There are 23 days until Spring! There are 64 days until the extended first-time home buyer tax credit expires! Can you believe that! Soon the first quarter of 2010 will be in the books! I thought that I would just look at some market data today and give you all an update for the Bremerton area. This is East Bremerton, West Bremerton, Downtown and any address that has Bremerton listed as the city.
The Bremerton 2010 real estate market is of to just a little slower start than 2009. I think with the uncertainty of the economy the first quarter will close at the same or lower than 2009.
Are short sales effecting the market? I think that short sales effect neighborhoods more importantly than the market as a whole. Currently in Bremerton there are 60 short sale properties. That is just 13% of the total inventory. There are 464 homes on the market in Bremerton right now. The list price for these short sales averages to $221,655 with a 141 days on market.
What about Bank Owned properties? I have to tell you that some bank owned properties really tick me off. For some reason some of the homes are listed below what the true market is and hence really can hurt a local neighborhood. There are currently 30 bank owned homes on the market in Bremerton – just about 6.5% of the total inventory. There are some real dogs out there – some that wouldn’t even be eligible for lender financing! Bank Owned homes are hit and miss – maybe a good buy and maybe a nightmare! These homes are listed for an average of $228,740 with 84 days on market.
To date in the Bremerton Real Estate Market there have been 75 home sold and closed. These homes were listed with an average price of $211,432 and actually sold for an average sales price of $207,600 or 98% of list to sale ratio. These homes were on the market for an average of 101 days.
In 2009 there were 86 homes sold in the Bremerton area for the same time period. These homes were listed with an average price of $216,024 and actually sold for an average sales price of $209,272 or 96% list to sale ratio.
So, there you have a little Market Snap Shot – not real good news but not real bad news. You can contact me with any specific questions on specific properties. I will gladly get you the information I have access to.
