Archive for November, 2009

Nov 27 2009

Gig Harbor home sales follow western trend

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Gig Harbor home sales follow western trend Nationally home sales rose 21% and in the West 10% in October, compared to a year ago. Gig Harbor home sales were up slightly less--8% from 2008. These numbers are certainly an improvement but October 2008 was a sobering sales month after the financial crises of AIG, Lehman, and others. November 2008 was even worse but this year Gig Harbor home sales are on track to beat 2008 by at least 25%. The median price is up in 98333 and 98335 from September, an improvement from the year-over-year figures. We are cautiously optimistic we have reached the bottom for prices for Gig Harbor home sales as we are seeing some higher price sales currently. Another month of similar figures and we might call it a trend. Here are current trends for the three zip codes constituting Gig Harbor.
98332 98333 98335
Oct 09 Oct 09 Oct 09
change change change
Inventory
Oct 09 259 77 300
Sep 09 280 7.5%▼ 80 3.7%▼ 332 9.6%▼
Oct 08 262 1.1%▼ 79 2.5%▼ 394 23.9%▼
Sold
Oct 09 18 2 19
Sep 09 26 30.8%▼ 2 No change 32 40.6%▼
Oct 08 13 38.5%▲ 1 100%▲ 22 13.6%▼
Median price
Oct 09 392,000 326,000 380,000
Sep 09 401,000 2.4%▼ 307,000 5.6%▲ 375,000 1.4%▲
Oct 08 300,000 23%▼ 377,000 13%▼ 352,000 8.4%▼
Inventory is down across all three zip codes. Fewer homes on the market equates to upward price pressure for Gig Harbor home sales.  In zip 98335 where inventory shows the biggest decrease, the ratio for 12 months of sales compared to current inventory is 87%, but in Fox Island the ratio is 52%. This is largely explained by more higher-priced homes-view and waterfront-on the island. Sales are up 8% across the board for the year but down 35% from September, not surprising going into winter. The gain in 98332 represents Canterwood breaking out of the doldrums as well as homes selling for $350-400,000, including four builder's houses with multiple offers in short sale conditions. The "sweet spot" for Gig Harbor home sales currently is pending contracts not yet closed, listed between $300-400,000 in Gig Harbor North and Arletta/Artondale. For the most part, these are 2600-2800 square foot homes built between 1992 and 1998. In Gig Harbor, as the nation, foreclosures and other distressed homes in the lower end of the price spectrum still accounted for a large percentage of Gig Harbor home sales. This is a drag on the median price which is down about 38% from the 2005 peak in the West but up 8% from the bottom last spring. Buyers, waiting for the bottom, should consider ramping up their home search, as the inventory of certain price range homes is very slim locally. With the expanded $6500 credit incentive for existing homeowners who have lived in their home for at least five years, and interest rates under 5%, the time to buy could be NOW. Carole Holmaas is an Associate Broker at Windermere Real Estate, licensed since 1967. She may be reached at 253.549.6611 or Carole@ISellGigHarbor.com. Her blog is posted at http://blog.ISellGigHarbor.com.

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Nov 27 2009

Gig Harbor home sales follow western trend

Published by under Uncategorized

Gig Harbor home sales follow western trend

Nationally home sales rose 21% and in the West 10% in October, compared to a year ago. Gig Harbor home sales were up slightly less--8% from 2008.

These numbers are certainly an improvement but October 2008 was a sobering sales month after the financial crises of AIG, Lehman, and others. November 2008 was even worse but this year Gig Harbor home sales are on track to beat 2008 by at least 25%.

 The median price is up in 98333 and 98335 from September, an improvement from the year-over-year figures. We are cautiously optimistic we have reached the bottom for prices for Gig Harbor home sales as we are seeing some higher price sales currently. Another month of similar figures and we might call it a trend.

Here are current trends for the three zip codes constituting Gig Harbor.

