I have been receiving a lot of interest in regard to how this year has faired over previous years in the Bremerton, WA area. I thought I would do some research for the first six months of sold homes in Bremerton for the years of 2010, 2009 and 2008.
This first chart shows the total number of sales in Bremerton, WA for the last three years.
I think that the first time home buyer tax credit really helped the first six months of 2010. June so far was the winning month when it came to total closings with a high of 88. We are still seeing the effect when it comes to closing because of the extension of the closing date from June 30th to September 30th. The homes that might have needed this extension most likely will close in July with the stragglers, those probably being short-sales will continue to trickle in.
It will be very interesting to see how the year ends. I don't have a crystal ball - will 2010 end up with a higher sold volume? Who knows? The market has slowed a bit.
This second chart shows the list price and sold price figures for the homes sold in Bremerton, WA during the last three years of 2010, 2009 and 2008. When you look at the numbers you will probably be doing a WOW! Look at the loss from 2008!
Of course sometimes all this data just leads us to more questions.
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How prevalent are short sales and foreclosures in the Bremerton/Silverdale/Poulsbo markets? One would think that with the large military population there, that you might have some insulation from that. (Steady incomes, turnover in the market with new buyers coming in on a regular basis).
Thanks for the post.
Dave, in 2010 for the first 6 months there were 2 foreclosures and 36 short-sales in that 448 total. You are correct with the military population we have been pretty lucky. Almost all of my business is with military families. I think that is now going to change and we will see fewer military members purchase homes if they are only going to be here for a 3 year tour. Depending on prices it might not be a good move having to pay closing costs, commissions and state excise tax when selling.