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First Quarter Stats & COVID-19’s Impact
First Quarter Stats for 2020
While many are curious about our first quarter stats for Bainbridge Island’s housing market, the data is almost meaningless due to COVID-19. It did not really impact the market during the first quarter. The data you see here regarding housing activity will be quite different by the time we report on the second quarter in July. Additionally, the high-end market has remained very active. Our lack of inventory still creates many multiple offer situations in homes under $1M.
From this first-quarter review, you can see that the median sale price has gone up 4.3% year-over-year and the number of transactions went up 31% year-over-year. However, as I stated, a look at the first quarter means very little because our situation has changed drastically since then.
Graphs were created by Windermere using NWMLS and Trendgraphix data for area 170 but the information was not verified or published by NWMLS or Trendgraphix. Market Share Data reflects all types of properties sold calculated on May 6, 2020. Companies not shown represented less than 2% of buyers and sellers.
How COVID-19 Will Impact Buyer Behavior
The national and state housing markets were in good shape before the virus hit. We anticipate that they will be in good shape again, once we come out on the other side of this. When the economy opens back up, we foresee a rapid climb in the housing market volume. This will put upward pressure on prices again.
Windermere’s Chief Economist, Matthew Gardner, has been sharing insights on a weekly basis. Here, he discusses the long-term effects of COVID-19 on our market and on buyer behavior.
It’s a Seller’s Market
The speedometer reflects the state of the region’s real estate market using housing inventory, price gains, home sales, interest rates, and larger economic factors.
Curious about what’s on the market? Here’s a look at my current listings. If you have any questions or if I can help in any way, feel free to contact me.
2020 Economic Forecast and Market News
Clients often ask me, “Is this the right time to sell?” or “What is going to happen to interest rates in the next year?” Here is Windermere’s Chief Economist, Matthew Gardner answering these questions, providing his data-driven economic forecast, and more!
2020 Economic Forecast
Washington’s Real Estate Excise Tax Change
Real Estate Excise Tax (REET) is a tax on the real estate sale and the seller typically pays for it. Starting January of 2020, Washington state’s Real Estate Excise Tax is changing to a graduated system. This new system may impact you if you decide to sell your property in the new year. Find out more from Matthew Gardner in this helpful video.
Local Market Info
Curious about how our local real estate market is doing here in Kitsap County? You can see the latest market data through our up-to-date trend graphs. Additionally, you’re welcome to look at my active listings and my office’s listings to get an idea of what’s on the market here on Bainbridge Island and across Kitsap County.
If you still have questions or want to discuss your real estate goals, let’s set up a time to talk. I’m happy to provide any information or assistance you may need.
Tackling Homelessness and Our Fall Market News
Partnering with the Seahawks to Tackle Homelessness
We’re proud to be the Official Real Estate Company of the Seattle Seahawks and we’ve partnered with them for a 4th year to help address homelessness through our #TackleHomelessness Campaign. For every Seahawks defensive tackle during a home game, Windermere donates $100 to Mary’s Place, which provides shelter, resources, and meals to families on their journey out of homelessness. As of Oct. 21st, we’ve raised $113,100.
The Fall Real Estate Market Cool Down
- In the last 9 months, single-family homes have sold for an average of $1,019,444. That’s a 1.6% increase from the same time period in 2018, showing how our robust regional economy positively impacts prices.
- Local agents have sold 288 residential homes through Sept. and 116 of them were sold during the summer. The market did heat up, but when comparing this time period to last year, that’s a 10% drop in homes sold.
- The 3rd quarter absorption rate (the rate at which available homes are sold each month) was 42.1% for single-family homes, a 13.2% decrease when compared to last year’s 3rd quarter.
- As of Sept. 30th, there were 80 active listings. Compared to Sept. of 2018, that’s an 11% decrease. But the number of homes sold in Sept. went up by 3% year-over-year and the number of pending sales increased by 6.5%.
A Look at Condominium and Land Sales
In the condominium market, 78 units have been sold so far this year. When we compare that to 2018, it’s a 21% decrease in units sold. However, September’s average sold price was $629,000, which is a 23.3% increase year-over-year.
Regarding land sales, the average sold price in September was $241,000, a 56.2% drop from September of 2018. But 12 lots were sold during the 3rd quarter this year while only 3 lots were sold during that quarter last year. Land still tends to sell quickly if there aren’t any major issues.
Why a Local Realtor Makes a World of Difference
