The Realogics Sotheby's International Realty team recently released the market statistics for the second quarter of 2018. The report looks at things like the number of days on market, average sales price, and overall inventory. The Bainbridge Island single-family market performed slightly differently than the Seattle and Eastside markets for the second quarter of 2018. Here is a look at a few of the most interesting statistics.
"Though other areas around Puget Sound experienced increased inventory in Q2-2018, Bainbridge Island saw a decrease in homes for sale with just 1.8 months of inventory," states the report. The lack of inventory led to a decrease in the total number of sales, as well. However, the average sales price actually increased slightly compared to the same time in the year prior. In Q2-2017 the average sales price was $965,000 and in Q2-2018 the average sales price rose to $972,000. This also led to a slight increase in price per square foot, which grew at a slower rate than in the first quarter of 2018, and increased 2.5 percent (compared to this time last year) to hit $364.31.
Bainbridge Island Average Sales Price: Q2-2017 vs. Q2-2018
The lack of inventory can also be attributed to the decline in the average days on market. On average, single-family homes are selling in 26 days. That's down a whopping 17 days from the same time last year. In total, there were 149 homes that sold in the second quarter of 2017 and 127 homes that sold in the second quarter of 2018.
To see the full report click here: Bainbridge Island Housing Update