Impact of COVID-19 on the Bainbridge Island Real Estate Market
What impact has covid-19 had on the bainbridge island real estate market?
Friday, june 5, 2020
First and foremost, we at Windermere are here for you remotely, with a commitment to get through this together. Governor Inslee's STAY HOME, STAY HEALTHY proclamation means real estate activities LIMITED; see below.
The good news this week is Kitsap County has moved to Phase 2. Learn more about our community health re: coronavirus at the county's website.
We’re seeing some stabilization in the number of active/pending sales week over week, which is encouraging that we may be off the roller coaster.
In the last 7 days, we saw:
- 16 new listings, which is up from 11 past week and almost normal for this time of year.
- We saw 13 listings reach mutual acceptance last week between buyer and seller
- Flat week over week
- Steadily higher than the five we saw a few weeks ago
- Still lower than normal for this time of year, but looks like it’s a level of activity that’s stabilizing
- We saw 18 sales close which is more than double last week
- The bump is reflective of the dramatic increase in Pending sales we saw back in early May over April's pause
Today’s active inventory sits at just 57 homes, 17 condos, well below normal level for this time of year
- Sales from $560,000 to $3.2M, up and down the board
- One home sold for 32% over asking price... YES- one third over asking price with 7 offers!!
If life's circumstances are such that you need to buy or sell property, know that I’m here with my silver-lining mindset, empathic approach and fact-based drive to help you ease the pain points you may be facing. I’m quick to respond and am just a phone call or a video chat away to help you achieve your goals.
Phase 2 restrictions on real estate activities
The protocols that must be followed for the permitted in-person activities include:
- In-person activities must be by appointment only;
- No more than three people, including the broker, may be at the property at any one time; and
- Those two persons must strictly follow social distancing guidelines established by the Centers for Disease Control and Prevention (“CDC”) by remaining at least six feet apart at all times.
The revisions to the Order are limited to allow the following in-person activities, provided the above protocols are followed:
- Previews and showings of listings by appointment only;
- Listing presentations, photography, and creating virtual tours for new listings [Note: professional photographers are not considered “essential,” thus all photos must be taken by the broker or seller];
- Inspections for pending transactions;
- Appraisals for pending transactions;
- Buyer “walk-throughs” for pending transactions prior to closing; and
- Providing keys to buyers at closing.
How have best practices changed given the health crisis?
Guidelines and Forms
In the last two weeks, people-focused Windermere Real Estate has created materials for clients, and the legal teams at Windermere, NWMLS and WA Realtors have all worked to create FAQ sheets as well as new forms that can be used as part of a contract in a transaction during this unprecedented time.
Click here to access these materials, and please don't hesitate to reach out to me to ask questions.
My goal is to serve your needs; I will move mountains to ensure you meet your objectives, listen carefully so I can focus on your motivations, and provide you with the insight you need to make strategic decisions. I'm here to get your job done, so please let me know what I can do for you or those you know.