned store will transport you to another time.   10355 NE Valley Road

This charming, old fashioned store will transport you to another time. 

10355 NE Valley Road

Bay Hay and Feed

We have so many special finds here on Bainbridge Island. We have beaches, parks, vineyards, berry patches, boutiques, restaurants, feed stores....wait...feed stores? Yes, we have the most darling feed store here called Bay Hay and Feed which serves as not only a feed store but also a unique shop carrying a wide range of items you never knew you needed. 

Upon Entry, you are immediately welcomed by baby chicks encased in a wooden box covered in chicken wire all heated up with a heat lamp. The irresistible sound of those little chickies just suck you right in and convince you that you're in need of a chicken of your very own. 

 These little guys are so sweet and entertaining!

These little guys are so sweet and entertaining!

Wander through the store to find dog food in bulk, pet toys galore, leashes and collars for Fido and many more pet supply items. They carry shoes of the highest quality, rotating syles based on the seasons of course, but always on hand are the wonderful collection of boots and socks. They have the best boots and socks here. The men's clothing section is surprisingly thorough as is the women's clothing section. Complete with hats, gloves and bags...you could easily create an entire outfit here and one you would wear often. At the cash register, you'll find old time candies which are a nice touch adding to the small town feel offered in this store. 

Step into the Gift Shop/children's portion of the store to find clothing, jackets, hats, toys, books and more. The iconic Bay Hay and Feed print is even on the coffee mugs. How cute is that? This place is all decked out for Spring! The decor is on point and full of inspiration for your own Spring decorating and gift buying. 

Bay Hay and Feed now has a Farmer's Market inside which has recently been expanded. Local and fresh bread, greens, syrups, wines and even books are ever growing and changing here. 

The gardens are blooming and stocked full of annuals, perennials, plants, trees, and bushes to adorn your garden. It's easy to spend an afternoon wandering through and selecting pops of color for your planters.

The Nursery, in a separate building just out the back, is loaded with unusual finds and needs! From seeds to colorful pots to bird feeders to books...this little gem is as inviting as the gardens. Plus, the employees are friendly, knowledgeable and eager to help. 

This is one very unique place on Bainbridge!

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