Q1 2020 Market Update
Each quarter, Realogics Sotheby’s International Realty analyzes market data to examine trends and to ensure our clients better understand the real estate market. In the late first quarter of 2020, the Puget Sound area, its economy, and the real estate market began experiencing the impacts of the stay-at-home order due to COVID-19. The majority of data gathered occurred before that happened, and although we’re understanding the preliminary effects of COVID-19 on real estate, we can see in these reports that it was trending positive for sellers on Bainbridge Island.
I’ve highlighted Bainbridge specific data below, but if you’d like to read the full report for Seattle, the Eastside, and Mercer Island, please visit here.
BAINBRIDGE ISLAND SINGLE-FAMILY HOMES
The first quarter of 2020 boasted a seller’s market on Bainbridge Island. The COVID-19 pandemic likely had an impact on the real estate market, it's not yet evident in data from the first three months of the year. Since this time last year, the area has been trending towards a seller’s market, with less inventory available. Median sales prices are up year-over-year as well, by almost 12%. While homes spent an average of 77 days on market, up 10 days from the first quarter in 2019, sellers were more likely to see more value in their homes, as the average price per square foot was up 23%.