January Market Trends: Eastside & Bainbridge Island Real Estate

As we step into 2025, the local real estate market continues to show significant shifts on the Eastside and Bainbridge Island. Here’s a snapshot of January’s trends:

Eastside Market Overview

The Eastside continues to experience a dynamic real estate environment with two months of supply. Homes are selling at a 99% asking price, demonstrating the resilience of the market and a steady demand for listings. However, the total number of homes sold saw a decline of 21.8% month-over-month (MOM), but a 10.1% increase year-over-year (YOY), indicating the market is still ahead of last year despite the recent slowdown.

New listings have surged by 180.7% MOM and 139.1% YOY, providing buyers with more choices. This significant uptick is likely driven by sellers capitalizing on favorable market conditions. The median sold price on the Eastside has seen an 11.2% MOM increase, reaching $1.7M, which marks a notable 17.9% jump compared to January 2024.

Key Takeaways for Eastside:

2 months of supply, showing a balanced but active market.

229 homes sold, a drop of 21.8% MOM but a solid increase of 10.1% YOY.

New listings up by 180.7% MOM and 139.1% YOY, offering more inventory for buyers.

99% of asking price, showing that homes are still in high demand.

The median price of $1.7M, up 11.2% MOM and 17.9% YOY, reflects the ongoing strength of the market.

Bainbridge Island Market Overview

Bainbridge Island is seeing slightly different trends with 2.2 months of supply and 18 homes sold in January, a significant 40% decrease from the previous month. However, there is a 20% increase in sales compared to January 2024, showcasing the market’s ability to recover year-over-year.

New listings on Bainbridge Island have risen by 69.2% MOM and 83.3% YOY, providing more options for prospective buyers. The median price has decreased slightly by 1.3% MOM, reaching $1.3M, but is down 5.2% from last year, signaling a softening in prices compared to 2024.

Interestingly, homes are selling for 91% of asking price, which is down considerably from 71% MOM and 5.2% YOY, suggesting that sellers may be adjusting their expectations amid the slower pace of sales.

Key Takeaways for Bainbridge Island:

2.2 months of supply, indicating a balanced market, though inventory is limited.

18 homes sold, a sharp drop of 40% MOM but a 20% increase YOY.

New listings increased by 69.2% MOM and 83.3% YOY, expanding choices for buyers.

Homes are selling for 91% of asking price, a drop from previous months, indicating more negotiation room for buyers.

The median price of $1.3M, down 1.3% MOM and 5.2% YOY, reflects a slight softening in prices.

Conclusion

January has shown us two different yet interrelated trends on the Eastside and Bainbridge Island. While the Eastside continues to see strong growth in home prices and listings, Bainbridge Island is experiencing a more cautious market with fewer sales and lower sale prices. Buyers in both areas may find opportunities depending on their location and price range, with Eastside homes in higher demand, while Bainbridge Island may offer more room for negotiation.

Whether you're buying or selling, understanding these trends will help you make informed decisions in the coming months. Stay tuned for updates as we move further into 2025!