 

 

 

98332

 

 

98333

 

 

98335

 

 

 

 

Oct 09

 

 

Oct 09

 

 

Oct 09

 

 

 

change

 

 

change

 

 

change

Inventory

 

 

 

 

 

 

 

 

 

Oct 09

 

259

 

 

77

 

 

300

 

Sep 09

 

280

7.5%▼

 

80

3.7%▼

 

332

9.6%▼

Oct 08

 

262

1.1%▼

 

79

2.5%▼

 

394

23.9%▼

 

 

 

 

 

 

 

 

 

 

Sold

 

 

 

 

 

 

 

 

 

Oct 09

 

18

 

 

2

 

 

19

 

Sep 09

 

26

30.8%▼

 

2

No change

 

32

40.6%▼

Oct 08

 

13

38.5%▲

 

1

100%▲

 

22

13.6%▼

 

 

 

 

 

 

 

 

 

 

Median price

 

 

 

 

 

 

 

 

 

Oct 09

 

392,000

 

 

326,000

 

 

380,000

 

Sep 09

 

401,000

2.4%▼

 

307,000

5.6%▲

 

375,000

1.4%▲

Oct 08

 

300,000

23%▼

 

377,000

13%▼

 

352,000

8.4%▼

 Inventory is down across all three zip codes. Fewer homes on the market equates to upward price pressure for Gig Harbor home sales.  In zip 98335 where inventory shows the biggest decrease, the ratio for 12 months of sales compared to current inventory is 87%, but in Fox Island the ratio is 52%. This is largely explained by more higher-priced homes-view and waterfront-on the island.

 Sales are up 8% across the board for the year but down 35% from September, not surprising going into winter. The gain in 98332 represents Canterwood breaking out of the doldrums as well as homes selling for $350-400,000, including four builder's houses with multiple offers in short sale conditions.

The "sweet spot" for Gig Harbor home sales currently is pending contracts not yet closed, listed between $300-400,000 in Gig Harbor North and Arletta/Artondale. For the most part, these are 2600-2800 square foot homes built between 1992 and 1998.

In Gig Harbor, as the nation, foreclosures and other distressed homes in the lower end of the price spectrum still accounted for a large percentage of Gig Harbor home sales. This is a drag on the median price which is down about 38% from the 2005 peak in the West but up 8% from the bottom last spring.

 Buyers, waiting for the bottom, should consider ramping up their home search, as the inventory of certain price range homes is very slim locally. With the expanded $6500 credit incentive for existing homeowners who have lived in their home for at least five years, and interest rates under 5%, the time to buy could be NOW.

Carole Holmaas is an Associate Broker at Windermere Real Estate, licensed since 1967. She may be reached at 253.549.6611 or Carole@ISellGigHarbor.com. Her blog is posted at http://blog.ISellGigHarbor.com.

 

 

 

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Nov 27 2009

Gig Harbor home sales follow western trend

Published by under Uncategorized

Gig Harbor home sales follow western trend

Nationally home sales rose 21% and in the West 10% in October, compared to a year ago. Gig Harbor home sales were up slightly less--8% from 2008.

These numbers are certainly an improvement but October 2008 was a sobering sales month after the financial crises of AIG, Lehman, and others. November 2008 was even worse but this year Gig Harbor home sales are on track to beat 2008 by at least 25%.

 The median price is up in 98333 and 98335 from September, an improvement from the year-over-year figures. We are cautiously optimistic we have reached the bottom for prices for Gig Harbor home sales as we are seeing some higher price sales currently. Another month of similar figures and we might call it a trend.

Here are current trends for the three zip codes constituting Gig Harbor.

 

 

 

98332

 

 

98333

 

 

98335

 

 

 

 

Oct 09

 

 

Oct 09

 

 

Oct 09

 

 

 

change

 

 

change

 

 

change

Inventory

 

 

 

 

 

 

 

 

 

Oct 09

 

259

 

 

77

 

 

300

 

Sep 09

 

280

7.5%▼

 

80

3.7%▼

 

332

9.6%▼

Oct 08

 

262

1.1%▼

 

79

2.5%▼

 

394

23.9%▼

 

 

 

 

 

 

 

 

 

 

Sold

 

 

 

 

 

 

 

 

 

Oct 09

 

18

 

 

2

 

 

19

 

Sep 09

 

26

30.8%▼

 

2

No change

 

32

40.6%▼

Oct 08

 

13

38.5%▲

 

1

100%▲

 

22

13.6%▼

 

 

 

 

 

 

 

 

 

 

Median price

 

 

 

 

 

 

 

 

 

Oct 09

 

392,000

 

 

326,000

 

 

380,000

 

Sep 09

 

401,000

2.4%▼

 

307,000

5.6%▲

 

375,000

1.4%▲

Oct 08

 

300,000

23%▼

 

377,000

13%▼

 

352,000

8.4%▼

 Inventory is down across all three zip codes. Fewer homes on the market equates to upward price pressure for Gig Harbor home sales.  In zip 98335 where inventory shows the biggest decrease, the ratio for 12 months of sales compared to current inventory is 87%, but in Fox Island the ratio is 52%. This is largely explained by more higher-priced homes-view and waterfront-on the island.

