Bremerton Market Burns Bright--August 2020 Market Report
Like the rest of the country, the real estate market in Bremerton continues bubbling along in a parallel universe. I’ve been wondering lately when pent-up demand becomes normal. We’ve been experiencing heavy (we've been calling it pent-up) demand for more than a year. By heavy demand I mean that the norm is multiple offers on every property. Last week, one of my listings received 17 showings in one day. With the Covid-19 showing guidelines, this meant that there were back to back showings for almost 9 hours. The seller is choosing the buyer tomorrow. I just received a text from an agent asking if we had 8 or 10 offers in hand. She was serious... Heady, adrenaline-filled times... Seems like it’s been going on forever and it seems like it will last forever.
New listings were up 13% from August 2019. Coincidentally, they were up by the same amount from the previous month.
Homes active on market were down a whopping 41% from a year ago as eager buyers gobbled up listings as soon as they hit the market—fueled by low interest rates and multiple offers. The median market time (including the much-longer new construction market time) was an astonishing 5 days. 5 days from hitting the market to a negotiated purchase and sale agreement.
There were 212 properties under contract in August of 2020; up from 167 the year before. A good portion of these are new construction detached single family dwelling units. Townhouses are becoming more prevalent in the market as families are priced out of traditional detached units.
152 closed sales in August—down 15% from the year before. I’m blaming the new construction market, since most of these properties have extended escrow periods as the properties are built out.
Finally, the median price grew a respectable 11% Bremerton wide. 98337 and 98310 continue to fight for dominance in the property appreciation division. This month, the average property in 98337 appreciated 15% year over year. Compare that to 16% for 98310 in the same time period.
Speaking of new construction, I had the opportunity to tour Soundview Estates over off Werner Road. What amazing views! You can see Seattle, Mt. Rainier AND Mt Baker. The homes are beautiful. In my opinion, they are providing the best value in new construction in the whole county right now.