Bainbridge Island Real Estate Market Report: May 2026

2021 Called…and 2012 Answered

The Island’s Great Market Divide

Some sellers are having quite a lovely time, as if it’s the 2021 market all over again. And other sellers are at the mailbox still waiting for their invitation.

 

In May I wrote four offers for three buyer-clients, and all of them lost in multiple offers situations. That tracks with the fact that 56% of homes sold in May needed a week or less to find their buyer. The sellers experiencing this market dynamic are selling with no/few contingencies and tend to do so for over asking price. 

 

On the other hand, the other 44% of sold homes needed an average of 47 days on the market to sell, and did so for 92.7% of original asking price. So when you hear about days on market dropping, what that really means is a greater percentage of homes are selling faster. 

 

But the entire market is not selling faster. The ones that don’t sell fast? They linger on the market and are subject to discussions of price drops and negotiations with buyers. 

 

What’s also quite notable about this market is how much imbalance there is: 

• The inventory is there: We had 83 active listings in May, exactly on par with our pre-2020 ‘normal.’  Yet, only 32 went pending. To find a May this quiet for pending sales, you have to go back 14 years to 2012. It’s a massive imbalance: plenty of homes to shop for, but few folks are writing the checks 
• We’re also seeing more homes selling fast. May was the third month in a row that more than 50% of homes sold needed just a week or less to get an offer (marking just the fourth time in the last 23 months this has happened). Yet the average sale price year-to-date is down 2.3%. 

 

Buyers are very active, and when they see a home positioned with a price that shows great value, they are offering quickly, waiving contingencies and in some cases bidding up prices like it’s 2021. However, sellers who do not position their home to show such value risk sitting on the market in a way that gives buyers leverage to negotiate on price and terms, like the good ol’ normal days before 2020. 

 

The good news for sellers? You are still in complete control of positioning their homes for a pandemic-style feeding frenzy. And for buyers, the good news is you can find real opportunity with the homes that don’t sell quickly, with negotiations very much back on the table. 

 

Please check out my Bainbridge Market Report below to learn about all of the month’s metrics and trends.

 

Thanks,

Jason

 

P.S. Sharing the love of some clients

 

TESTIMONIAL 

I hired Jason because he presented himself as an efficient, no-nonsense professional with deep local market knowledge and a proven track record. He did a remarkable job organizing the process of preparing the property for a successful sale: coordinating vendors, managing timelines, working within my budget and creating a phenomenal marketing plan. While I didn't use the Windermere Ready loan program, I think it's a valuable option for sellers who want to improve their property without using their own cash upfront. Jason’s organization, communication, and hustle throughout the process was outstanding and, other than being able to stop a war from impacting the housing market, I would certainly recommend Jason to be able to accomplish all of your selling goals. 

  - Terry Reynolds, 15068 Komedal