Bremerton Real Estate Absorption Rates 2008

The Definition of Absorption Rates:

Number of weeks it takes to sell the current inventory at the present rate of sales. Using absorption rates can help you define markets. My definition breaks down like this…

Normal Market - Between 5 and 6 months of inventory. (21.65 - 25.98 weeks)

Seller’s Market - Between 1 and 4 months of inventory. (4.33 - 17.32 weeks)

Buyer’s Market - 7 months and higher. (30.31 plus)

Now remember that absorption rates just track trends and isn’t an exact science! Here is the absorption rate trend for 2008.

Bremerton WA Real Estate Market Report Recap | October 2008

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

 

Bremerton’s Blueberry Meadows

History

Blueberry Meadows in East Bremerton is located off of Pine Road just down from Pine Crest Elementary. Kitsap County shows final plat approval in 1998 with the first homes being completed in 2000. Blueberry Meadows was built by several reputable builders including Capstone Homes, Premier Homes and Camp Corp. Built in several phases over a few years, the community is comprised of approximately 176 home sites.

With an active Homeowners Association and a community that takes pride in their neighborhood, home values are solid. The Blueberry Meadows community offers several private amenities, such as a neighborhood park, monument entrances and RV/Boat storage area. The neighborhood park has a basketball court, tot play area and a covered picnic spot, all backing to a wood gorgeous greenbelt type area.

Homes Styles

The floor plans are many and include 1, 1.5 and 2 story ranging in size from just shy of 15 to just over 2300 square feet. (Per county records). Many plans feature open main floor plans with vaulted ceilings while others are of a more northwest traditional 2 story plan. You will find 3 and 4 bedroom plans, some with huge bonus rooms, family rooms, some with lofts, most with gas fireplaces and of course master suites with baths, and walk-in closets. Variety is the key at Blueberry Meadows.

Home Site Lot Sizes

The lot size in Blueberry Meadows range in size from approximately 3000 to just over 6000 square feet.

Schools*: Central Kitsap District #401

Elementary: Pine Crest Elementary

Junior High: Fairview Junior High School

High School: Olympic Senior High School

Blueberry Meadows Current Market Report – Updated October 25, 2008

• Currently there are 3 Active Listings on the Market with an Average List Price of $253,317. These homes have average days on market of 105.
  
• Within the last 10 months, 11 homes have SOLD and closed with an Average Sales Price of $265,795. These homes had an average day on market time of 145.
  
• During the last 10 months 9 homes have not sold and were removed from the market. They had an average list price of $275,311 and were on the market an average of 75 days.

Find Out What Your Blueberry Meadows Home is Worth Without Obligation!

*Always check with the School District for the most recent boundary. You can find this information out the quickest by calling the District Transportation office.

Blueberry Meadows

Directions

Driving directions to NE Beaumont Lane

4.3 mi – about 12 mins

View Larger Map

Seabeck’s Lake Symington Market Report

This charming lake community offers beach access, community center, playground, basketball court, baseball diamond & even a salmon ladder. Lake Symington is a lovely area to look for your next Bremerton area home.

Currently there are 16 Active Listings on the Market with an Average List Price of $243,114.

Within the last 10 months, 23 homes have SOLD and closed with an Average Sales Price of $242,294.

If you live in the Lake Symington Area and would like to know what your Lake Symington Home is worth, you can request a free Lake Symington Market Anyalysis by filling out the Your Home’s Value (CMA) Request

Navy Yard City - A City? An Island? Or just Bremerton?

I have seen it on a map, I know where it is, but I have no idea why it is called a “city”. This must be part of that Navy history we learn when we move to Bremerton. So what is Navy Yard City? Is it really a city? Navy Yard City is approximately 225 acres of unincorporated land that is surrounded by the City of Bremerton. Doing some research on the City of Bremerton’s web site I have learned that in 2007 there was an effort to annex this area into the City of Bremerton. This little blurb that I did find was interesting and gave me some facts to ponder. Because Navy Yard City isn’t fully surrounded by Bremerton it is not considered an island – who would have thought (wink wink). Being more than 60% surrounded by the City of Bremerton the area is eligible for what the city describes as, “abbreviated annexation process initiated by City Council if an interlocal agreement with Kitsap County is completed. This annexation method (created by the 2003 State Legislature) is referred to as the ‘island interlocal’ method.” Ok… and this article was written in 2007. The City of Bremerton was to initiate with Kitsap County regarding annexation in February of 2007. After reading Andrew Binion’s post on his Bremerton Beat Blog, I realized that this area must still be unincorporated. I wonder why? I have searched the Kitsap County web site for information – did the Google thing and haven’t really found any information that explains why this area hasn’t been annexed. Maybe the business and residences objected. I was really surprised to see the boundary for this area, I knew it was located between State Route 3, State Route 304 and into the local Bremerton area, but I had no idea how far “into” Bremerton it is. There is a huge mixed use area, filled with residential housing, commercial and industrial areas. Check out the map by clicking this link to Bremerton’s document. Potential Annexation Navy Yard City

