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.
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.
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!
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.