May Surprise in the Bremerton Real Estate Market??
May national unemployment numbers came out today and everybody was shocked (some were horrified) that the rate was only 13.3%. Did the Bremerton Real Estate market echo that surprising good news? The answer is more complicated and nuanced than a headline, but the short answer is 'yes.' And 'no.' Sellers took heart. Buyers were discouraged.
New listings were down 35% from a year ago. 98311 led the downturn with a shocking 69% drop. We can’t blame the corona virus for this however. Last May several new-construction plats came online in this area. So, the May 2019 numbers in 98311 were abnormally high. (FYI, I use monthly statistics for these blog posts, not a rolling average. A rolling average would smooth out these sorts of wide swings.) 98310 is a similar story. The huge new construction plat at East Park was prohibited by construction restraints from adding new listings for much of the month. 98337 and 98312 show how the residential re-sale market has quickly bounced back in terms of new listings.
Homes active on market also require a more nuanced view. What is really obvious though is that buyers really want to be in West Bremerton. Active listings in 98337 were down 59% from a year ago. 98337 comprises most of Union Hill, Evergreen Park, and Downtown. Below, we’ll see just how this increased demand has affected prices. 98312 has two new plats that came online this last month. Both are selling very well. 98310 and 98311 also show strong demand. Overall, active listings were down 28% year over year.
Pending sales were at 80% of the level one year ago. Take a look at 98312. That’s the power of the new construction plats. There are plenty of buyers. Interestingly, 98311 showed a marked decrease in pending sales. Many buyers got tired of waiting for their homes to be built and bailed from the transaction. I’m betting that this number rebounds significantly in June.
Remember that closed sales are a lagging indicator. Homes that closed in May went under contract in April and March for the most part. This was the height of the “Stay Home, Stay Healthy” order. Even so, the number of units closed were 71% of the level in 2019.
And now, the numbers you’ve been waiting for! Remember that this is showing prices negotiated at the height of the economic free-fall. Just look at 98337. The median price jumped an astonishing 22% from last year. (The average price is a heart-stopping 32%.) I'm not going to lie, those numbers make me a little nervous. On the other hand, it sure is a great time to sell if you can. Overall, Bremerton prices increased a healthy 7% from 2019.
What an exciting time to be in Real Estate in Bremerton!