 Sales are up 8% across the board for the year but down 35% from September, not surprising going into winter. The gain in 98332 represents Canterwood breaking out of the doldrums as well as homes selling for $350-400,000, including four builder's houses with multiple offers in short sale conditions.

The "sweet spot" for Gig Harbor home sales currently is pending contracts not yet closed, listed between $300-400,000 in Gig Harbor North and Arletta/Artondale. For the most part, these are 2600-2800 square foot homes built between 1992 and 1998.

In Gig Harbor, as the nation, foreclosures and other distressed homes in the lower end of the price spectrum still accounted for a large percentage of Gig Harbor home sales. This is a drag on the median price which is down about 38% from the 2005 peak in the West but up 8% from the bottom last spring.

 Buyers, waiting for the bottom, should consider ramping up their home search, as the inventory of certain price range homes is very slim locally. With the expanded $6500 credit incentive for existing homeowners who have lived in their home for at least five years, and interest rates under 5%, the time to buy could be NOW.

Carole Holmaas is an Associate Broker at Windermere Real Estate, licensed since 1967. She may be reached at 253.549.6611 or Carole@ISellGigHarbor.com. Her blog is posted at http://blog.ISellGigHarbor.com.

 

 

 

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Nov 27 2009

Gig Harbor WA Salt Waterfront Home for Sale at Warren

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Gig Harbor WA Salt Waterfront Home for Sale at Warren. It's all about LIFESTYLE! This premier 100 foot sunny southern exposure medium-lowbank waterfront offers an in-ground heated pool & spa, views reaching from Rainier to Green Pt & beyond, a 80×14 foot patio at water's edge & boathouse with winch-all on one of the nicest pebble beaches offered by any salt waterfront home for sale in the area. Add a little more-a comfortable 2500 square foot 3 bedroom home, a spacious entertaining deck, two covered patios, shop, easy access to the beach, beautiful well-maintained landscaping-all on 7/10 acre of backlands & tidelands. This is the lifestyle and you CAN have it all! Call me at 253.549.6611 for more information about this or another salt waterfront  home for sale or visit me at Windermere Real Estate in Gig Harbor. The first Euro-American settlement in Warren began in the late 1870s.  A permanent dock was constructed in the early 1910s and farming formed the economic base for the community at the beginning. In the late 1920s, local residents constructed a road connecting Warren to Arletta and Horsehead Bay. Area residents have consistently demonstrated their strong commitment to provide a high quality public education to nearly 10,000 students. The district enjoys a statewide reputation for meeting the educational needs of today's students who become tomorrow's leaders. In addition, Gig Harbor has nearly a dozen private schools. The Harbor History Museum is located on Gig Harbor Bay and allows visitors a place to experience the history of Gig Harbor. The Museum is in the process of relocating to a new multi-million dollar facility, highlighted by the Shenandoah, a purse seiner built in a Gig Harbor shipyard and the Midway schoolhouse. While Gig Harbor was once most known for its fishing and logging, it is now also known for its numerous art galleries, art walks and art shows. Two theatre companies in Gig Harbor provide entertainment including dinner theatre and summer outdoor theatre. The Gig Harbor area is ideal for enjoying water-related recreation. Whether you prefer water skiing, power or sail boating, kayaking, fresh or salt water fishing, scuba driving, windsurfing, clamming, beachcombing or swimming, the secluded harbors provide excellent moorage and docking facilities. There are four state parks. Boat ramps are located near the major bays. Gig Harbor operates a waterfront park, a park on Crescent Creek, a boat-building facility and a pioneer farm. Eight golf courses offer year-round golf close to Gig Harbor. Numerous events are scheduled throughout the year, largely centered on the Gig Harbor waterfront, including farmers markets, outdoor cinema, Tuesday night music at the park, and lighted holiday boat parade. Youth and adult baseball, basketball, football, gymnastics, dance, and soccer programs are provided through community organizations. Two local pools provide swimming opportunities for the community and swim clubs. Carole Holmaas is an Associate Broker at Windermere Real Estate. She may be reached at 253.549.6611 or Carole@ISellGigHarbor.com

