Bremerton Real Estate Market - September 2010

Statistics are for the Bremerton downtown core and west to Kitsap Lake. The market for other parts of Bremerton and its suburbs should be similar. Bremerton homes were selling for a month end median price of $115,000 at the end of September, about 28% lower than a year ago and about 49% lower than last month. These large changes are in part a correction from last month, when the median price appeared to rise sharply because the homebuyer tax credit expiration resulted in a dearth of buyers at the low end of the market and skewed the price distribution of sales upward. The more stable 3 month moving average median price ($162,483) was about 1% lower than a year ago. The Kitsap County 3 month moving average median price is 4% higher than it was a year ago.   Bremerton's 3 month moving average for number of closed sales is 55% lower than a year ago and 31% lower than last month. The market appears to have stalled. The 3 month moving average of closed sales is down 20% Countywide from a year ago.  The 3 month moving average number of Bremerton pending sales is down 28% from last year. The number of Bremerton active listings (165) is less than 1% lower than a year ago. The inventory turnover (total Bremerton homes on the market divided by number sold last month) is 15 months, slower than the 14.4 month turnover last month and the 6.1 month turnover a year ago. The Bremerton market has slowed considerably and is a buyer's market.

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