Bremerton WA Real Estate Market Report Recap | May 2008

Please, forgive me for being so late with the Month of May’s activity, sometimes business gets in the way, which is a very good thing in this market! Here is the Real Estate Market Activity for January – May 2008. Check back each month to see the monthly 2008 trend for Bremerton WA.

This is the Market report for the Bremerton area of Kitsap County which includes the NWML areas of 146,148,149,150 which are areas that all have Bremerton as the city for address purposes.

There are currently 644 homes for sale with 6 of those homes listed as a contingent sale and 44 of those listed as STI (subject to inspection) which means there is a contract that has been presented and excepted by the seller with the condition of the home inspection. Once the home inspection has taken place these 44 homes will either go back on the market or be listed as pending and will not show in the active section of the Northwest Multiple Listing Service. (NWMLS) For all calculation purposes all 694 homes are seen as still being “on the market” because in all reality they are.

During the Month of May 124 homes were new to the Bremerton area Real Estate Market with a median price of $263,975.

During the Month of May 30 homes went under contract and were removed from the active Bremerton homes data base. The median price for Bremerton area homes was $249,450 with a market time of 91 days (median).

During the Month of May 65 homes sold – which means that ownership changed hands and there are new owners listed on the tax records recorded at the Kitsap County courthouse. These Bremerton area homes were on the market 71 days (median) and sold for a median price of $220,000.

The Absorption rate in the Bremerton area is 46.27 weeks or approximately 11.57 months of inventory if the current conditions remain unchanged.

An absorption rate is the mathematical relationship of supply and demand. The absorption rate is the number of months it would take to sell the entire inventory of homes in the Bremerton area of Kitsap County if the pace were to stay constant.

My definition breaks down like this…

Normal Market – Between 5 and 6 months of inventory.

Seller’s Market – Between 1 and 4 months of inventory.

Buyer’s Market – 7 months and higher.

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

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