THIS SPREADSHEET SHOWS A STRONG START TO THE YEAR

As we start the new year, I hope you closed the books on last year with epic memories of time spent with family and friends and that you are recharged from the holidays and ready to take on all that 2024 has to offer you.

Most importantly, I’d love to hear what you think about the state of the real estate market these days. If you’re familiar with the emotional cycle of a market, where do you think we are? I’ve put a graphic below so you can see the general idea.

Now that the market’s stats are in for the first month of the year, and now that I’m well into many conversations with folks who are preparing to take action this year, here are a few of my thoughts on the Island’s real estate market:

• Pending sales were up 63% YOY - this shows a significant increase in buyer optimism as evidenced by their putting money down on the closing table.
• 60% of home sales saw financing to close the sale - a majority of buyers are using “high rates” to make their purchases. 
• Months of Supply was down sharply to a level resembling 2022 and is well below what was seen before the pandemic - this shows that the market is moving faster than before 2020. 
• Both the average and median sale prices have held strong through 2023 and so far into 2024.
  

For sellers, it’s crucial to know that prices are holding strong and buyers are still buying (yes, with financing despite rates holding around 7%, because life must go on).

For buyers, the bidding wars and the "frenzied" market is the theme to start the year in Seattle and around the metro area, but not yet on Bainbridge Island. Given what happens in Seattle eventually comes across the water, we do anticipate an increase to the competitiveness of the market in the coming months.

What do you think of the market’s dynamics, and what are your predictions for the coming year? I really want to hear your thoughts - please reach out to me when you find a moment to let me know. 

As 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 of some clients

We hired Jason because of his reputation for high integrity, local knowledge, and expertise in the field, all of which were evident in our first interaction. What was truly impressive was Jason’s ability to anticipate potential issues and address them proactively with a detailed-oriented approach that ensured every aspect of the transaction was handled meticulously, leaving no room for error.

Jason’s valuable insights and advice guided our decisions and gave us confidence that our transaction would be handled with utmost professionalism, making him an excellent choice for anyone seeking a smooth and successful transaction.

    -- Darren & Lee Muir