Bremerton WA Real Estate Market Report Recap | June 2008
July 5, 2008 by Jo Soss
Filed under 4) Bremerton, 7) Blog
Here is the Real Estate Market Activity for January – June 2008. Check back each month to see the monthly 2008 trend for Bremerton WA.
There are currently 691 homes for sale with 5 of those homes listed as a contingent sale and 43 of those listed as Pending Inspection (new NWMLS term STI was replaced) 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)
During the Month of June 182 homes were new to the Bremerton area Real Estate Market with a average price of $291,686.
During the Month of June 61(29 more than May!) homes went under contract and were removed from the active Bremerton homes data base. The median price for Bremerton area homes was $235,000 with a market time of 73 days (median).
During the Month of June 55 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 68 days (median) and sold for a median price of $229,950.
The Absorption rate in the Bremerton area is 54.45 weeks or approximately 12.70 months of inventory if the current conditions remain unchanged. That figure sure looks bad. However, if you look at the pendings for June which will close in July – July’s figure should really improve the months of inventory.
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 .
“Statistics not compiled or published by NWMLS.”
Equal Opportunity Housing
All information deemed reliable, but not guaranteed
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