Market Trends on Bainbridge Island
We’ve reached the peak of summer and I’m pleased to present a mid-year checkpoint with market trends from the second quarter of 2019.
Bainbridge Island saw increased activity, with more home sales and higher sales prices than we saw in the first quarter. The average median sales price April through June was just below $1 million, coming in at $979,000. Despite some retracement in previous quarters this figure has continued to see growth in the second quarter throughout the last two years, proving that our market thrives during the warmer months each year.
The condition of the market has shifted slightly from the balanced state we saw in the beginning of the year. Inventory has dropped to two months causing the market to favor sellers—and making it a wonderful time to sell!
Interest rates are on a downward trajectory, which is encouraging more buyers to get out there and find their dream home! Furthermore, the federal reserve just announced a quarter-point reduction in rates. This is the first cut they’ve made since our country’s recession in 2008 and is sure to benefit buyers at all price points.
Increased market activity and lowered interest rates create the perfect climate to make a move in the market. I’d be happy to sit with you today and answer any questions you have about buying or selling. Please don’t hesitate to contact me.