Puget Sound Real Estate

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.

Why Sell in a Buyer's Market

Huge remodel completed in 2008. Remodel included upgraded Maple raised panel cabinets, appliances, granite look counter, extra large sink with designer faucet, bath vanity, mirrors and lights. All new paint and newer carpet with all new 6-panel doors through-out both levels. Master suite in lower level to include a huge bonus, bath and over-sized bed area. Large wardrobe to stay for extra amount of master closet space. Lots of parking! Storage building and BIG party deck.

Photo Gallery Description Huge remodel completed in 2008. Remodel included upgraded Maple raised panel cabinets, appliances, granite look counter, extra large sink with designer faucet, bath vanity, mirrors and lights. All new paint and newer carpet with all new 6-panel doors through-out both levels. Master suite in lower level to include a huge bonus, bath and over-sized bed area. Large wardrobe to stay for extra amount of master closet space. Lots of parking! Storage building and BIG party deck. Features Bedrooms: 2 Bathrooms: 1.5 Parking Spaces: 2 Year Built: 1921 School District: Bremerton Square Footage: 1364 Agent Name: Jo Soss Broker: Homefront Realty MLS #: 167006 Location 226 S Lafayette Ave Bremerton WA 98312 Powered by vFlyer.com vFlyer Id: 3974827

 

During the month of April there were 61 homes that sold in Bremerton.  (That is 8 less sold homes than in March.)  These Bremerton homes actually had a transfer of home ownership.  Contracts complete and Lender funds available the home buyer and seller signed all of their documents as escrow prepared the closing packages.  Once all the I's were dotted and the T's crossed there where deeds recorded at the Kitsap County courthouse that transferred the property into the new home owner's name!