Currently there are four homes for sale in the area with list prices between $129,950 and $179,000. If you would like more information on these properties just email me and I will be happy to email you the NWMLS listing data. No strings.

View Larger Map

Is it a Ranch or a Rambler?

American Ranch, Western Ranch, or California Rambler are housing styles found all over the country. I guess it all depends where you live in choosing the term for a single story house plan. Working with relocation buyers to the Bremerton area I find it very interesting what areas of the country use what which term. I grew up calling them ramblers but have changed to using the term ranch once I entered the real estate profession. I believe the term Ranch is used by more real estate consumers than rambler.

What are the features of a ranch style home?

• Single story
• Low pitched roof
• Rambling (maybe that is why I used the term rambler) layout - Long and narrow
• Large windows: some double-hung, some sliding, and large living room picture windows
• Sliding glass doors leading out to patio (Updated to French doors, these days)
• Attached garage
• Very Simple floor plans
• Emphasis on openness (few interior walls) and efficient use of space

World War II always seems to play a roll in what we have today. When soldiers were returning from war amass the simple, economical Ranch house was built in huge quantities very quickly to meet their housing needs. I think this is where the whole “cookie-cutter” idea was born for the housing market.

Sure there are ranch style homes that show no style but there are also ranch style home designs that offer plenty of curb appeal. As the baby boomer generation ages these ranch style homes will be in huge demand all over the Bremerton area. With the cost of land we have went years without really including this style of home in the typical housing development. Large ranch homes will see their day and their prices will reflect their demand.

Just for Fun - Kitsap County 24

As a real estate professional in Kitsap County, I spend several hours a day doing market research for many different types of clients, first time homebuyers, new construction consumers and military members relocating from here or to here.

Some of my clients want to know what is new – some want to know what has sold and some of my clients just like to know about activity.

Not all of my clients are in the market now. They will be some day and so I provide them with history, data and information they request to make decisions that concerns their home search – home sell part of their life.

Below is a look at the past 24 hours in the Kitsap County home market. As of 10/08/2008 at 10:50 am.

The new homes on the market during this 24-hour period are located in Bremerton, Port Orchard, Poulsbo and Bainbridge Island. These nine homes range in price $149,900 - $545,000. Can you guess where they are located? Some of these homes are new construction; some are craftsman style homes built in the 1940’s. Some of these homes have views and some do not. Some of these homes sit on large lots and some sit on small cozy ones. If you would like to see the photos or receive, more information just send me your email and I will send off the list to you.

Check out other Market Report type posts.

Bremerton Real Estate Market Recap 2008

WESTPARK : BHA Receives 20 Million Dollar Grant

Check this out from Bremerton’s Mayor Bozeman’s October Newsletter….

Bremerton Housing Authority Receives 20 Million Dollar Grant
Congratulations to Executive Director Kurt Wiest and the Board of the Bremerton Housing Authority for being awarded a Hope 6 grant of 20 million dollars to be used in the redevelopment of the Westpark Housing Community. Only five grants were given out by HUD throughout the country. These funds will allow the Housing Authority to move ahead with the redevelopment of the 60-year-old low-income housing community. New housing and support services will be built in the next five years. This has been a goal of mine since I was elected seven years ago.

If you are not aware of the WestPark Sub-Area Plan, you can read all about “Re-Envisioning Westpark” at the City’s website. (Westpark Sub-Area Plan) This project is so exciting and fascinating to me. Located just off Highway 3 on Kitsap Way, you know the exit where Denny’s and DQ are. Right across from the newer Fire Station #2 located at 5005 Kitsap Way.

