March 2021 Bremerton Market Report
It’s now been a little over a year since the pandemic permanently altered the real estate market. Statewide, our vaccination rate is hovering around 15% and it is looking like the log jam is about to break. Seems we’re in a race between a 4th wave of infections—new variants—pandemic fatigue, and getting to critical mass with vaccinations. Keep masking up! We’re almost there!! Next Month I’ll write a retrospective comparing May 2020’s blog post with the current reality. This month I’m going to focus on zip code 98337. Geographically, this area is bounded by Naval Ave on the West, the water to the North and East, and the Shipyard to the South. Most of the housing was built before WWII, although it also includes the deluxe downtown condos, the Park Ave condos, 1610 Park condos, and the SeaBrim condos. In the past several decades it has been among the most affordable housing stock in Kitsap County. In the past several years it has been one of the fastest-appreciating zip codes in the county. One of the main reasons for this is that the values really haven’t had anywhere to go but up. Because of their age, many require new plumbing, wiring etc.
New listings. 98337 more than doubled new listing from March of 2020—not hard to do considering mid-March was when the state entered lockdown, and nine is a lowish number to begin with. Overall in Bremerton 184 new units were added to the market in March. Up 21% from March 2020. 98312 continues strongly—both because of the large geographic area and four new construction neighborhoods. Four is a lot.
Homes for Sale. Perhaps we can blame the pandemic for the number of properties active on market. Certainly not many properties went under contract in the last half of March 2020. We were still adjusting and wondering what might happen next! By the end of March—and despite 184 new units being added—just 120 units were still available on market by March 30th. Just 55% of the Active inventory from a year ago.
Pending Sales were up 24% Bremerton wide. All zip codes showed an increase in properties under contract except 98311 which was down slightly—and due to the shortage in inventory. 98311 is mostly in the CK school district which continues its popularity among students and parents.
Closed sales were also higher across the market. Only 98312 showed a slight decline.
Prices continue their unbelievably meteoric rise. Circling back to 98337, the median price in March was $451,000. Before you start jumping to joyful conclusions lets examine the data with a jaundiced eye… First, only 14 properties closed in 98337 in March. So it would be easy for a few downtown luxury condos to skew the data—which is in fact what happened. Still, being hopelessly devoted to 98337 for 21 years in the business, it made my heart sing to see “our” average and median price beat out rival Manette by $70,000!
In truth of course, there is no rivalry between Manette and Downtown. How could there be, when both are represented by the same city councilor?? (How “they” snuck that one through I’ll never know…lol…)
OK. Maybe a small rivalry--but only from my point of view…