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Nov 27 2009

Gig Harbor WA Salt Waterfront Home for Sale at Warren

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Gig Harbor WA Salt Waterfront Home for Sale at Warren. It's all about LIFESTYLE! This premier 100 foot sunny southern exposure medium-lowbank waterfront offers an in-ground heated pool & spa, views reaching from Rainier to Green Pt & beyond, a 80×14 foot patio at water's edge & boathouse with winch-all on one of the nicest pebble beaches offered by any salt waterfront home for sale in the area.

Add a little more-a comfortable 2500 square foot 3 bedroom home, a spacious entertaining deck, two covered patios, shop, easy access to the beach, beautiful well-maintained landscaping-all on 7/10 acre of backlands & tidelands.

This is the lifestyle and you CAN have it all!

Call me at 253.549.6611 for more information about this or another salt waterfront  home for sale or visit me at Windermere Real Estate in Gig Harbor.

 salt waterfront home for sale

 salt waterfront home for sale

4-MLS

The first Euro-American settlement in Warren began in the late 1870s.  A permanent dock was constructed in the early 1910s and farming formed the economic base for the community at the beginning. In the late 1920s, local residents constructed a road connecting Warren to Arletta and Horsehead Bay.

salt waterfront home for sale

 salt waterfront home for sale

 Area residents have consistently demonstrated their strong commitment to provide a high quality public education to nearly 10,000 students. The district enjoys a statewide reputation for meeting the educational needs of today's students who become tomorrow's leaders. In addition, Gig Harbor has nearly a dozen private schools. 

The Harbor History Museum is located on Gig Harbor Bay and allows visitors a place to experience the history of Gig Harbor. The Museum is in the process of relocating to a new multi-million dollar facility, highlighted by the Shenandoah, a purse seiner built in a Gig Harbor shipyard and the Midway schoolhouse.

While Gig Harbor was once most known for its fishing and logging, it is now also known for its numerous art galleries, art walks and art shows. Two theatre companies in Gig Harbor provide entertainment including dinner theatre and summer outdoor theatre.

The Gig Harbor area is ideal for enjoying water-related recreation. Whether you prefer water skiing, power or sail boating, kayaking, fresh or salt water fishing, scuba driving, windsurfing, clamming, beachcombing or swimming, the secluded harbors provide excellent moorage and docking facilities.

There are four state parks. Boat ramps are located near the major bays. Gig Harbor operates a waterfront park, a park on Crescent Creek, a boat-building facility and a pioneer farm. Eight golf courses offer year-round golf close to Gig Harbor.

Numerous events are scheduled throughout the year, largely centered on the Gig Harbor waterfront, including farmers markets, outdoor cinema, Tuesday night music at the park, and lighted holiday boat parade.

Youth and adult baseball, basketball, football, gymnastics, dance, and soccer programs are provided through community organizations. Two local pools provide swimming opportunities for the community and swim clubs.

Carole Holmaas is an Associate Broker at Windermere Real Estate. She may be reached at 253.549.6611 or Carole@ISellGigHarbor.com

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Nov 27 2009

Gig Harbor WA Salt Waterfront Home for Sale at Warren

Published by under Uncategorized

Gig Harbor WA Salt Waterfront Home for Sale at Warren. It's all about LIFESTYLE! This premier 100 foot sunny southern exposure medium-lowbank waterfront offers an in-ground heated pool & spa, views reaching from Rainier to Green Pt & beyond, a 80×14 foot patio at water's edge & boathouse with winch-all on one of the nicest pebble beaches offered by any salt waterfront home for sale in the area.

Add a little more-a comfortable 2500 square foot 3 bedroom home, a spacious entertaining deck, two covered patios, shop, easy access to the beach, beautiful well-maintained landscaping-all on 7/10 acre of backlands & tidelands.

This is the lifestyle and you CAN have it all!

