The year started hot for the real estate market. And the second quarter of 2021 continued these trends as low inventory, rising median home sales prices, and fleeting time on market put sellers in the driver’s seat. Realogics Sotheby’s International Realty examines five key markets each quarter to find out where the market has been, and where the trends might lead us next. A lack of inventory has been apparently since the height of the pandemic, and while more sellers are entering the market, the need of buyers didn’t diminish in Q2-2021 as mortgage rates hovered near historic lows and competitive offers escalated sales prices. Whether a seller preparing to list your home and receive the best possible offer or a buyer seeking your next opportunity, with the right advisement, preparation, and marketing, it’s still a great time to enter the market.
Bainbridge Island | Single-Family Homes
Bainbridge Island home prices continue to climb with a 37 percent increase to $1.25 million when compared to Q2-2020. The number of closed home sales also increased year-over-year by 29 percent, yet the number of homes for sale has declined by over 60 percent. As the uncertainty of the pandemic certainly impacted sales numbers in the second quarter of 2020, the average number of days on market increased from 33 in 2019 to 40 in 2020. But in the second quarter of this year, homes were only on the market for an average of 18 days.