As we closed 2018, the real estate market on Bainbridge Island underwent its typical seasonal slowdown. Many buyers elected to take a break from their home searches and some sellers also paused, as inventory fell to a low of 1.6 months. Though there were fewer sales, home values did not depreciate, as the median sales price reached $1,035,000, the highest figure reported on a quarterly basis in all of 2018. In line with home price gains, the average price per square foot also reached a high of $394, up nearly 15 percent from Q4-2017.
The average cumulative days on market in the fourth quarter of 2018 was 53 days, which was up only slightly from the fourth quarter in previous years (at 47 days in 2017 and 50 days in 2016). This trendline continues as far back as the mid-2010s until we reach 2013, when homes sold in an average of three months.
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