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.
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).
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.