Bainbridge Island Real Estate Market Report: May 2021

It’s Now a Housing Crisis, Not a Health Crisis

Sometimes I look back at the report and newsletter I published 12 months ago to help give me some perspective on what the year-over-year narrative feels like. The headline I used in May 2020 was “CONFIRMED: THIS IS A HEALTH CRISIS, NOT A HOUSING CRISIS.” Twelve months later, the health crisis doesn’t feel like much of a crisis anymore since everyone I talk to is vaccinated, or intentionally not vaccinated, and the masks are off with the exception of when shopping indoors out of respect for community health. 

This month, I feel like the dynamic in the housing market has shifted 180 degrees from last year. It’s now virtually impossible to buy a home for less than the seller's asking price, and the average sale price for a home sold in the first 7 days is up to an astounding 117.9% of seller’s asking price. And what does it take to not just compete, but win as a buyer in this market? It practically takes everything short of giving up your first born child; if you need a consultation on how to write a competitive offer, I’m happy to explain in person (and I still love doing Zoom from afar!). 

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

Thanks,

Jason

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

We hired Jason because we’ve been told by numerous people that he is a top-drawer real estate agent. What stood out for me in the exceptional job he did in selling our home were two main things: (1) his deep knowledge base about home sales in the area; and (2) an approach to selling our home that understands that the work we do before we actually list the home is the most important work of all. Jason saw it as his responsibility to manage all of the repair work, yard work, and miscellaneous other preparations needed to get the home in the best shape for selling. I’d say he hit the sweet spot of preparatory work: just what we needed to obtain a maximum price.

  -- Kol Medina and Elsa Watson