Study some insightful data from the first quarter of 2024 from our newly released report: Market Trends From Around the Sound. You can find out how categories like average days on the market, levels of supply, and the median sales price compare through a year-to-year analysis within 16 of the region’s distinct communities.
Executives from Realogics Sotheby’s International Realty (RSIR) announced today the results of annual sales benchmarks comparing the top ten largest brands by sales volumes in 2023. RSIR continued to lead numerous categories in average sales values on both sides of the transactions, as well as greater production and more inventory on a per-agent basis while selling quicker than their peers.
The final quarter of 2023 presented a market that has weathered continual challenges throughout the past two years. In October, mortgage rates peaked, hitting their highest in over two decades. Although they proceeded to decline, finally dipping below 6 percent, sellers were hesitant to list their homes and lose their lower interest rates, particularly those who took advantage of the record lows seen in January 2021. Buyers were similarly discouraged by high rates and the lack of inventory. However, despite the obstacles, those who were determined to find their dream home were rewarded with less competition and more negotiation power.
Every year, the residents of Bainbridge Island vote on a myriad of local service providers, restaurants, shops, and more and more often than not, Realogics Sotheby’s takes first place in the real estate category. 2023 named us Best Real Estate Company so, we celebrated with a boat ride around our gorgeous island and enjoyed the sunset.
Despite feeling the effects of the 2022 real estate shift like much of the Puget Sound region, Bainbridge Island has weathered the changes better than other areas. Although sales prices dropped from Q1-2022 to a median of $1.18 million, they're still slightly higher than they were in Q1-2021, and the average price per square foot is up 3.5% year over year. This balanced market allows for sellers to attain an attractive price for their listing and buyers to have more choices when searching for their home.
From elegant lakefront estates to peaceful abodes on idyllic peninsulas, the Puget Sound region offers some of the most remarkable, diverse options for waterfront living in the country. These desirable properties appeal to homeowners locally and globally, and their unique characteristics, demand, and opportunities put them in a different league than the rest of the region’s listings.
Despite feeling the effects of the 2022 real estate shift like much of the Puget Sound region, Bainbridge Island has weathered the changes better than other areas. Although sales prices dropped from Q1-2022 to a median of $1.18 million, they're still slightly higher than they were in Q1-2021, and the average price per square foot is up 3.5% year over year. This balanced market allows for sellers to attain an attractive price for their listing and buyers to have more choices when searching for their home.
There aren’t many places where you can capture a picture like this! Bainbridge Island offers a secluded living experience surrounded by natural beauty and a plethora of outdoor activities. But it's not just the stunning scenery that makes it a special place to live; the island's small-town community feel, unique neighborhoods, and local events make it a hidden gem worth exploring for those looking for a tight-knit community or outdoor adventures.
Poulsbo, one of the most charming towns on the Kitsap Peninsula, may just be Washington's best-kept secret. With a beautifully Nordic-inspired downtown that transports you to Oslo or Stockholm, plenty of waterfront opportunities, and a lower cost of living than nearby areas, Poulsbo is a true hidden gem. Its public education system has been recognized for college preparedness, and the community values tradition, art, and business. With a population that has been growing since 2010, but retains it’s smalltown atmosphere, Poulsbo is a welcoming spot for families, retirees and those seeking a calmer pace of life. Come discover all that the Kitsap Peninsula has to offer!
Bainbridge Island’s real estate market snapshot looks better than many in the Seattle area. Home prices are up over 30% compared to last January, and the current average home price of $1.8M is even up compared to last month. With continued home price growth and low inventory, sellers can get a great return on their home even in a market that is somewhat buyer-scarce due to high-interest rates and other economic factors, especially with an experienced real estate agent on your side!
The beautiful landscapes of the Pacific Northwest aren't complete without our water views. From in-city waterfronts along lakes and the majesty of the Puget Sound to island living and vistas along with Washington's scenic port towns, there's nothing like a piece of shoreline to call your own. Realogics Sotheby's International Realty presents the 2022 Waterfront Report to help inform the next steps on your selling or buying journey.
As we respond to this time of uncertainty, brought on by the Covid-19 pandemic, it is important for us to consider not only our own health, but the health of our clients and the community at large. As trusted and experienced real estate advisors, we have quickly pivoted to guide our clients through a completely new home buying and selling experience.
Last week, S&P Case-Shiller released the latest Home Price Index and shortly after, the Seattle Times proclaimed the rapid decline of residential home prices in the Seattle metropolitan region. Contrary to headlines, however, the trendlines paint a much more nuanced picture. To be sure, Seattle was still named among the top three fastest growing regions on the Index, reporting an 8.4 percent year-over-year gain in home prices.
