Data from the second quarter of 2019 is in and I’m thrilled to share a look at market activity in Kitsap County. Find out what trends are happening throughout the region, with a comprehensive look at Bainbridge Island.
Home prices throughout the region are continuing climb, with transactions favoring sellers. Price per square foot increased over 8% from Q2-2018, and went up 3.5% from June to July. Inventory increased slightly to 1.4 months. Before reaching a neutral market, that number will need to double to 3 months, showing sellers can expect to maintain an advantageous position.
The quarter closed with a median sales price of $387,000—a number that has remained relatively steady throughout the last year. Average days on market also saw minimal movement at 32 days, up from 29 in Q2 of 2018.
The island’s market continued to flourish last quarter with a hefty jump in median sales price, up to $979,000 from $865,000 in Q2-2018. Inventory dropped to 2 months, causing a shift from the neutral market in Q1 and leading us back into a seller’s market. Though the average cumulative days on market was up slightly from this time last year—at 33 days—it was markedly lower than Q1-2019, when homes sold in an average of 67 days.