Bainbridge Island condominium market showing signs of life, too!~

I had a friend and former client ask me how the condominium market looks on Bainbridge these days. There's lots of good news there. Most significantly, we currently have only 65 condos currently listed--that's down from 117 listed last summer. They range from $130,000 to $1.350 million on Shannon Drive. (There's also a boat slip listed for $76,000 which counts in the numbers as a condo.)
 
Even better news, as of this morning, we have eleven condos in contract with buyers. That's about double what we've been seeing in the last couple of years, and is welcome, to say the least. It's not surprising that the list prices are dropping in order to find the price buyers will respond to. I like to track original list prices and compare them to where the properties are listed when they get an offer. Condos currently in a Pending Status started with an average price of $516,000, but their average list price when the offers came in is $408,000. Days on market is consistently several months. For a condominium to sell quickly, it will have to be priced realistically at the time of listing, perhaps priced a bit below market, be in great condition, and listed in top showing condition.
 
We've sold 58 condos in the last year. With 65 currently listed, that means we have over a twelve-month supply, which is still solidly a Buyer's Market. The condo properties that have sold are averaging a selling price around 95% of the last list price, which is consistent with the residential/house market. It's unrealistic in this market to expect a full-price offer.
 
I think the best news for condominium owners who are thinking of selling is that residential properties--houses--are also selling now. Since most condominiums on Bainbridge Islandare sell to folks downsizing from houses with yards or large lots, it's great news that those properties are selling. We're starting to see a pool of ready buyers who have equity, good credit, but who know the market values and who will negotiate hard.