When residential home sales picked up speed in the wake of the initial quarantine of the pandemic, many experts weighed in on this outlying trend. A year later, as Realogics Sotheby’s International Realty examines the data from the Eastside to Bainbridge Island and markets in between, it’s easy to see that a lack of inventory and an onslaught of buyers wasn’t a one-off. The question for many following the trendlines now, is when will median sales prices start to plateau, and the number of homes available for sale starts to tick back up.
Bainbridge Island | Single-Family Homes
The increases on Bainbridge Island are steady and reliable. Since the third quarter of 2020, the median sales prices for a residential home on the island have ticked up year over year. Compared to this time last year the median sales price is up nearly 22 percent, from $1,049,000 to $1,278,000. The number of homes for sale on the island took a sharp drop, down 63 percent. That follows the trends from the first and second quarters, as well, when the number of homes for sale on Bainbridge peaked at 20 in Q2. Still, this seller’s market isn’t as competitive as some of the markets examined by Realogics Sotheby’s International Realty for its quarterly reporting—there’s half a month of inventory available.