Real Estate April 20, 2023

Bainbridge Island Market Update: Q1, 2023

If you’re wondering about how our local real estate market is doing, here’s a market update for Bainbridge Island with a look at this year’s first quarter.

Homes that are Properly Prepped are Going Quickly

Pending sales are up! Buyers are looking for new listings and are reacting quickly to those homes that are unique, prepped (pre-listed and repaired), staged, professionally photographed, and, most importantly, priced appropriately for THIS market. The average days on market for these can be under a week. If these things are not done, especially if not priced appropriately, the listing, even with low inventory, languishes on the market. It’s critical to work with a Listing Broker who is honest and direct to achieve success in preparing the home for the market and getting it sold for the highest possible price.

Bainbridge Island’s Market Update for 2023’s 1st Quarter

During the first quarter of 2023, the average sale price on Bainbridge Island was $1.6M. That’s a 10% increase when compared to the first quarter of 2022. While we are seeing some changes in our regional real estate market, the percentage of the list price received on Bainbridge was 97%. For more stats from last quarter, watch our video below.

A Great Selling Broker is Essential

As the interest rates continue to affect affordability, buyers are being careful not to overpay. These buyers must be pre-approved and prepared to move quickly and creatively when their dream home does come on the market. Therefore, it’s essential to work with an experienced Selling Broker who understands how to present your offer in its best possible light.

Why This Market Won’t Be Like 2008

There’s been a lot of talk lately about the housing market in relation to 2008. Our Chief Economist, Matthew Gardner, provides data-driven insights on this very topic in one of his recent videos. You can watch it below, and if you have any questions, feel free to contact me.