Call me at 253.549.6611 for more information about this or another salt waterfront  home for sale or visit me at Windermere Real Estate in Gig Harbor.

 salt waterfront home for sale

 salt waterfront home for sale

4-MLS

The first Euro-American settlement in Warren began in the late 1870s.  A permanent dock was constructed in the early 1910s and farming formed the economic base for the community at the beginning. In the late 1920s, local residents constructed a road connecting Warren to Arletta and Horsehead Bay.

salt waterfront home for sale

 salt waterfront home for sale

 Area residents have consistently demonstrated their strong commitment to provide a high quality public education to nearly 10,000 students. The district enjoys a statewide reputation for meeting the educational needs of today's students who become tomorrow's leaders. In addition, Gig Harbor has nearly a dozen private schools. 

The Harbor History Museum is located on Gig Harbor Bay and allows visitors a place to experience the history of Gig Harbor. The Museum is in the process of relocating to a new multi-million dollar facility, highlighted by the Shenandoah, a purse seiner built in a Gig Harbor shipyard and the Midway schoolhouse.

While Gig Harbor was once most known for its fishing and logging, it is now also known for its numerous art galleries, art walks and art shows. Two theatre companies in Gig Harbor provide entertainment including dinner theatre and summer outdoor theatre.

The Gig Harbor area is ideal for enjoying water-related recreation. Whether you prefer water skiing, power or sail boating, kayaking, fresh or salt water fishing, scuba driving, windsurfing, clamming, beachcombing or swimming, the secluded harbors provide excellent moorage and docking facilities.

There are four state parks. Boat ramps are located near the major bays. Gig Harbor operates a waterfront park, a park on Crescent Creek, a boat-building facility and a pioneer farm. Eight golf courses offer year-round golf close to Gig Harbor.

Numerous events are scheduled throughout the year, largely centered on the Gig Harbor waterfront, including farmers markets, outdoor cinema, Tuesday night music at the park, and lighted holiday boat parade.

Youth and adult baseball, basketball, football, gymnastics, dance, and soccer programs are provided through community organizations. Two local pools provide swimming opportunities for the community and swim clubs.

Carole Holmaas is an Associate Broker at Windermere Real Estate. She may be reached at 253.549.6611 or Carole@ISellGigHarbor.com

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Nov 27 2009

Bank-owned Gig Harbor home sales business lower than nation

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Bank-owned Gig Harbor home sales business lower than nation Bank-owned and short sale homes are striking the Gig Harbor and Key Peninsula markets with less impact than much the rest of the nation.  In Gig Harbor, less than 13% of all the homes listed and slightly more than 14% of sales fall into this category. In Key Peninsula, slightly more than 20% of the inventory fits this classification while sold homes are pushing 40% in the past 30 days. The Seattle/Tacoma/Bellevue area is running 17.8% of all sales but some places in the nation are running much higher-56% in Phoenix, 67% in Las Vegas and 43% in Southern California. 10.68% of the inventory but only 8% of the sales on the combined peninsulas are short sales. 4% of the inventory is bank-owned but 13% of the sales are from this group. This table is the 30 day period, ending November 11, for Key Peninsula and Gig Harbor home sales
Total Gig Harbor Key Peninsula
Active 611 203
Vacant 197 83
Active Short Sale 56 31
% Active Short Sale 9.17% 15.27%
Active Bank-owned 22 12
% Active Bank-owned 3.6% 5.91%
Pending 79 49
Pending Short Sale 31 15
Pending Bank-owned 13 13
Sold 41 21
Sold Short Sale 3 2
% Sold Short Sale 7.32% 9.52%
Sold Bank-owned 3 6
% Sold Bank-owned 7.32% 28.57%
Gig Harbor home sales show short sale and bank-owned homes selling in all price ranges but currently the $200-350,000 range is most active, with a few distressed properties even over $1million. Currently there is no bank-owned home listed over $1million. The large number of pending short sales among Gig Harbor home sales is indicative of the large backlog of buyers hoping the bank will agree to their price.  They typically wait for weeks or maybe months to negotiate with the lender. In Western Washington these short sales are taking more than nine weeks for bank response-twice as long as a year ago.  This creates constant fallout of pending sales each month as buyers get tired of waiting for bank response and write an offer on another home. Another significant factor of Gig Harbor home sales prompted by the downturn is the large quantity of vacant homes-some new homes, some foreclosed and some where the owner has already relocated. 32% of listings in Gig Harbor and 41% in Key Peninsula fit this description. Carole Holmaas is an Associate Broker at Windermere Real Estate in Gig Harbor, licensed since 1967. She may be reached at 253.549.6611 or Carole@ISellGigHarbor.com. Her blog may be read at http://blog.ISellGigHarbor.com.

