Bremerton WA Real Estate | Homes Sold October 2011

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

During the first couple of months of 2011 there have been 330 home that sold in Kitsap Coutny.  These Kitsap County homes actually had a transfer of home ownership.  Contracts complete and lender funds available, home buyer and seller signed all of their documents as prepared by escrow.  Once all of 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.

If you want to learn more about how we transfer property in Washington State a really great site to visit is the Escrow Association of Washington site. There you can find definitions and explanations of the home buying process for Bremerton Washington.

Bremerton Homes Sold:  109 with an average asking price of $201,909 and a final sales price of $196,710.  These homes took an average of 159 days to sell.

Port Orchard Homes Sold:  93 with an average asking price of $228,224 and a final sales price of $222,127.  These homes took an average of 140 days to sell.

Poulsbo Homes Sold:  43 with an average asking price of $310,416 and a final sales price of $299,727.  These homes took an average of 166 days to sell.

Bainbridge Island Homes Sold:  44 with an average asking price of $552,523 and a final sales price of $529,570.  These homes took an average of 260 days to sell.

Silverdale Homes Sold:  13 with an average asking price of $276,531 and a final sales price of $265,837.  These homes took an average of 116 days to sell.

 

What do these numbers mean? Is it a good time to buy? Is it a good time to sell. It all depends on your individual situation. I would rather buy in a buyers market and I would rather sell in a buyers market if I have to buy another home with the proceeds. I am a fan of the NORMAL market – everyone can feel more comfortable and real estate transactions are not as stressful.

If you would like to find out the value of your home please feel free to contact me via phone or email. I would be more than happy to supply you with a FREE Market Analysis.

If you would like to purchase a home in the Kitsap County Real Estate Area please give me a call or contact me via email. We can discuss your future plans and I can set you up on an email campaign to receive the hot new listings quicker than YOU can find them.

“Statistics not compiled or published by NWMLS.” Equal Opportunity Housing All information deemed reliable, but not guaranteed”

 

Here is one of our FEATURED LISTINGS located in West Bremerton with in walking distance to PSNS. Recently remodeled this Bank of America Short Sale is approved at the listed price of $122,000. We are ready to continue the short sale process but just need a buyer to do it with.

 

 

 

Single story on private lot located on a nice residential street. Original oak hardwoods just uncovered ready for finishing or install your carpet. Nice fireplace as focal point of over-sized living room. Large eat-in kitchen with newer oak cabinets and all appliances. Three bedrooms all with oak hardwood and large closets. One bedroom could be used as a formal dining room with slider to the covered patio. Lots of parking - 1 single car plus attached carport. Washer/Dryer stay too!

 

Priced at $139,000

Bedrooms:  3 Bathrooms:  1 Home Size:  962 sq.ft. Garage:  1 Lot Size:  8,276sq.ft. Community:  East Bremerton County:  Kitsap Property Type:  Single Family Detached Year Built:  1960

 

 

www.722WallinStreet.com

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 November  there were 55 homes that sold in Bremerton. [zip codes: 98310, 98311, 98312, 98314, 98337]. 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!

If you want to learn more about how we transfer property in Washington State a really great site to visit is the Escrow Association of Washington site. There you can find definitions and explanations of the home buying process for Bremerton Washington.

Let’s look at those 55 [up 12 from October] Bremerton homes -

Average List Price

• $209,333 [October - $208,038 - September - $213,497 - August $225,931 - July - $229,322 - June- $217,283 -May- $199,895 -April- $197,429 - March -$202,739 - February -$220,258 - January -$203,640 December -$224,396]
• $117 per square foot

Average Sold Price

• $187,842 [$187,906 - October - September - $207,218 - August - $219,630 - July - $207,610 - June - $209,182 - May-$195,044 - April -$192,860 - March -$198,231 - February -$213,465 - January -$201,166 - December -$218,171 ]
• $105 per square foot

The average sq ft of these 55 Bremerton homes was 1792 sq ft. These homes spent an average of 84 days on the market (DOM).

The list to sale ratio for these homes was 89.73 percent. What that meas is that buyers offered 89.73% of what the seller requested. This is the first time this year there has been a real different in list to sale ratio.

What do these numbers mean? Is it a good time to buy? Is it a good time to sell. It all depends on your individual situation. I would rather buy in a buyers market and I would rather sell in a buyers market if I have to buy another home with the proceeds. I am a fan of the NORMAL market – everyone can feel more comfortable and real estate transactions are not as stressful.

If you would like to find out the value of your home please feel free to contact me via phone or email. I would be more than happy to supply you with a FREE Market Analysis.

If you would like to purchase a home in the Kitsap County Real Estate Area please give me a call or contact me via email. We can discuss your future plans and I can set you up on an email campaign to receive the hot new listings quicker than YOU can find them.

“Statistics not compiled or published by NWMLS.” Equal Opportunity Housing All information deemed reliable, but not guaranteed”