2020 Year in Review

THE SUPPLY / DEMAND HAS NEVER BEEN THIS UNBALANCED

This year was definitely one for the record books.

Back in March when we went into lockdown, many buyers terminated transactions and forfeited earnest money because of the uncertainty in the world. Soon, real estate was considered an essential business and by summer a significant number of people were fleeing denser areas for places like Bainbridge Island in search of property with privacy and space to spread out.

Every month that I analyzed the statistics, it seemed a new record was made and the metrics were more and more in favor of sellers. As we head into 2021, one thing is certain: The competition has never been more fierce for housing on the island, and it takes an exceptional level of preparation to be successful in this marketplace.

Here are a few stats from 2020 that have left my jaw on the floor:

• A balanced market in the Puget Sound region is shown with a Months of Supply of 4-6, but on Bainbridge Island in December the metric was just 0.8 for single family homes and 0.3 for condos.
• The average sale price in 2020 was 14.9% higher than in 2019, which is about 7 times higher than 2019 was up over 2018.
• Almost half of the homes sold last year reached agreement between buyer and seller in a week or less and sold for an average of 4% over asking price.

For all the metrics and analysis on last month’s sales, check out my Bainbridge Market Report below.

Thanks,

Jason

P.S. Sharing the love from a past client:

Jason’s hands-on approach was invaluable. He provided objective input on what we needed to do to prepare the house for sale, connected us with trusted vendors and provided project management support that enabled us to get our house on the market in record time. Jason went above-and-beyond for us and went out of his way to alleviate as much of the stress as possible. His integrity, professionalism and bedside manner provides peace-of-mind and confidence that you are in the right hands.

-- Keith and Linda Fleming