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Nov 27 2009

Bank-owned Gig Harbor home sales business lower than nation

Published by under Uncategorized

Bank-owned Gig Harbor home sales business lower than nation

Bank-owned and short sale homes are striking the Gig Harbor and Key Peninsula markets with less impact than much the rest of the nation.  In Gig Harbor, less than 13% of all the homes listed and slightly more than 14% of sales fall into this category.

In Key Peninsula, slightly more than 20% of the inventory fits this classification while sold homes are pushing 40% in the past 30 days.

 The Seattle/Tacoma/Bellevue area is running 17.8% of all sales but some places in the nation are running much higher-56% in Phoenix, 67% in Las Vegas and 43% in Southern California.

10.68% of the inventory but only 8% of the sales on the combined peninsulas are short sales. 4% of the inventory is bank-owned but 13% of the sales are from this group.

This table is the 30 day period, ending November 11, for Key Peninsula and Gig Harbor home sales

 

Total

 

Gig Harbor 

 

Key Peninsula 

Active

 

611

 

203

Vacant

 

197

 

83

Active Short Sale

 

56

 

31

% Active Short Sale

 

9.17%

 

15.27%

Active Bank-owned

 

22

 

12

% Active Bank-owned

 

3.6%

 

5.91%

Pending

 

79

 

49

Pending Short Sale

 

31

 

15

Pending Bank-owned

 

13

 

13

Sold

 

41

 

21

Sold Short Sale

 

3

 

2

% Sold Short Sale

 

7.32%

 

9.52%

Sold Bank-owned

 

3

 

6

% Sold Bank-owned

 

7.32%

 

28.57%

 Gig Harbor home sales show short sale and bank-owned homes selling in all price ranges but currently the $200-350,000 range is most active, with a few distressed properties even over $1million. Currently there is no bank-owned home listed over $1million.

The large number of pending short sales among Gig Harbor home sales is indicative of the large backlog of buyers hoping the bank will agree to their price.  They typically wait for weeks or maybe months to negotiate with the lender. In Western Washington these short sales are taking more than nine weeks for bank response-twice as long as a year ago.  This creates constant fallout of pending sales each month as buyers get tired of waiting for bank response and write an offer on another home.

 Another significant factor of Gig Harbor home sales prompted by the downturn is the large quantity of vacant homes-some new homes, some foreclosed and some where the owner has already relocated. 32% of listings in Gig Harbor and 41% in Key Peninsula fit this description.

 Carole Holmaas is an Associate Broker at Windermere Real Estate in Gig Harbor, licensed since 1967. She may be reached at 253.549.6611 or Carole@ISellGigHarbor.com. Her blog may be read at http://blog.ISellGigHarbor.com.

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Nov 27 2009

Bank-owned Gig Harbor home sales business lower than nation

Published by under Uncategorized

Bank-owned Gig Harbor home sales business lower than nation

Bank-owned and short sale homes are striking the Gig Harbor and Key Peninsula markets with less impact than much the rest of the nation.  In Gig Harbor, less than 13% of all the homes listed and slightly more than 14% of sales fall into this category.

In Key Peninsula, slightly more than 20% of the inventory fits this classification while sold homes are pushing 40% in the past 30 days.

 The Seattle/Tacoma/Bellevue area is running 17.8% of all sales but some places in the nation are running much higher-56% in Phoenix, 67% in Las Vegas and 43% in Southern California.

10.68% of the inventory but only 8% of the sales on the combined peninsulas are short sales. 4% of the inventory is bank-owned but 13% of the sales are from this group.

