Market Trends From Around The Sound: Q1-2021
Hot, hot, hot—the temperatures keep rising in the real estate market, strongly favoring sellers. In the report below, we examine Bainbridge Island and Seattle to find out where the markets have been, and where the trends might lead us next. And 2021 kicked off with a limited number of available homes.
Across the Puget sound, lack of single-family home inventory has, at least in part, contributed to escalating median home sales prices, which have increased between eight and 30 percent year-over-year.
On Bainbridge Island, the number of homes sold has increased year-over-year but not by a significant amount, 66 in 2020, 73 in 2021. Still, only 0.8 months of inventory is available, and the median home price for a single-family home on Bainbridge Island has risen by 16 percent giving sellers the advantage.
For buyers searching for a home on Bainbridge Island, there was competition for the few for sale—just 16 compared to 57 this time last year. It’s a seller’s market with less than a month of inventory available, and not surprisingly the median sales price has risen by over 16 percent compared to Q1-2020, from $943K to $1.1 million.
All these factors lead to eager buyers and competition, as well as quick closings when possible: the average days on market fell to 24 from 77 days on market last year. Sellers take heed, it’s likely still an optimal time to list a home for sale.