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.
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!
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.
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.