Bremerton Real Estate | Homes Sold Past 2006-2007-2008-2009
Home prices in Bremerton continue to adjust to the changing market in Kitsap County. The median selling price of a Bremerton home in December was $206,000 and in 2007 the median home price was $242,950.
While sell numbers for the year were stronger than 2008 it is still too soon to say the market has bottomed out. We still have an issue with the many short-sale properties on the market that may lead to more foreclosures.
I think the market is trying to recover but with the number of short sales and foreclosures that are expected to grow in 2010 and 2011 it will be a struggle. Unless we can get banks to price their properties at current market value they will continue to drag the market down.
Currently in the Bremeton home market there are 59 short-sales and 36 foreclosed on homes for sale. This represents 22% of the total inventory which is 425 homes on the market. Because of these distressed properties prices may continue to slide. The problem being the appraisal process and what these distressed properties once they have sold do to the market value of a neighborhood.
The local Bremerton home inventory has decreased dramatically over the last 18 months and is getting closer to what would be considered a more balanced market. There is currently approximately 5 months of inventory which, a few months back was almost 12. Still a buyer’s market but with niche seller’s markets in certain price ranges. The first-time home buyer markets can and have seen multiple offers on certain properties.
With the continuing and expanded tax credit and 40 year low interest rates the Bremerton market will continue to improve because of the typical lower prices than the rest of Kitsap County.
It may take a decade to get back to a steady rise of annual 3-5% rise in home values, but a home is still a good investment lending to benefits in other parts of your financial situation like interest deduction.
The bar chart below shows how many homes sold by month and year for 2006 through 2009. The numerical chart below shows the actual numbers.
The following bar chart shows the average and median sold prices for the same years along with the days on market which is how many days it took the homes to sale.
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 Bremerton WA 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.
