Impact of COVID-19 on the Bainbridge Island Real Estate Market

Friday, may 8, 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. 

7-DAY UPDATE

The good news this week is how serious everyone is taking the Stay Home Stay Healthy order, and how the curve appears to be flattening in WA. With just six new cases of COVID-19 reported in Kitsap County this week, we're still flattening the curve, but not out of the woods just yet. Learn more about our community health re: coronavirus at the county's website.

STATISTICS

• In the last 7 days, we’ve seen
  • 8 new listings, so about a third of what’s normal
    • Up from 7 last week, basically flat week over week
    • One of my listings from last week had 13 showings in the first 3 days and one solid offer
    • Other listings agents are seeing the same kind of rush by buyers in those first few days and reporting multiple offers
  • We saw 19 listings reach mutual acceptance between buyer and seller, up over last week’s 16
    • Buyer activity is up everywhere from the $590K townhome to the $2.7mm home in Port Madison
    • To reiterate, buyers are shopping and writing offers
  • We had just 4 sales close which is down again week over week but, same as last week, is reflective of the slowdown that hit us at the end of March.

PULSE

• Over the last week, we saw everything from the $590,000 townhome to the $2.7MM Port Madison estate reach agreement between buyer and seller, so the entire board of inventory is seeing strong activity.

We will get through this, together.

Life goes on; babies will be born, relocations will happen, and life’s circumstances will still require some folks to move over the next few months. The real estate market on Bainbridge is going to move forward.

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.

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 two 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.

COVID-19 Archives

• May 1st
• April 24th
• April 17th
• April 10th 
• April 3rd
• March 27th