Rapid changes in inflation, interest rates and other economic factors certainly have an impact on real estate prices and sales. But while it’s tempting to make assumptions and predictions on how national trends will affect Bainbridge Island real estate, it’s much more useful to get your information straight from the source.
“The last couple months have given us a forecast on what to expect next quarter,” says Dana Fitzpatrick, MBA, a Bainbridge Island Real Estate Broker with Compass Real Estate. “We are really starting to see the effects of the interest rate increases this month. Homes are still moving, but buyers are being more thoughtful and measured in their approach.”
Bainbridge Island real estate, by the numbers
- Homes for sale up 200 percent: The effect of interest rate increases is most evident in the number of homes remaining on the market. Compared to one year ago (2021), Bainbridge Island single family homes for sale are up 200 percent. In September 2022 there were 54 homes for sale.
- Median days on the market up 325 percent: Velocity of sales is another strong indicator that housing markets are responding to interest rate increases. In September 2022, homes spent a median of 34 days on the market, up 325 percent from last year.
“These changes were reflected in buyer sentiment earlier in the season but really took hold in the August and September metrics. I’d expect it to carry into the start of 2023,” Fitzpatrick says.
What this means for Bainbridge Island
Compared to a year ago, these changes may seem dramatic. But keep in mind that the market was moving at a blistering pace in 2021, and buyers were often forced to rush home purchases.
“In many ways, the current market feels more balanced in terms of negotiation and diligence, and is a change that I welcome,” Fitzpatrick says.
And while buyers now have a little more time and opportunity for inspections and other subjects, Fitzpatrick says sellers have no need to worry on Bainbridge Island.
”Contrary to mass media reporting, the market is still moving and Bainbridge in particular is a market with consistently stable demand.”
Dana Fitzpatrick earned her MBA and spent two decades working as a marketing executive before starting her real estate career on Bainbridge Island. That experience heavily informs her business today, as she implements data-driven marketing services and modern metrics to gather information on pricing and strategy. She was named Best Realtor by the Bainbridge Review in 2021 and 2022. When not in the office, she enjoys spending time with her husband and children. Learn more at danafitzpatrick.com or follow her on Instagram, Facebook and LinkedIn.
