Carole's Blog

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

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.

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

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

 

 

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

 

 

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

 

 

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	â–¼6%				â–¼11%
# 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