Gig Harbor Real Estate | May 2014

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.

Gig Harbor home sales

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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.

Gig Harbor housing Inventory

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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.

Gig Harbor Home Prices

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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.

Gig Harbor Home Sales

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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.

Home Sale Survey Gig harbor

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Gig Harbor Real Estate | March 2014

Gig Harbor real estate had a solid if not spectacular month in March 2014.  When we talk Gig Harbor real estate in these numbers, we are referring to single family homes and condos (no multi-family, land or commercial) in zip codes 98332, 98335, and 98333 (Fox Island). If you’d like numbers for your area in particular, feel free to contact me and I can get those to you.

Number of home sales in Gig Harbor

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There were 64 home sales in Gig Harbor in March, up 28% from last March. Seasonality certainly has something to do with the increase, though the increase over the same month last year is certainly a good sign. There were 166 home sales in Gig Harbor for the first quarter of ’14, so March certainly was an increase in what we’ve seen YTD.

Gig Harbor Home Prices

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The average home price in Gig Harbor this past month was $386,904, up 13% from last March.  Gig Harbor’s average home price for the first quarter of ’14 stands at a healthy $420,540, and that is largely boosted by some massive luxury sales earlier in the year. March’s median home price was $340,000, which is 13% higher than last March and 1% higher than the first quarter’s median price.

So if home sales and home prices are up in Gig Harbor, what if any downside did we see? Luxury sales. Luxury homes in Gig Harbor are considered any home over $650,000 (determined as the top 10% of homes that have sold). While there were 5 luxury sales this month (fairly consistent with the 10% number), the top sale was $840,000.

A surprising 58% of all home sales in Gig Harbor were in the $250k-$400k price range. Of the 339 homes currently for sale in Gig Harbor, only 27% are in that price range, while 32% are in the luxury category. You can see there’s still quite a gap between what is for sale and what is actually selling. While there is 4 months of housing inventory under $650,000, there is 21 months of inventory over $650k!

Gig Harbor real estate

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If you are looking to sell your home in Gig Harbor, or if you are hoping to buy a home in Gig Harbor, please give us a call and let our understanding of the Gig Harbor real estate market go to work for you.

Gig Harbor Real Estate | February 2014

Gig Harbor Homes for sale

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Gig Harbor real estate had a very good month in February. Really, it was a great month in every category. As we look at the following numbers, keep in mind these refer to single family homes and condos in Gig Harbor zip codes 98332, 98333 (Fox Island), and 98335. With only 316 homes for sale in Gig Harbor, inventory continues to be a bit of an issue, and that didn’t stop the buyers from coming out.

Gig Harbor home sales

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There were 61 home sales in Gig Harbor in February, a 49% increase over last month and a 20% increase over last February. When looking at home sales in Gig Harbor, it’s always important to look at the luxury market. Luxury home sales often indicate move up buyers, which unlocks the log jamb we often find in the mid-range prices. There were 10 “luxury home” sales in February, including three sales over $1M. Perhaps the best housing value in Gig Harbor was also the most expensive sale…a gorgeous Gig Harbor Bay waterfront home sold for $2.96M, nearly $1M below the asking price!

Gig Harbor Home Prices

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The average sales price in Gig Harbor this past month was $460,801. Obviously the luxury homes skew that number slightly, yet the median home price was $355,000. Last February the average price was $400,975, and it was swayed by a $3.6M sales. The median last February was $285,000. Overall, you can see that home prices in Gig Harbor are rising at a steady and manageable pace.

One element that I always find interesting is the discrepancy between what is actually selling and what is dominating the market. Take a look at the two tables below. The one on the left shows the breakdown of home sales by price range, while the one on the right shows the active housing inventory by price range.

Gig Harbor Real Estate

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Gig Harbor real estate

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If you would like information on a specific neighborhood in Gig Harbor or if you would like to request a FREE market analysis of your home, please contact me today. Gig Harbor real estate is continuing to show upward momentum.

