Authored By: Jo Soss : WestSoundLive.com
Here is the Real Estate Market Activity for January - December 2008. This is the last Market Activity Report for 2008! I have put a link to all of the others at the end of this post. In the year 2009 I am going to come up with something a little more fun.
On December 31st there were 460 homes for sale with 2 of those homes listed as a contingent sale and 14 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 14 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) - this will be changing in December. You will be able to go to broker websites and see the status. Ie:
Public Display of Pending Listings
In response to the request from the membership, effective Monday, December 15th, listings in the Pending, Pending Inspection, Pending Feasibility, and Pending BU Requested status will be available for public display on broker websites.
During the Month of December 55 homes were new to the Bremerton area Real Estate Market.
During the Month of December 40 homes went under contract and were removed from the active Bremerton homes data base. The median price for Bremerton area homes was $199,950 with a market time of 109 days (median).
During the Month of December 45 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 94 days (median) and sold for a median price of $199,500.
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 50.054 weeks or approximately 11.55 months of inventory if the current conditions remain unchanged. These figures have decreased this month by approximately 8 weeks. Less inventory is the reason. Remember absorption rates track trends. Let's hope that 2009 will see us in the normal market of between 5 and 6 months of inventory. Normal markets in my honest opinion are best for everyone.
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
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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.
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“Statistics not compiled or published by NWMLS.”
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All information deemed reliable, but not guaranteed
Jo Soss-Olson · WestSoundLive · Copyright © 2008 · All Rights Reserved
Author:Jo Soss
Jo Soss is the designated Broker and the owner of Homefront Realty in Bremerton Washington. Selling real estate in the greater Puget Sound area since 1994 she has vast knowledge in all aspects of a real estate transaction. Using today's technology with her signature personal service allows her to achieve complete customer satisfaction.
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Jo as usual you have done an outstanding job with you local market report. It is easy to see you know your market inside and out!