Gig Harbor Home Prices

The real estate market for the month of May in Gig Harbor was very active. Compared to May of 2012, the number of homes that went under contract were up 42.4%, and number of homes sold was up 42.2%.

And more expensive homes are selling – our median price (comparing the month of May 2012 to the month of May 2013) was up 25.1%. Last May it was $271,000, this May it was $339,000.

Year to date, the number of homes sold is up 29.4% over 2012, and the median price has increased 8.2%from $282,000 to $305,000.

The low inventory (a 4.6 supply currently) has driven up prices, and is causing buyers to react quickly when new homes become available or have price reductions. Maybe too quickly. This causes some contracts to fall apart due to buyer’s remorse, though – so it’s always a good idea to think it through before you sign that contract!

Get your lending ducks in a row and be prepared to move quickly – just not too quickly.

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