Gig Harbor Coffee Shops

I was giving a tour to an out of town client and they said “you guys are famous for your coffee shops, can you take me to a special one?” We were on 6th Ave in Tacoma at the time, so we went to Metronome Coffee at the corner of 6th and N Union. My client was surprised to see something that is now normal to me. They served food, beer, and had a place set up for a live band. She was impressed that our coffee shops are more than just a place to get a cup of coffee but also a place to hang out, have food, drinks and enjoy some live entertainment.
Gig Harbor has several coffee shops that vary from road side drive-throughs to art galleries to community gathering spots.
Do you have a favorite coffee shop in your neighborhood?
Gig Harbor Coffee Shops

 

Gig Harbor Real Estate | January 2014

Gig Harbor homes for sale

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Gig Harbor real estate can be summed up in one word for January 2014…”Inventory.” As in, there is none. You have to go back to March 2006 to find this few of homes for sale in Gig Harbor! There were 325 homes for sale in Gig Harbor in January, which was similar to last January’s numbers, and as you can see well below what we have seen over the past seven or more years.

Gig Harbor Home Prices

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The 41 homes that sold in January is the lowest number that we’ve seen in two years, when there were 23 sales in January of 2012. It makes sense that fewer homes will sell if there are so many fewer homes available to sell. For those looking to buy a home in Gig Harbor, this is a tough market. Typically, lower inventory means higher prices as sellers are put more in the driver’s seat. Gig Harbor, unlike much of the rest of the nation, isn’t seeing a big spike in demand however, which is keeping the prices fairly stable. The average sales price for homes in Gig Harbor was $413,142, keeping pretty much in line with what we’ve seen over the past couple of years.

Gig Harbor home price trends

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When you take a look back at the past 7 years, you can see that the number of home sales in Gig Harbor has steadily increased after the monumental collapse in 2008. The average sales price, however, was in a steady decline from 2007-2011, and is just now in a very gradual uphill trend. What this all breaks down to is that the Gig Harbor real estate market is in a “stable” status, not favoring buyers or sellers at this point. Home

It is interesting to note that the strong majority of homes that sell in Gig Harbor are in the $300,000 and below price range (48% of all sales were in this price range, compared to only 14.6% in the $700,000 and above price range). Only 26% of homes currently for sale in Gig Harbor are priced below $300,000, while 22% are priced above $700,000. The highest percentage of active homes in Gig Harbor is in the $300k-$700k range (52% of all active homes are priced here). Only 37% of home sales are in that price range.  There is just over 10 months of inventory in the $300k-$700k price range, versus 4 months under $300,000.

If you are looking to sell your home in Gig Harbor, pricing and positioning matter as much now as ever. Homes are selling across the board, and it is important to make sure that your home is positioned as the most attractive home in your price range. For those looking to buy in Gig Harbor, hiring the right agent is your best asset right now. There simply are not a lot of homes to choose from, so hiring an agent who will actively create inventory for you, finding you the right home even if it is not currently listed for sale, is crucial to your success.

If you have any questions about the Gig Harbor real estate market, please let us know. We can help you determine the current market value of your home, provide a full needs analysis on the home you wish to buy, etc, all at no charge to you. Contact us ASAP and let us get to work helping you navigate the Gig Harbor real estate market.

Home sales in Gig Harbor

Gig Harbor Academy Open House

Gig Harbor Academy will be hosting their annual open house on January 25th. Without question, the #1 reason I hear for people moving into Gig Harbor is the quality of the schools. While the Peninsula School District is certainly one of the most highly regarded in the state, many still like the option of private schools in Gig Harbor.

Gig Harbor Academy is one of Gig Harbor’s largest, most established, and most popular options for private schools. Serving pre-school through 5th grade, Gig Harbor Academy has a ton to offer to Gig Harbor parents. On Saturday, January 25th from 1-3pm the public is invited to tour the campus and learn about all that they have to offer.

