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.
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.
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.