Market Trends Around the Sound: Q2-2018

Jul 23

The statistics from the second quarter of 2018 are in and Bainbridge Island homes continue to gain value as the number of homes for sale and average days on market decline downward.

While other areas in the Puget Sound region boasted rare inventory increases throughout the second quarter of the year, Bainbridge Island actually saw a decrease in the number of homes available for sale, settling at just 1.8 months of inventory. In line with less homes on the market, the number of sales likewise decreased, and the average sales price held relatively steady year-over-year at $965,000 in Q2-2017 and $972,000 in Q2-2018.

Homes spent 40% less time on the market than they did this same time last year, hovering just under one month at 26 days. The average price per square foot increased to $364.31, which was up 2.5% compared to the second quarter of last year and represented a slightly slower rate of growth than occurred in Q1-2018.