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.
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.