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.
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.
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.