Westpark was originally constructed in 1941 as temporary housing for shipyard workers during the time that was World War II and Bremerton played an important roll in keeping the Navy prepared. Westpark today is owned and operated by the Bremerton Housing Authority. The “re-design” of Westpark was envisioned in 2006 with the Westpark Sub-Area Plan and was adopted per Ordinance 4998 in February 2006. The Sub-Area Plan is the development standards for the transformation. Click on the below links to read about all the exciting projects!

• I. Introduction
• II. Public Process & Comp. Plan Consistency
• III. Westpark Sub-Area Plan
• IV. Zoning & Development Regulations
• V. Design Guidelines

Westpark – from what some would call “slums” to high quality design!

From the City of Bremerton’s Website:

Westpark is envisioned as an urban mixed-use, mixed-income, pedestrian oriented community. In the new Westpark, a variety of types and styles of housing will meet the needs of a range of income groups, and retail and commercial opportunities will satisfy everyday shopping needs.

The Bremerton Housing Authority’s website has posted the following information about community meetings that are now in progress.

Community meetings are scheduled to discuss the changes. They will be on Thursdays, September 25, 2008 running through October 30, 2008 from 6:00 – 7:30 pm at the WP Community Center at 76 Russell Rd, Bremerton.

View Larger Map

The 82-acre Westpark site is located in West
Bremerton, bounded by Kitsap Way on the north,
Oyster Bay Way on the east, and State Route 3 on
the west.

Buyers don’t want to Buy Repairs

If you want to speed up the sale of your home in this semi-slow market, you must make sure your home is in top-notch shape.  The days of throwing a “for sale” sign up, attaching a lock box, and entering your home on the internet are long gone.  Buyer’s are in charge now and they are more educated than ever. The internet has allowed buyers to learn and become experts in the home buying process.

You as a home seller must now educate your self to what a “buyer’s market” is and what it means to you as a home seller.  You are going to have to work hard and team up with many professionals to be the shining star on your block - where in reality there is a constellation of homes on the market.

I am sure you have read all of these tips before and now you need to implement them.

1.  You will not be living here anymore - so take down your personality.  Remove all of your “do dads”, “trinkets” and photos of Aunt Carolyn’s last birthday.  You want your home to look like a new construction model home.  Bring a real estate home-staging professional on board your team.

2.  Pack it up. You will be moving so rent a storage locker and move some of the crap family’s belongings out.  Buyers want to see how spacious your home is.  They want to imagine their crap possessions in your home.

3.  Get it fixed! The title says it all, “Buyer’s don’t want to buy repairs”, and they don’t!  I know several of you have a few of those small little projects you have been meaning to finish.

• Replace the cracked bathroom tile
• Re-caulk the Kitchen sink area
• Stain the back deck
• Patch the holes where Jason hung his CD collection
• Touch-up paint the baseboard molding
• Re-attach the end gutter piece
• Put that one electrical plate cover back on
• Replace the vinyl in the laundry room where you ripped it while trying to move the washer
• Install a new toilet in the kids bathroom

4.  Do everything you are told. You are going to be hiring professionals to assist you in selling your home. Did you see that word “assist”?  You need to remember you are a part of this team and you will have to pull your weight with the home selling plan.  Your real estate agent, your home stagger and others will have precise instructions on what your roll is and what their roll is. Listen and Implement!

Give me a call if you need to chat about selling your home, I am always available to answer your questions and for FREE.

Bremerton WA Real Estate Market Report Recap | September 2008

Here is the Real Estate Market Activity for January - September 2008.  Check back each month to see the monthly 2008 trend for Bremerton WA.

On September 30th there were 643 homes for sale with 2 of those homes listed as a contingent sale and 67 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 67 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 September 116 homes were new to the Bremerton area Real Estate Market with a median price of $236,250

During the Month of September 108 homes went under contract and were removed from the active Bremerton homes data base. The median price for Bremerton area homes was $221,250 with a market time of 102 days (median).

During the Month of September 66 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 87 days (median) and sold for a median price of $227,275.

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 42.21 weeks or approximately 9.74 months of inventory if the current conditions remain unchanged. These figures have increased. We are now have 2 more months of inventory than what the stats showed in August.  Of course the sold count for September was down while the homes new to the market increased just slightly. Pending in September was a good healthy number and so next month the figures will reflect that data. Remember absorption rates tracks 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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