A SNEAK PEEK AT THE MARKET’S STRONG FINISH PERSPECTIVE

As we head into the end of 2023 and prepare for a new year of predictions and resolutions, my hope is this note finds you ready for plenty of downtime with friends and family in the weeks ahead. And if you’re anything like me, hopefully you’ll get some time to enjoy your favorite winter activity; please send me a quick pic of you enjoying the winter magic and I’ll share one of me skiing in the Cascades ❄ ️

As for my thoughts on the Bainbridge Island real estate market as the year comes to a close, I’m going to focus on just one key line of thinking:

• The average sale price of a single family home on the island, year-over-year as of December 1st, is UP by 5.7% over 2023
• The average YOY increase over the last 10 years was about 7%
• From 2018 to 2019 the YOY increase was just 2.2%
• This all means the housing market in 2023 outperformed the last YOY increase we saw prior to 2020

Can you believe all that? Despite both inflation and mortgage rates being their highest levels in decades and all the experts talking of economic / housing market crashes, home values on Bainbridge Island didn’t even flatten, let alone plummet. And to help boost confidence, it’s worth noting that many recent home sales are taking place with financing by buyers that believe in the longevity of the value in local real estate.

As for what lies ahead in 2024 – I’m excited for the changes coming to the industry. As of January 1, Washington will have some new laws that are meant to ensure the consumers participating in the purchase and sale of real estate have a much better experience with their chosen real estate broker than ever before in history. I’ll share my thoughts on this in next month’s newsletter, and I’m very excited to do so.

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 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 currently live on the East coast, we were initially attracted by Jason’s very professional and informative website. We were then further drawn in by our interactions with him both virtually and in person.

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.

    -- Brenda & David Friend