Market Trends for December 2024

As we close out 2024, the Seattle area real estate market remains dynamic, with distinct trends shaping The Eastside and Bainbridge Island. Whether you’re considering buying, selling, or just staying informed, understanding these shifts is essential. Let’s take a closer look at the latest numbers.

The Eastside

Market Conditions: The Eastside continues to be a strong seller's market with only 1.3 months of supply, consistent with November, reflecting limited inventory and high buyer demand.

Homes Sold: 290 homes sold in December, down 33.3% month-over-month (MoM) and 6.5% year-over-year (YoY). This seasonal slowdown is typical for this time of year.

New Listings: There were just 165 new listings, a 39.1% drop MoM but a 13.8% increase YoY, signaling slightly improved inventory levels compared to last December.

Percentage of Asking Price: Homes sold at an average of 97% of their asking price, a slight 2% drop MoM but up 1% YoY.

Median Sold Price: The median sold price remained strong at $1.6M, dipping 1.1% MoM but increasing 7.5% YoY, indicating sustained value growth.

Summary: The Eastside’s low inventory keeps the market competitive, driving steady price appreciation despite slower seasonal activity.

Bainbridge Island

Market Conditions: Bainbridge Island also holds firm as a seller's market, with 1.3 months of supply, reflecting high demand.

Homes Sold: 30 homes sold, a 15.4% increase MoM and a remarkable 100% increase YoY, demonstrating a robust rebound in activity compared to last year.

New Listings: There were 13 new listings, down 13.3% MoM but up 62.5% YoY, reflecting improved YoY inventory but a seasonal decline.

Percentage of Asking Price: Homes sold at 98% of the asking price, a 12.6% increase MoM and a 2.1% increase YoY, showing a highly competitive market.

Median Sold Price: The median sold price was $1.4M, a 13.1% decrease MoM and a 4.9% drop YoY, signaling a slight cooling in price growth.

Summary: Bainbridge Island’s market remains active, with notable YoY growth in sales and listings. Buyers are paying closer to asking price, reflecting strong demand.

Final Thoughts

Both The Eastside and Bainbridge Island continue to offer opportunities for buyers and sellers despite seasonal shifts. If you’re planning your next real estate move or have questions about these trends, let’s connect—I’d love to help guide you through the ever-changing market.