2020 Market Recap Bainbridge Island
2020—Wow! Well, I can say I did not see that kind of year coming—in any form or fashion! COVID-19 took us all by surprise and changed the real estate landscape dramatically.
Hoping to gain some perspective on a new year in real estate, I attended a real estate State of the Market early last year featuring real estate analyst and marketing coach, Denise Lones. She spoke about the potential effects of the Chinese trade war, as well as a little-known virus from China that might have big impacts on our economy and the real estate market. I remember feeling a bit of a chill when Denise talked about the virus, at that time we in the U.S. had little idea what was coming.
Fast forward to March, and the sudden shutdown—people starting predicting doom and gloom in both the economy and the housing market. But oddly, my phone continued to ring and the people in my queue who had been planning to sell in the spring were still anxious to move forward.
However, we did face a few big challenges. First, how would it work to sell a house, for example, that couldn’t be shown in person due to COVID. When real estate was categorized as an essential—though highly restricted—business, I was able to sell my clients’ homes, in some cases, to buyers who had only seen them through the video, floorplans, and high definition photography I had provided. As real estate opened up a bit more, some buyers were finally able to do in-person showings, but most only saw the home once in person relying more on the marketing materials for their virtual viewings. By the time summer of 2020 rolled around, it was clear that the world had completely reevaluated priorities related to the where and how of living and working. As a result, suburban and rural communities, such as beautiful Bainbridge Island, became really attractive options for those seeking new spaces to spread out and enjoy.
Here are the numbers that resulted for Bainbridge Island sales:
For Single-Family residential sales, the average sales price on Bainbridge Island for 2020 was a whopping $1,221,000 which is an increase of 14.77 percent from the 2019 average price of $1,063,000. The number of sales went up 17 percent from 379 to 438. The median price saw a rise of $80,500 (or nearly 9 percent) from $919,500 to $1,000,000.
I hope you find this info helpful. 2021 continues to be a strong seller’s market—even in January/February which is a notoriously slow sales season. The new phrase is that “Spring has already Sprung” with regards to the real estate market. If you are considering purchasing or selling a home this year, please call, email or text me! I would love to help you navigate through a successful real estate experience, whether it be here on Bainbridge Island, or anywhere in the world.
Interested in learning more? Tune in to my video update below!
Kristi@LivingOnBainbridgeisland.com
Cell: 206.391.1718
Office: 206.842.0842
Fax 206.842.2718