The Gig Harbor real estate market seems to be back into a seasonal cyclical pattern. Looking at the May 2014 numbers, home sales in Gig Harbor looked solid, as did home prices. Comparing the numbers to the past two years, it appears as though Gig Harbor real estate has settled into a normal pattern. When speaking of real estate in Gig Harbor, remember I am looking only at single family homes and condos in zip codes 98332, 98335, and 98333 (Fox Island). If you would like information on a specific area not included here, please let me know.
There were 90 home sales in Gig Harbor in May, very similar to last May’s 95 sales. That’s the highest number we’ve seen since last July. As you can see, last year looked very seasonal, and it appears that our trend is nearly identical this year. Of the 90 sales, 14% were bank owned or short sale, which has remained a fairly steady number for quite some time now. There is no question that the Gig Harbor housing market is still driven by the lower to mid-range homes, as 44% of all home sales in May were in the $250,000-$399,999 price range. Only 29% of the active homes are in that price range.
Housing inventory in Gig Harbor is also starting to rise, again looking to follow a seasonal pattern. There are currently 381 homes for sale in Gig Harbor, which is much fewer than two years ago and right in line with what the market showed last year. A little fun fact is there are 43 homes listed in Gig Harbor for over $1M, with the highest being a Gig Harbor Bay waterfront home at $2.975M. Not a single home over $1M sold in May, and only 5 have sold so far in 2014.
Home prices in Gig Harbor are always a great topic of conversation. In May, the average sales price was $390,670 (down 6.5% from last May) and the median home price was $365,000 (down 3% from last May). Prices have remained remarkably stable over the past 4 years, however. In 2010, the average home price in Gig Harbor was $428,300, went down to $387,777 in 2011, $395,266 in 2012, up to $406,672 last year, and prices sit at $403,689 YTD.
An encouraging sign is that homes currently pending sale are also well up. Looking back over the past couple of years, it appears as though this may be another seasonal trend however. If that is the case, our upcoming sales look as though they’ll be taking a dip when we head into fall and winter.
Overall, Gig Harbor real estate is holding very steady. With right around 5 months of inventory, our market rests just slightly on the seller’s side of a stable market. Compared with many other parts of the country, this should come at a great relief. Currently Denver is the country’s tightest market, with about 3 weeks of housing inventory on the market. If you are looking to sell your home in Gig Harbor, making sure it is in top condition and priced well is essential. Home buyers, while not having a ton to look at, are also not in a desperate position. If you would like assistance with your Gig Harbor real estate needs, please give us a call and allow us to serve you.