February 2021 Bremerton Market Report

Happy March!

February 2021 continued the brisk sales pace of the last ten months. Despite a (perfectly-timed and luxurious) snow weekend for St. Valentine day, prices continued exploding and inventory kept collapsing. County wide, there were 313 new condos and single family units put up for sale; 368 pending sales, and 251 residential transactions closed in February. The median price for Kitsap (including Bainbridge Island) is now at $427,500. Experts say that there is about two weeks of supply active on market. Down from about 41 days a year ago—right before the lockdown.

BREMERTON 

In Bremerton, there were a total of 121 new properties put up for sale, down from 142 a year ago. All zip codes showed a slight decline except 98337, which was up 5 units from a year ago.

Active properties were just 43% of last year’s level: 92 in 2021 compared with 213 ending February 2020. New construction is sold out through September 2021. That is, the earliest new construction move-in dates will be in October—when the builders finally release the next round of available properties.

Pending sales are up 20% from a year ago. Interestingly, there is a surge happening in 98337. This is the area between roughly Naval Ave and Washington Ave, and Port Washington Narrows and the Shipyard: Union Hill, College area, by Evergreen Park and Downtown.

Closed sales are up a whopping 34% from last year.

The median price is now $378,750 in Bremerton. A record, needless to say.

If you are thinking about selling, Now is the time.

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