How’s the Gig Harbor Real Estate Market?

“How’s the Gig Harbor Real Estate Market?”

I’m asked that question a lot. And there’s not really a “one
answer fits all” response. It depends…

As in my previous post, there are different price ranges that are more active than others. The bulk of
our current inventory (56%) is priced between $250K and $600K. Within those
price ranges, there is about a 3-4 month supply of homes. That means that
if no other homes came on the market within that price range, it would take 3-4
months to sell the ones that are currently listed. That might sound like
a lot of time, but it actually indicates a market which favors sellers. A
“balanced market” is a 6-month supply of homes.

Now for the distressed properties in Gig Harbor. In July of 2013, the
percentage of distressed (bank-owned and short sale) homes on the market was
6.5%. Currently that percentage is 5.25%. In July, 2012 it was
9.4%. As for the sales of those distressed homes, the decrease is more
significant: 9.9% in July 2014 as compared to 13% in 2013 and 23.2% in
2012.

The number of homes sold in the Gig Harbor area from January to June, 2014
was 523, down 2.8% from the first half of 2013.

Now for prices – as of June 30, 2014 our median price (year to date) was
$316,000 as compared to $310,000 in 2013 – representing a 1.9% increase.

Interest rates are still so low, it might make good sense to finance, rather
than pay cash for a home.

Whether you’re a buyer or a seller in the Gig Harbor real estate market,
don’t expect to see huge price increases over last year. But do expect to
see fewer homes available as our inventory dwindles. Good for sellers,
not so great for buyers.

With that said, there are 49 homes available priced at over $1M with only 2
sales in that price range over the past 30 days. This provides a great
opportunity for high-end buyers, but not so much for high-end sellers.

So as you can see, there are many answers to the question “How’s the
Gig Harbor Real Estate Market?”