Visit the Gig Harbor Academy website for more information on their open house.

Gig Harbor Academy

Gig Harbor Real Estate | 2013

Gig Harbor real estate ended 2013 on a nice high note. I don’t think that there’s any question that the real estate crash that hit Gig Harbor so hard has come to an end. I think it’s also safe to say that we are more in a state of recovery than rebound. What I mean by that is the Gig Harbor real estate market is in a steady, slow, uphill climb rather than a meteoric rise that many parts of the country experienced in 2013.

Gig Harbor housing inventory

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Let’s look primarily at Gig Harbor real estate’s numbers for December 2013 to begin.  Housing inventory is the big story at this point. Currently, there are 321 homes for sale in Gig Harbor (I look only at single family homes and condos in zip codes 98335, 98332, and 98333).  That is the lowest number we have seen in over 7 years, as far back as I’ve been tracking the numbers.  For those looking to buy a home in Gig Harbor, this is a real source of frustration right now. On the other hand, if you are looking to sell your home in Gig Harbor, it’d be tough to find a better time than now, when there is very little competition.

While the inventory is scarce, home sales in Gig Harbor remained fairly solid, with 69 units selling in December. That is significantly more than we’ve seen in either of the two previous Decembers, and pretty much average for the year (average of 76 sales per month in 2013).  The average sales price for a home in Gig Harbor was $409,487 in December, while the median price was $340,000 (again, both numbers were fairly steady for the year).

Gig Harbor Home Prices

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Looking at 2013 as a whole, Gig Harbor had 915 homes sell, a whopping 31% increase over 2012.  The average sales price for Gig Harbor in 2013 was $406,585 (only 3% higher than 2012) while the median price of $343,000 was 5% higher than last year. Historically, a 4% annual appreciation is considered a healthy market, so Gig Harbor was right on pace with that.

When you are ready to buy Gig Harbor real estate or sell your home in Gig Harbor, give us a call and allow us to help you determine what these numbers mean for you and how to best navigate the current market. If you’d like a complimentary market analysis for your home, we are happy to provide that as well.

Gig Harbor home sales

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Gig Harbor Real Estate | November 2013

Home sales in Gig Harbor

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Gig Harbor real estate is best summarized by one word for November: Price. Clearly we are experiencing another shift in the real estate market, and home prices in Gig Harbor are the best indicator of that shift. The summer months saw a resurgence in the Gig Harbor home market, while the fall months have seen just that; a fall.

The 49 homes that sold in Gig Harbor (remember, I count single family homes and condos in zip codes 98332, 98335, and 98333) is the lowest number we’ve seen since the first of the year, and a 9% drop from last November.  The number of sales being down isn’t a huge concern in itself. The other factors surrounding the drop is what I find to be more concerning.

Average home price in Gig Harbor

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Price is the most alarming decline. The average home price in Gig Harbor this past month was $336,942, the lowest we’ve seen all year and a whopping 25% below last November’s average price. This was only the 4th month of the past 36 months that the median sales price in Gig Harbor dipped below $300,000. No homes sold for over $800,000 in Gig Harbor this past month, while 53% of the sales were below $300,000.

Another indicator that doesn’t look great for the Gig Harbor real estate market is that the total number of active listings hasn’t decreased too much. When sales dip, it’s nice to see active listings dip as well, keeping an even inventory. Keeping some perspective, however, the current 7 months of housing inventory, while the highest since January, doesn’t look too bad when viewed over the past 3 years.

Months of home inventory in Gig Harbor

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I think it is clear that the Gig Harbor real estate market is in another shift. We climbed out of the pit, had a resurgent summer, and are now correcting the resurgence back into a more stable market. If you are looking to buy or sell a home in Gig Harbor, please give us a call and let our team help you evaluate what these numbers mean for you.

