Bainbridge, an island off the coast of Seattle, Washington, is traditionally one of the more prestigious resort communities in the Northwest. The Bainbridge real estate market was affected by the collapse of the sub-prime mortgage crisis and the subsequent nationwide economic recession, although the ramifications of the situation were not nearly as dire in Bainbridge compared to the rest of the state. The problem areas in the Bainbridge Island market were centered primarily on foreclosures and slowing rates of home sales, because there are not particularly large quantities of commercial or industrial properties on the island. Even though Bainbridge was never really in crisis, Bainbridge real estate has begun to stage something of a recovery, with most signs pointing towards increased sales and dropping rates of foreclosures.
According to a July 7, 2009 article in the Bainbridge Island Reporter, “after a difficult year, potential home buyers on Bainbridge Island and much of Western Washington are beginning to re-enter the real estate market, according to island realtors and the Northwest Multiple Listing Service.” The Multiple Listing Service further found that sales in the county, Kitsap County, increased by more than 55% compared to the same time last year. The article continues to say “On the island, fewer homes are still on the market, and those that remain are being sold for a lower price than last year.” Owner of Coldwell Banker McKenzie Associates, Barb McKenzie said that “People are wanting to move on with their lives and are realizing that things aren't so bad, that they can get financing and continue to plan for their future.”
The Windmere Brokerage Company, which serves Bainbridge Island as well as a number of coastal communities in Washington State, maintains a nearly comprehensive set of statistics regarding the state of Bainbridge Island real estate. These figures indicate that almost all of the signs of stability and overall well being are gradually returning to Bainbridge Island. For example, properties that are a part of the Bainbridge Island real estate market are spending less time on the market, and are being sold for closer to their original asking price.