When the clock struck midnight on December 31, few were disappointed to see 2020 end. But despite the difficulties endured over the last year, the real estate market remained resilient. It powered forward boasting median home prices that had continued to rise since the initial lockdown last March, more closed home sales than this time last year, and low inventory in nearly all the market areas Realogics Sotheby’s International Realty dives into for its quarterly reporting. Our homes are everything to us—now more than ever. Our office and school, our restaurant and gym—if you’re thinking about entering the market, take a look at our findings and reach out to us for guidance on what your next steps should look like.
A lack of inventory is a likely reason homes were on the market for less time and at a higher median price than this time last year. The median sold price on the island has been steadily climbing since Q2-2020 and is now at $1,115,000, up 17 percent from where it was at the end of 2019. Likewise, the average price per square foot is up 24 percent compared to this time last year. With less than a month of inventory—0.7 months—it’s a seller's market on Bainbridge.
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