 

Gig Harbor Real Estate | September 2013

Were the numbers for Gig Harbor real estate up or down in September 2013? Yes. People often ask me, “How’s the real estate market in Gig Harbor?” The answer is very dependent upon what you’re looking at. Are you a buyer or seller? Low price range or luxury? Let’s take a look. Remember, when I talk about Gig Harbor real estate I am referring to single family homes and condos in zip codes 98332, 98335, and 98333.

Number of home sales in Gig Harbor

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There were 73 homes that sold in Gig Harbor in September 2013. That’s the lowest total we’ve had since March (26% fewer than last month), but still a 5% improvement over last September. Some great news is that the number of bank owned sales and short sales in Gig Harbor is WAY down.  Only 2 bank owned homes sold in Gig Harbor last month, and only 3 short sales closed, representing fewer than 7% of the total home sales in Gig Harbor.

Gig Harbor home Prices

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Home prices in Gig Harbor were well up this past month. The average sales price of $456,207 was up 12.5% over last September, and about 11% higher than the YTD average price. Interestingly, this increase occurred without the aid of many luxury home sales.  49% of the home sales were less than $400,000, while only 16% of Gig Harbor’s home sales were luxury homes.

Homes for sale in Gig Harbor

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The numbers that are a bit concerning swirl around the housing inventory. There are currently 430 homes for sale in Gig Harbor, a number that has been rising steadily throughout all of 2013. Pending sales (homes for sale that have contracts pending to close) are down again, and have been slipping since April.

Gig Harbor Real Estate

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Inventory is rising, sales are declining, but prices are climbing. It’s essentially the reverse of what we were seeing last year when inventory was dropping, sales were increasing, and prices continued to slide. Looking forward, people looking to buy a home in Gig Harbor seem to be in a good position. If you’re looking to sell your home, sooner rather than later may be wise. Jump in while the Gig Harbor real estate market has rising prices and the inventory hasn’t gotten too high. If you’d like to know what the specific market is for your area (location and price range) please give me a call.

Gig Harbor Home Sales

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Average Sales Price In Gig Harbor

Do you know the average sales price in Gig Harbor? For 2013, the average home price in Gig Harbor is $403,386. For this post, I’m not as concerned about the average price as to the ratio of original list price to sold price.

What is that and why does it matter? The ratio of OLP (original list price) to sold price is a number that really only concerns one person…the home seller. For the home buyer, and anyone simply curious about Gig Harbor home prices, all that really matters is the average sales price.  For the seller, however, the OLP to Sold Price ratio is of huge importance.

Without getting in to all of the factors around this ratio, such as extra days on the market, holding costs and maintenance costs for that time, etc, let’s just look at the bare bones numbers. If you are selling your home in Gig Harbor, please pay attention to this, as it is of extreme importance when you choose a Realtor to help you sell your home.

Some agents “buy listings,” that is they’ll list at whatever price the seller wants so that they’ll get the listing, even if they know it won’t sell at that price. Some agents don’t know the market very well and are pricing homes based on limited knowledge. In both cases, the home seller gets hurt.

According to the NWMLS, the average OLP to SP ratio in Gig Harbor is 94.4%.  My ratio is 96.7%. While 2.3% may not seem significant, what does that mean in real dollars? At the average sales price for Gig Harbor, that means I get my sellers on average $9277 more than other agents. 2.3% seems a bit more significant now, right?

When it comes time for you to sell your house in Gig Harbor and you are choosing the best Realtor to represent you in that sale, keep these numbers in mind. The average sales price in Gig Harbor is important, and so is the Original List Price to Sales Price ratio. Don’t get fooled into hiring an agent who will list your home at a price where it won’t sell. My higher OLP to SP ratio means my Days on Market is lower, too. Not only am I putting $9277 more in your pocket, less is going out of your pocket in carrying costs, too.

I’d love a chance to be the Realtor to sell your Gig Harbor home. There’s more to it than just average sales price!

Home Price In Gig Harbor