Bainbridge Island Real Estate Market Report: May 2024


Is Patience the Hardest Part? | New Bainbridge Real Estate Market Report

To continue with my previous month’s commentary about our weird market, I thought it would be important to share one of the new lines I’ve developed for consulting sellers when discussing their decision to determine an initial asking price. 

“Pricing has never been more important, yet pricing has never been more difficult.”

When you examine the data points (months of supply, average sale to list price ratio) it appears that the market is moving fast. And, arguably, it is; in looking at my favorite metric, the Frenzy Factor (which I came up with), the percentage of homes selling in a week or less in a given month is much greater than in the years before 2020 (nearly 60% in April and May of 2024 compared to an average of 42% for those two months from 2015-2019). 

But it’s all about perspective. So many people, including local professionals in the business, describe things as slow because they see so many homes “sitting on the market” for a few weeks, or even months (the horror!). Compared to the incredible (and irrational) pace of buying and selling in 2021-2022, we are seeing a “slower” market. However, when compared to what was normal before 2020, we now see a very similar pace of home sales. What’s markedly different is that we’re not seeing “everything fly off the shelf” for double-digit percent over asking price, as we got used to in 2021-2022 and thought would become the new normal. 

Take, for example, a listing I closed in May. 3672 Lavender Lane is an incredible property that just needed a few weeks to find the right buyer, considering all the economic forces at play today for its target demographic (families looking at monthly payments based on interest rates). We received feedback from buyers and agents before it sold  that it was priced well, and they couldn’t believe it had yet to sell. But on day 27, we got a phenomenal full price offer, and all parties were happy to move towards a smooth closing. 

Price it right, and it will sell. It may not happen in a week, and it may not be for 7% over the asking price, but buyers who need to buy right now understand the value of the homes they are viewing and will still pay for that value when they see it.  

Please check out my Bainbridge Market Report below with all of May’s sales metrics.




P.S. Sharing the love of some clients

Jason’s eagerness and love for the island was a breath of fresh air to us. We did not know Bainbridge at all and needed someone who could work with us honestly to find what we were looking for. Jason was generous with his time to educate us on the complications of waterfront homes and kept us current on properties that may be a good fit.

When we found our home, Jason went out of his way to help us understand the technicalities so we could make informed decisions with a real sense of security. He is intuitive enough to understand his client’s needs and his attention to detail and patience was key in representing us. 

Jason has exceeded our expectations and we recommend him before any other.

-- Virginia & Richard Doleshek

Real estate Sales on Bainbridge Island in May 2024

Are you curious what a property sold last month? Click the links below to view the sold listings in my Multiple Listing Service "Portal" and see sale prices for every property sold on Bainbridge Island in May.

If you would like, I can sign you up for an auto search so you can follow a specific niche of the market.

May Single Family Home Sales


May Condo Sales 


May Vacant Land

Jason is perfect for real estate because he understands people and how to help them through difficult situations.
— Jim and Trish Corsetti

My goal is to serve your needs; I will move mountains to ensure you meet your objectives, listen carefully so I can focus on your motivations, and provide you with the insight you need to make strategic decisions. I'm here to get your job done, so please let me know what I can do for you or those you know.