Two areas—surrounding downtown and Wauna–are holding their own for home sales this year compared to 2007. Both would be considered “close-in”, for two distinctively different reasons…Gig Harbor because of the proximity to services and Wauna because it is close-in for affordable housing.
Most other areas have suffered a decrease in home sales anywhere from 26-57% for the year.
Median sales prices for both Peninsulas are down 14% over the same month last year but down just 1% in Key Peninsula for the year. Year-to-date prices for Gig Harbor are down 9%.
But in two Gig Harbor communities—Rosedale/Kopachuck and the area surrounding Gig Harbor Bay and downtown–median sales prices are equal or better than 2007 so far this year. Two others—South and North Key Peninsulas–are almost the same year-to-date but down October 2008 over 2007.
The table illustrates median sales prices in each of the areas. This is year-to-date 2007 and 2008, as well as October for the two years. There is more credibility in the numbers for each of the peninsulas a whole because some of the individual areas are represented by only one or two sales for October.
Single family median sale prices
|
Area |
Oct 2008 |
Oct 2007 |
YTD 2008 |
YTD 2007 |
|
So Key Peninsula |
$253,000 |
$224,000 |
$217,000 |
$220,000 |
|
No Key Peninsula |
$549,000 |
$223,000 |
$250,000 |
$255,000 |
|
Wauna/Minter
KEY PENINSULA
|
$254,000
$253,000 Down 14% |
$193,000
$219,000 |
$256,000
$240,000 Down 1% |
$286,000
$242,000
|
|
Fox Island |
$377,000 |
$534,000 |
$425,000 |
$447,000 |
|
Wollochet/Narrows |
$348,000 |
$364,000 |
$392,000 |
$414,000 |
|
Arletta/Horsehead |
$348,000 |
$400,000 |
$410,000 |
$440,000 |
|
Rosedale/Kopachuck |
$595,000 |
$525,000 |
$517,000 |
$515,000 |
|
GH bay surrounds |
$463,000 |
$460,000 |
$469,000 |
$423,000 |
|
Gig Harbor North
GIG HARBOR
|
$340,000
$366,000 Down 14% |
$456,000
$425,000 |
$400,000
$416,000 Down 9% |
$526,000
$455,000 |
The star of the show currently is the one that surrounds Gig Harbor Bay and downtown. It extends north to the commercial Gig Harbor North, west to Highway 16, and south to Hunt Street and includes East Gig Harbor. 2008 sales are nearly constant with 2007 for the month of October. The median price is nearly identical with October 2007 and actually higher for the year than 2007. It also takes the least amount of time to sell a home in this area—average of 52 days
Home inventory is at a record high, although drifting down slightly which is normal at this time of year. The maximum sales price is lower in two-thirds of the Peninsula’s communities than last year—23% lower. And selling time is up across the board.
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