The housing market numbers from the first quarter of 2018 are in and Bainbridge Island has continued to stay popular and creating high buyer demand. The first quarter of 2018 showed an increase in an overall number of homes sold on the Island - up 28 percent from the same time last year despite a sharp 60.7 percent inventory decrease. There were 57 homes sold in the first quarter of 2017 and 73 homes sold in Q1-2018.
The decrease in inventory in 2017 is a rare occurrence on the Island, however, and the trend continued into the first quarter of 2018. In Q1-2018, homes were spending just 63 days on the market, on average. These competing factors lead to an increase in prices, as well. The average sales price in Q1-2018 rose 20.1 percent, up to $1,057,000.
MEDIAN SALES PRICE: Q1-2017 VS. Q1-2018
Wading through the rough real estate waters in this fierce market can be tough - but I like to think of designated Realtors as life preservers! Your realtor is there to make sure your needs are heard and to advocate for you! If you have questions about Bainbridge, the surrounding area, or even need an out-of-state referral I would be happy to speak with you. Please don't hesitate to contact me.