Bainbridge Island Real Estate Market Report: April 2026

4 Reasons It’s A Balanced Market

The numbers say seller’s market. The story says something else

There is one specific metric used to label a housing market as favoring sellers, favoring buyers, or favoring neither when it’s balanced. It’s Months of Supply: how long the current housing inventory would last if no more sellers came to market. Based on the current sales pace of buyers, it was less than 2 months in April. In the Puget Sound region, 4-6 months is considered a “balanced market.” number like 1.9 is often labeled a “strong seller’s market.” 

 

Based on the conversations I’m having with active buyers and sellers, it sure doesn’t feel that way. 

 

When I was a middle school science teacher, one of the mantras in my classroom was that claims needed to be supported with evidence. The evidence for a seller’s market is homes selling at that “fast pace.” And this last month, for the second month in a row and just the third time in the last 22 months, more than half the homes sold in a week or less. And, of course, with the  average sale price above the list price. 

 

But what about the other side of the story? Luckily, the NWMLS has started collecting data on details of pending contracts giving brokers like me new insight to share with you. 

 

As I write this column on May 3rd: 

• Just 21% of pending contracts were multiple offer situations.
• Just 15% of pending contracts include an escalation addendum.
• 70% of pending contracts include financing contingencies; not just financing as part of the purchase, but the contingency to protect earnest money deposit.
• 27% of pending contracts include an inspection contingency; showing some buyers are able to secure a second round of negotiations based on due diligence after mutual acceptance.

 

Given that I’m a broker who ensures my clients have clear expectations going into the marketplace, the multimillion dollar question here is: What should buyers and sellers expect as they prepare for before entering the market? 

 

• Buyers: it’s possible that you may need to waive all contingencies and bid a price up to prevail, but statistically speaking that is not likely. 
• Sellers: if your home is priced right then you have a strong chance of selling fast and for over asking, but you should still expect an offer that provides some protections to the buyer. And if you don't sell in a week or so, then expect to negotiate on price as well as conceding on contingencies. 

 

Because while the science of the 1.9 Months of Supply metric suggests a “strong seller’s market,” the artistic story behind the prices and terms of sale suggests that buyers have negotiating power that isn’t what folks expect to be a part of the definition of “seller’s market.” 

 

What does all this mean for your particular situation? I’d be delighted to explain in person. 

 

To learn more about all of the month’s metrics and trends, please check out my Bainbridge Market Report below. 

 

Thanks,

Jason

 

P.S. Sharing the love of some clients

 

TESTIMONIAL 

After meeting Jason to view a home he was representing on the island, I knew I wanted his help with my continued search.  With a quick time horizon due to my lease ending on Bainbridge and also expanding my search to possibly return to Seattle, he quickly pivoted and worked on finding me options.  Super grateful for his Seattle connections and for his low-ego, straightforward approach and expertise negotiating my new home.  He asked thoughtful questions, genuinely listened and made the process easy and fun.  Highly recommend working with him for homes both on- and off-island.

— Heather Dakove