Were the numbers for Gig Harbor real estate up or down in September 2013? Yes. People often ask me, “How’s the real estate market in Gig Harbor?” The answer is very dependent upon what you’re looking at. Are you a buyer or seller? Low price range or luxury? Let’s take a look. Remember, when I talk about Gig Harbor real estate I am referring to single family homes and condos in zip codes 98332, 98335, and 98333.
There were 73 homes that sold in Gig Harbor in September 2013. That’s the lowest total we’ve had since March (26% fewer than last month), but still a 5% improvement over last September. Some great news is that the number of bank owned sales and short sales in Gig Harbor is WAY down. Only 2 bank owned homes sold in Gig Harbor last month, and only 3 short sales closed, representing fewer than 7% of the total home sales in Gig Harbor.
Home prices in Gig Harbor were well up this past month. The average sales price of $456,207 was up 12.5% over last September, and about 11% higher than the YTD average price. Interestingly, this increase occurred without the aid of many luxury home sales. 49% of the home sales were less than $400,000, while only 16% of Gig Harbor’s home sales were luxury homes.
The numbers that are a bit concerning swirl around the housing inventory. There are currently 430 homes for sale in Gig Harbor, a number that has been rising steadily throughout all of 2013. Pending sales (homes for sale that have contracts pending to close) are down again, and have been slipping since April.
Inventory is rising, sales are declining, but prices are climbing. It’s essentially the reverse of what we were seeing last year when inventory was dropping, sales were increasing, and prices continued to slide. Looking forward, people looking to buy a home in Gig Harbor seem to be in a good position. If you’re looking to sell your home, sooner rather than later may be wise. Jump in while the Gig Harbor real estate market has rising prices and the inventory hasn’t gotten too high. If you’d like to know what the specific market is for your area (location and price range) please give me a call.