Sunny Skies For Our Summer Bainbridge Market
This summer, our Bainbridge market has really picked up in the last couple of months. Inventory is getting snatched up quickly and there are often still multiple offers, though that’s not as frequent as it was in the past.
- Local agents have sold 183 single-family homes so far this year.
- Of those, 133 were sold in the 2nd quarter, up 3.9% year-over-year.
- In the last 6 months, single-family homes have sold for an average of $1,017,667 up 2% year-over-year.
- June’s absorption rate (the rate at which available homes are sold each month) for all properties was 42.7%, down 26.7% year-over-year, indicating a change toward a balanced market.
- As of July 1st, there were 112 active listings. This is the most we’ve had in the past 5 years at this time. We also have the fewest pending sales (currently 48), so there’s more inventory and fewer sales. Let’s see if this trend continues with consistency toward a market shift.
Buyers are often more selective so understanding their expectations and Bainbridge’s current pricing is important. Many buyers are looking for homes that are in pristine condition. That’s why it benefits you to work with an experienced agent who can guide you through the process.
The Latest on Condominium and Land Sales
While the condominium market has softened, we’re still seeing significant sales with 50 units sold so far this year. June’s average sold price was $491,000. When it comes to land, if it isn’t encumbered by easement issues or similar challenges, then it tends to sell quickly. The average sold price for land in June was $247,000, which is a 51.5% decrease year-over-year. However, my colleagues and I are seeing more activity on vacant land; in June alone, 3 lots were sold and 11 went into pending status.
Moving Toward a Balanced Market
Windermere’s Chief Economist Matthew Gardner anticipates that we will begin to move toward a balanced market. In the past two decades, prices have either been skyrocketing or crashing. “Many [home buyers and home sellers] have never seen a normal market,” Gardner explains. “From a home seller’s perspective, they still have very heady expectations as to what their homes are worth…that needs to be tapered down a little bit. From the home buyer’s perspective, they’re seeing more choice now than they’ve seen in several years.” Despite what some media outlets say when analyzing shorter term averages, it is still a seller’s market and Gardner expects that “home price growth will continue but at a more modest pace.”
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