The market slowdown that began in the fourth quarter of 2018 continued into the first quarter of 2019, with the median sales price of single-family homes on Bainbridge Island settling at $843,000, a 6.33% retracement from the first quarter of 2018 (when homes sold for $900,000). In the first quarter of 2018, we reported a sharp decline in inventory, however as was the case in many markets, inventory rose on Bainbridge Island in Q1-2019, pushing into a neutral market, with 3.2 months of inventory. While the average cumulative days on market was up slightly from Q1-2018 at 67 days, that market time remained lower than Q1-2017, when it took homes an average of 83 days to sell.
Though the first quarter of 2018 saw a 14.8% increase in the average price per square foot, that figure dipped in the first quarter of 2019, with the average price per square foot of $329 down 12.78% compared to the previous year.
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