Bainbridge Island Real Estate Market Report: September 2024
Will Buyers Harvest the Fall Crop?
Or will we see this pregnant pause turn into a winter freeze?
A few of last month’s metrics got my attention in a way that confirmed what I’ve been feeling as a listing agent of more than a half dozen homes over the last couple/few months (with only two pending at the moment); just like the crispness in the fall air telling me cooler seasons are ahead, the buyer activity can best be described as patient and cautious.
The Fed's rate cut – a long-awaited moment that many folks said they were waiting for – didn't change the buyer activity level. Will the passing of the Presidential election cause an increase in buyer activity, or will the outcome determine it, and by how much?
Or has the predictable slowness of the local housing market’s winter season arrived before the leaves have all fallen from the trees?
The most notable metric in September’s numbers was the Months of Supply – the indicator of the balance in the market – was 3.7 for the month; this is the highest this figure has been for 66 months, since 4.2 in March of 2019 (and that was an outlier of the previous 90 months). The supply was the highest for September since the 5.8 in 2012, when the market was still recovering from “the crash.” For reference, 2021 saw an average of 0.6 months. This metric is one to watch closely as we move into the holidays.
While between now and Thanksgiving is a great time to pick up a pumpkin at a local farm patch and pick apples from a local orchard to make homemade pie or cider, it's also a great time to pick out a new home on Bainbridge Island. More homes are active on the market today than since 2019. Just 21% of homes sold in a week or less in September and there was only one home sold in a frenetic multiple offer situation. Plus, the average sale price was less than the asking price, with the year-to-date average sale price down 4% from 2023!
And best of all, there is a great crop of homes to harvest right now.
A podcast I listened to recently noted that it seems as if sellers want it to still be 2021 when multiple offers and no contingencies were the norm while buyers expect it to be 2008 and the housing bubble had burst and prices were crashing. So, is this pregnant pause a stand off between buyers and sellers on pricing? Are the active buyers waiting for certainty to return to this uncertain world of ours? Is there some expectation that rates will drop another percentage point or two and make a difference?
One of the strangest things I’ve heard from agents showing one of my listings is that buyers want to get the home for cheap enough so that if they have to move in a year, they won’t lose money on the investment. When did buying a home for our family become something other than a long-term investment in which we plan to establish stability and become part of the community? If you're curious about the appreciation of home values on the island, click here.
Whatever it is, it does not make sense to me. I’ll share my counsel that I gave last month. It’s the same advice that Mairead and I have applied three times in our life together: as the famous actor and social commentator Will Rogers once said: “Don't wait to buy real estate. Buy real estate and wait.”
And believe me, many sellers are waiting for you to bring an offer to negotiate.
Thanks,
Jason
P.S. Sharing the love of some clients
We hired Jason because he had a great reputation as a former educator within our community. We knew that he was not only a personable and reputable individual, but he also knew the Island’s housing market very well. Jason LISTENED to our needs and desires and took the time to really get to know us as people and not just as his clients. He was very patient and somehow able to deliver homes that met our criteria over and over. That’s no small feat considering the size of Bainbridge Island! We would absolutely recommend Jason! His honesty and work ethic are priceless!
- Marcus & Heidi Kitley
Real estate Sales on Bainbridge Island in August 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 August.
If you would like, I can sign you up for an auto search so you can follow a specific niche of the market.
September Single Family Home Sales
September Vacant Land - N/A
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