I can't believe that the first quarter of the year is already in the books! Let's look at some real estate market data for the Bremerton area. All of these real estate market statistics combine residential and condominium homes in the Bremerton area. What is the Bremerton area? I define the Bremerton area with any address that has Bremerton listed as the city. Sure these homes may not be in the city limits of Bremerton but if someone asked you were you lived you would say - Bremerton, East Bremerton, West Bremerton, over by the fairgrounds in Bremerton, on Manette in Bremerton, ect. So for the purpose of real estate market statistics there you go, Bremerton.
Currently there are 454 homes for sale in the Bremerton real estate market. So, the question many ask me is whether the market is a buyers or a seller's market. My answer is never a simple one because there are markets with in a market. I do believe that in Bremerton it is a buyer's market still because of the absorption rate that homes are selling. Last month there were 59 homes sold in the Bremerton real estate market. That would mean that we have an absorption rate of 7.7 months of real estate inventory. However, in some areas of Bremerton you will find homes selling for full price in a short amount of time with more than one offer. So in some areas it is probably more of a neutral market. More than 7 months of inventory is a buyer's market with 5 or 6 months of real estate inventory is a neutral market.
So what is an absorption rate? It’s the mathematical representation of the relationship between supply and demand. The total quantity of available homes is divided by total homes sold in the previous month. The results represents the number of months it will take, at that same pace, to sell the entire real estate inventory of a local market area.
Here is the a fictitious example:
* Kitsap County has 989 homes currently on the market.
* Last month, 92 homes sold
* 989 / 92 = 10.75
* So the Kitsap County area has 10.75 months of inventory.But, remember that is only true if the market stays the same.
Below you will find some charts that will give you an idea of how the Bremerton real estate market is stacking up to the years past. The median sales price of Bremerton homes for 2011 is the lowest of the last 3 years. The days a house stays on the market has risen compared to the first quarter of 2010 by almost 20 days and almost the same as 2009.
Here is an article you might be interested in if you are thinking of selling your Bremerton area home.
Author:Jo Soss
Jo Soss is the designated Broker and the owner of Homefront Realty in Bremerton Washington. Selling real estate in the greater Puget Sound area since 1994 she has vast knowledge in all aspects of a real estate transaction. Using today's technology with her signature personal service allows her to achieve complete customer satisfaction.
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