2021 report shows housing shortages
Published 1:30 am Friday, February 4, 2022
Real estate agent Jason Shutt has released his Bainbridge Island Market Report 2021 Year in Review with some interesting statistics.
2021 started out fast last January and never subsided, with some saying various properties were receiving 10 or more offers every month, his report says.
The average sale to list price ratio of a single-family home on BI was 108.3%, well above the national average of 100.3%. While it was the first time the national figure crested 100%, it was the second year in a row for BI, proving how intense the demand is for housing here, he continues.
The average sale price from 2019-20, increase was about 15% and from 2020-21 20%, which translates to a home at the start of 2022 being 37% more expensive than it was just before the COVID-19 pandemic hit.
While those increases are unsustainable, and the market will certainly cycle again, the most recent market activity suggests it won’t be anytime soon, his report continues.
The most expensive house went for $7.6 million. With 206 feet of south-facing low-bank waterfront on Beans Bight near the Country Club, the estate captures views from Seattle to Mount Rainier. The 7,063-square-foot, four-bedroom, 3.25 bath home has a guest house and included an elevator, sauna and multiple outdoor living spaces.
The least expensive house, for $250,000, was built in 1925, and the 346-square-foot cabin sits on 3/4 acre and does not have sewer or water
Other statistics show:
•377 single-family home sales on BI in 2021, down from 439 the year before. Condo sales were about normal at 94.
•Average sale price of a BI home was $1.46 million, with the median $1.25 million. About 32% of home sales and 49% of condo sales were to all-cash buyers.
•To compare, in 2016, the average sales price was almost $882,000, and the median $740,000.
•70% of homes sold in eight days or less and at 12.5% more than the asking price.
•The highest-priced sale was $7.6 million, and the lowest $250,000.
