Q3 2020 Market Update
In an unusual year, the real estate market has largely been a beacon of positivity. After activity came to a brief halt in the second quarter, buyers quickly got off the bench to take advantage of extremely low interest rates, to invest in homes with bigger spaces, or to be closer to nature. And even as temperatures began to drop this September, the market remained hot in the third quarter with rapidly appreciating home prices, low inventory, and buyers eager to find the right opportunity.
This is particularly true on Bainbridge Island where homes are appreciating at record speed. Compared to this time last year, the average price per square foot is up 22%, while the median sold price is up 34% year-over-year. Fewer homes have been on the market, and those homes that are available have been closing quickly, too, with inventory of available homes down 61.3% versus this quarter in 2019.
If you’re curious about how this competitive market impacts the value of your home, reach out today. I’d be honored to help you reach your real estate goals!