This table is the 30 day period, ending November 11, for Key Peninsula and Gig Harbor home sales

 

Total

 

Gig Harbor 

 

Key Peninsula 

Active

 

611

 

203

Vacant

 

197

 

83

Active Short Sale

 

56

 

31

% Active Short Sale

 

9.17%

 

15.27%

Active Bank-owned

 

22

 

12

% Active Bank-owned

 

3.6%

 

5.91%

Pending

 

79

 

49

Pending Short Sale

 

31

 

15

Pending Bank-owned

 

13

 

13

Sold

 

41

 

21

Sold Short Sale

 

3

 

2

% Sold Short Sale

 

7.32%

 

9.52%

Sold Bank-owned

 

3

 

6

% Sold Bank-owned

 

7.32%

 

28.57%

 Gig Harbor home sales show short sale and bank-owned homes selling in all price ranges but currently the $200-350,000 range is most active, with a few distressed properties even over $1million. Currently there is no bank-owned home listed over $1million.

The large number of pending short sales among Gig Harbor home sales is indicative of the large backlog of buyers hoping the bank will agree to their price.  They typically wait for weeks or maybe months to negotiate with the lender. In Western Washington these short sales are taking more than nine weeks for bank response-twice as long as a year ago.  This creates constant fallout of pending sales each month as buyers get tired of waiting for bank response and write an offer on another home.

 Another significant factor of Gig Harbor home sales prompted by the downturn is the large quantity of vacant homes-some new homes, some foreclosed and some where the owner has already relocated. 32% of listings in Gig Harbor and 41% in Key Peninsula fit this description.

 Carole Holmaas is an Associate Broker at Windermere Real Estate in Gig Harbor, licensed since 1967. She may be reached at 253.549.6611 or Carole@ISellGigHarbor.com. Her blog may be read at http://blog.ISellGigHarbor.com.

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Nov 06 2009

Gig Harbor home sales up 5 of last 6 months

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Gig Harbor home sales up 5 of last 6 months At least four major statistics show a turn-around in Gig Harbor home sales, including sales prices. October is the fifth month in the past six showing home sales better than 2008, equaling September and a 15% increase over last October. Year-to-date prices have slipped only 6% for Gig Harbor home sales but 11% for Key Peninsula. This is slowing the double digit downward spiral that has occurred over the last four quarters and is a positive sign of market stabilization. Absorption rate, or the number of months supply of homes, has changed dramatically in some price ranges. A neutral market-or one in equilibrium--is five to six months of listings, based on the number of sales the past month. Anything fewer and the market is considered a seller's market--above a buyer's market.  In Key Peninsula the price ranges of $250-350,000 and $450-550,000 are now in the category of a seller's market. In Gig Harbor home sales nothing qualifies as a seller's market but $350-450,000 and $600-650,000 price ranges are in "neutral market" territory. These ranges will change from week to week but we have seen steadying in more price categories. Currently at $800,000 and above there are four homes under contract and one closed sale-but 148 on the market.
Gig Harbor Gig Harbor Gig Harbor Key Peninsula Key Peninsula Key Peninsula
Oct 2009 Sep 2009 Oct 2008 Oct 2009 Sept 2009 Oct 2008
# Sold 50 49 41 23 25 21
Sales Price 377,250 362,000 417000 252,250 191,000 337,000
YTD Price Change ▼6% ▼11%
# On Market 615 695 750 186 200 215
Absorption 12 mo 14 mo 20 mo 8 mo 8 mo 10 mo
Market Time 128 182 210 139 172 186
LP/SP Ratio 96% 96% 93.6% 94% 97.25% 95.5%
Pending 75 30
Here is a smattering of other market tidbits 31% of listed homes in Gig Harbor are vacant-40% in Key Peninsula. 22 homes flipped from pending status to active in October-half the number that flipped in third quarter. Many of these stem from financing issues or short sale procedures. Seattle has the highest rate of commercial real estate (new construction, subdivisions) in default in the nation-31% of all loans. Gig Harbor home sales-and prices--should continue to firm up over fall and winter, with legislation just signed into law that extends the first-time homebuyer $8000 tax credit as well as expanding the program to give a $6500 credit to owners living in their home for the past five years. I can see price pockets during the next two to three quarters where demand equals the supply, which serves to increase the median price. Carole Holmaas is an Associate Broker at Windermere Real Estate, licensed since 1967. She may be reached at Carole@ISellGigHarbor.com or 253.549.6611. Her real estate blog may be read at http://blog.ISellGigHarbor.com

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