The Realogics Sotheby’s International Realty team has just released market statistics for the third quarter of 2018 with a look at days on market, median sales prices, inventory and more around the Sound. While Seattle and the Eastside saw remarkable increases in the number of homes for sale, trends were slightly different on Bainbridge Island, as the median sales price increased on a quarterly basis—not seen in any other area surveyed—and inventory remains relatively low at 2 months.
Home values appreciated by 5.4% from the second quarter of 2018 to the third, with median sales prices of $865,000 and $912,000, respectively, larger than the 2.3% year-over-year gain. This may be attributed to what is still a lack of supply on Bainbridge Island, with an average of just 2 months of inventory, down from the previous quarter and steady from this time last year when inventory also averaged 2 months.
After dipping into a low point of just 26 average days on market in the second quarter of this year, the average days on market climbed back up to 43 days in the third quarter of 2018, a figure that held steady compared to the third quarter of 2017, and more reflective of seasonal trends on the Island’s market.
To see the full report click here: Bainbridge Island Housing Update
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.