Bremerton WA Real Estate Market Report Recap | October 2008
November 13, 2008 by Jo Soss-Olson
Filed under 4) Bremerton, 7) Blog
Authored By: Jo Soss : WestSoundLive.com
Here is the Real Estate Market Activity for January - October 2008. Check back each month to see the monthly 2008 trend for Bremerton WA.
On October 31st there were 570 homes for sale with 5 of those homes listed as a contingent sale and 34 homes listed as Pending Inspection (new NWMLS term STI was replaced) which means there is a contract that has been presented and accepted by the seller with the condition of the home inspection or a feasibility study.
Once the home inspection has taken place these x homes will either go back on the market or be listed as pending. These homes are not available for public view and will not show in the active section of the Northwest Multiple Listing Service. (NWMLS)
During the Month of October 91 homes were new to the Bremerton area Real Estate Market with a median price of $226,000.
During the Month of October 40 homes went under contract and were removed from the active Bremerton homes data base. The median price for Bremerton area homes was $208,400 with a market time of 97 days (median).
During the Month of October 78 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 110 days (median) and sold for a median price of $224,000.
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.
The Absorption rate in the Bremerton area is 31.67 weeks or approximately 7.30 months of inventory if the current conditions remain unchanged. These figures have increased. Remember absorption rates track trends.
Using absorption rates can help you define markets. 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
Jo Soss-Olson · WestSoundLive · Copyright © 2008 · All Rights Reserved
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