AGENT MLS HOME FINDER

Bainbridge real estate is among the most expensive and prestigious in the greater Seattle area, also known as the Puget Sound region. Bainbridge, although it is an island off the coast of Washington state, still has a great deal in common with the rest of the Seattle region in terms of key indicators of market health. Although Bainbridge is slightly insulated from the negative effects of the market crash due to its high cost of living, there has definitely been a downturn for Bainbridge homes for sale. According to a September 29, 2009 article in the Puget Sound Business Journal, “It’s not the company that Seattle wants to keep. In July, only real estate in Seattle and Las Vegas reported one-month declines in home sale prices, according to a new study. The average price of a Seattle home dropped .1 percent in July from June, and the only other top 20 U.S. market to report a drop was Las Vegas…”

This negative trend for real estate in Bainbridge was also noted by the website of radio station KUOW 94.9 FM, who reported on September 29, 2009 that “The residential real estate market continues to improve in the United States…Seattle has continued to see declining home values, ever since prices reached a peak in July 2007. Since then, prices have dropped about 22 percent, although the amount of decline in July was only slight.” There was more negative news in the Puget Sound Business Journal, which reported in a September 25, 2009 article that “In a dramatic reversal of fortune, the Seattle metropolitan area now has the highest portion of troubled real estate loans in the country, according to the national research firm Foresight Analytics LLC.”

In a bright bit of news for Bainbridge, home sales seem to have edged up during the month of August, contrary to most other market indicators. According to a September 15, 2009 article in the Bellevue Reporter, “Pending sales around Western Washington during August jumped nearly 21 percent from a year ago and inventory dropped more than 18 percent, according to new figures from Northwest Multiple Listing Service.”