Bremerton Real Estate Market - August 2008

Statistics we refer to are for that part of Bremerton encompassing the downtown core and west to Kitsap Lake. The market for other parts of Bremerton and its suburbs should have approximately similar trends. Homes in Bremerton were selling for a YTD median price of about $185,000 at the end of August, about 14% lower than a year ago. The August median price for closed sales ($183,000) was 4.9% lower than the median for last month. Kitsap County YTD median price has fallen 8.5% over the past year. The Bremerton YTD number of closed sales is down 30% from a year ago (compared to a Countywide drop of 27%), and the YTD number of pending sales is down 27% from last year. The number of active listings (259) is only up 4% from a year ago, but has been fairly constant for the past 6 months. The inventory turnover (total homes on the market divided by number sold last month) is 13.6 months. The market has slowed after being in the 10 to 11 month turnover range for the past couple months. The Bremerton market is a buyers market.