Bremerton Market Report--July Edition

In July, 181 new listings were added to the Bremerton real estate market, compared to 192 in 2019. New construction in 98312 and 98311 accounted for a hefty portion of this number. 98310 was noteworthy for the reduction in new listings year over year: only 31 compared to 58 a year ago. 98312 continues being the post-pandemic leader with 84 new properties added.

Pent-up demand fueled by historically low interest rates and post-covid lifestyle changes (?) was made clear in the remarkably low number of just 182 properties available for sale at month’s end. This continues the downward trend for properties available for purchase. There were 305 properties available for sale on July 31, 2019.

Pending sales were up 24% from July 2019. 98310 was the only zip code that posted a drop in the number of pending sales from the same month a year ago. Maybe this was making up for the stellar month that was June? In 98312 and astonishing 90 properties went pending in July—up two-thirds from a year ago.

179 properties changed hands in Bremerton in July—down slightly from the 183 in July 2019. Last month’s pending sales

 

The median price in Bremerton was $361,378.00 in July. What happens to property values when the interest rates return to ‘normal?’ Are these low rates permanent? Those are just two questions that keep real estate agents up at night!

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