We can FINALLY look back and see the peak and the bust. The figures are not pretty and we still have a long way to go, but its nice to see what really happened instead of reading all the speculation.
Real Estate Bubble:
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A real estate bubble or property bubble is a type of economic bubble that occurs periodically in local or global real estate markets. It can be identified through rapid increases in valuations of real property such as housing until they reach unsustainable levels and then decline. …
The Bremerton Real Estate Bubble was identifiable due to the rapid increase in housing prices and yet it can only be definitively measured in hindsight after we had the market correction. So what year were we at the peak? Over the last 10 years the year 2007 showed us the highest median sales price for Bremerton Real Estate. That year we reached a median sales price of $242,950, which wasn’t that much higher than the year 2006 at $239,500. So, if you purchased in 2006 or 2007 you are a victim of the Bremerton Real Estate Housing Bubble.
When did the Bremerton Real Estate Bubble burst? for the first year after 2007 the decline was 5.351% which wasn’t too devastating. Then cam the years of 2011 and 2012 which took the median price down to the cellar in the mid to low $180′s. Now that is devastating! We saw a slight increase in median sales price in 2013 over 2012 of 2.757% and are about 7% higher than the year 2004. If you purchased in 2004 and didn’t refinance at the higher market values you can sell your home today and make a marginal profit. Those of us that purchased during the boom years will have to wait several more years to sale the traditional way. Short sales will still be the only way for hundreds of Bremerton home owners. I hope we see an increase in 2014.
The year 2005 had a huge 26.492% increase over the year 2004!
“Statistics not compiled or published by NWMLS.” “Equal Opportunity Housing All information deemed reliable, but not guaranteed.”
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