Market Trends for November 2024

As we move through the final months of 2024, the real estate market continues to show interesting trends across the Seattle area. Whether you're buying, selling, or simply staying informed, understanding the latest statistics can help you make confident decisions. This month, I’ve analyzed the numbers for The Eastside and Bainbridge Island—two vibrant markets with unique dynamics. Let’s dive in!

The Eastside

• Market Conditions: The Eastside remains in a seller's market, with only 1.2 months of supply, indicating strong demand and limited inventory.
• Homes Sold: There were 430 homes sold, a 22.4% decrease month-over-month (MoM) but a significant 19.8% increase year-over-year (YoY). This suggests a seasonal slowdown typical for November but stronger activity compared to last year.
• New Listings: There were 273 new listings, down 48.2% MoM but up 7.3% YoY. This reflects a seasonal drop in listings but slight improvement in inventory compared to the previous year.
• Percentage of Asking Price: Homes sold for an average of 99% of the asking price, unchanged MoM and up 2.1% YoY, signaling a competitive market.
• Median Sold Price: The median sold price was $1.6M, reflecting a modest 0.7% increase MoM and a strong 10.4% increase YoY, indicating steady price growth despite lower monthly activity.

Summary: The Eastside remains competitive, with limited inventory driving up prices and maintaining seller advantage. The YoY increases in sales and price indicate robust demand compared to last year.

Bainbridge Island

• Market Conditions: Bainbridge Island is also in a seller's market, with 1.9 months of supply, slightly closer to a balanced market than the Eastside.
• Homes Sold: There were 26 homes sold, a 3.7% decrease MoM but a notable 28.2% increase YoY, showing seasonal softening with stronger activity than last year.
• New Listings: Only 15 new listings were added, a sharp 54.5% drop MoM and 16.7% decline YoY, highlighting constrained inventory.
• Percentage of Asking Price: Homes sold at 87% of the asking price, a significant drop of 11.2% MoM and 12.1% YoY, suggesting buyers may have more negotiation power compared to other areas.
• Median Sold Price: The median sold price was $1.6M, up a striking 42.1% MoM and 6.1% YoY, indicating high-value properties likely contributed to the overall price growth.

Summary: Bainbridge Island shows a more nuanced market, with fewer homes sold and a larger gap between asking and sale prices. However, the strong growth in median price indicates that higher-end properties are driving the market.

Whether you're buying your first home, selling your property, or investing in the real estate market, staying informed is key to success. Both The Eastside and Bainbridge Island continue to offer opportunities for buyers and sellers, despite the challenges of limited inventory and shifting dynamics.

If you’re thinking about starting your real estate journey or have any questions about the market, I’d love to help. Reach out anytime—I’m here to guide you every step of the way.