Typically, the real estate market slows down over the holiday season. Buyers take a break from their home search, whether from fatigue or just the hustle and bustle of the holidays. And sellers tend to focus on gathering with loved ones instead of preparing to list. But, 2021 has proved to be anything but typical: What little inventory there was in the fourth quarter of the year was scooped up by eager buyers, closing out a huge year for real estate. Check out the findings for the five areas Realogics Sotheby’s International Realty examines for its quarterly report to get a feel for where the market has been.
Bainbridge Island | Single-Family Homes
Nearly 40 percent fewer homes sold on Bainbridge Island compared to this time last year. It’s due to the anemic inventory on the Island—and across the Puget Sound. That helps explain the continuing year-over-year price growth of nearly 18 percent in Q4. Those who are selling in the current market are reaping the rewards of well-placed equity. The price per square foot went up 28 percent year over year, and the days on market continued its drop from 25 days in Q4 2020 to 13 days in 2021. The state of the market is slim, but it speaks to the tight-knit community of Bainbridge—there’s less than half a month of inventory available, with the number of homes for sale down over 60 percent. It all adds up to motivation for sellers to take advantage of this moment where price growth and equity align to enter the market.