Bainbridge Buyers Took August Off

The Market Is Catching Its Breath

 

August’s numbers tell a story of a market that’s still moving – but it’s definitely at the slower pace we’ve seen all year.

When I’m working with clients who ask about the seasonality of the market’s activity, as most inevitably do, I always highlight the ebb and flow of monthly pending sales. Most years see a dip in pending sales in July as buyers are taking advantage of the prime summer month for vacations. We typically see a rebound in pending sales in August as the summer selling season sees a final surge before slowing after Labor Day.

Not this year.

August’s 39 pending sales were up nearly 20% from August of last year, but were down 4.5% from July. To me, this signals that our typical pre–Labor Day rush came early this year and we are already in the midst a fall slowdown. To further support this, closed sales in August were the same as July, showing that June’s buyer demand carried into July.

But that initial demand dropped off in August.

The inventory of last month’s 73 active homes for sale, while much more robust than during the pandemic market of 2020-2022, has followed suit, dropping from where it peaked at 100-plus sales in May and June. For sellers, that’s less competition. For buyers, it means fewer fresh options. (And if you missed last month’s piece on how buying a home is like buying jam, it’s worth a read.)

The bottom line here: Bainbridge is moving toward balance. The stats may favor sellers, but the feel of the market –and the negotiating room for buyers –says otherwise.

 

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

We highly recommend Jason for anyone looking to buy a home on the island. He is a true specialist and is very connected in the community. As we were living on the East coast, we were initially attracted by Jason’s very professional and Jason is very organized and generous with his time. He was very patient and supportive with our timeline for finding a home. Jason helped us to crystallize our needs and wants through analysis of objectives and tradeoffs, and provided resources to understand communities and neighborhoods. Jason really listened and was very responsive. He was a consummate professional throughout the entire process and continues to be a great resource for service providers and community events. We were then further drawn in by our interactions with him both virtually and in person.

       - Brenda & David Friend