Gig Harbor Home Prices

How much do Gig Harbor homes cost?

GIG HARBOR HOME SALES

The good news….. the number of homes sold in Gig Harbor and the Key Peninsula in 2013 increased over 30% from 2012. The chart below (proudly created in Seahawks colors) shows that in each month of 2013, there were more sales than in the same month in 2012. In homes that were priced well, it was not uncommon to see multiple offers. Bank-owned homes and short sales were less of factor than in the last few years, buyers took advantage of the low prices and interest rates, and investors paid cash for rental properties.

GH Home sales

The not-so-great news….the median price (half the homes sold for more, half for less) fluctuated a lot in 2013 and at year-end, was down from 2012. We saw some sharp increases in March and August, but steep declines in January, June, and September through November. As of December 31, 2013, median price was $285,000. The number of homes sold also declined in the fall months.

Gig Harbor Median Sales price

Why? The decline of sales in the fall months may have been due to Congress and the debt ceiling fiasco as well as concerns over the impact of the Affordable Healthcare Act – there was not a lot of consumer confidence during that time. Buyers were hesitant to make lifestyle changes until those issues were resolved. And we had fewer homes on the market.

Some homeowners are holding on to their homes hoping to gain back some of the equity that was lost over the past few years, reducing our inventory. This is typically the time of year when sellers start thinking about putting their homes on the market, so expect to see more homes become available in the next few months.

Although our inventory is still low, there are still some good opportunities for buyers. Interest rates are anticipated to rise over the course of the year, but are currently still historically low.

If you have plans to sell your home this year – the buyers are out there – and right now there’s not a lot of competition for homes – especially those that are priced well and in good condition.