Carole’s Blog

Gig Harbor home prices continue to climb out of hole

Gig Harbor home prices are continuing to sustain moderately higher sales prices as 2009 closes out. December is the fifth of the last six months to show improvement year over year. Gig Harbor is defined as the Gig Harbor peninsula and Fox Island.

Gig Harbor home prices are up 1% over 2008, comparing the months of December only. The 4-county Puget Sound area however experienced a 7% decrease in sales price.

Another plus–sales of Gig Harbor homes have been better than 2008 for the last half year now—in each of those six months.    While December sales improved by 7% over November—which is not the norm—they were up dramatically 41% over 2008 and 160% over 2007. The 4-county Puget Sound area reported 54.7% more sales than last year, but Gig Harbor home prices (median sales price) are substantially higher than the Puget Sound, as a whole.

December was a stronger market than Realtors were expecting and there appears to be momentum to keep the market moving. Much of the activity is still being driven by first-time home buyer tax credits as well as favorable interest rates. Unfortunately the substantial volume of foreclosures has driven down prices—a trend likely to persist throughout 2010.

The strongest segment in Gig Harbor home prices the past thirty days has been in the $350-450k range, a segment actually entering  the beginning of a seller’s market.

Inventory continues to drop—last month down 8% from November, but down 19% from December 2008. The 4-county Puget Sound area has experienced a nearly identical decrease in inventory.

New homes sales are on the same tract with 11 months of inventory.

The table I’ve supplied for Gig Harbor home prices shows single family homes only.

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

Short sales small percent of Gig Harbor home sales  National media hypes short sales and bank-owned properties as a large part of the market, but in Gig Harbor they represent a smaller portion of Gig Harbor home sales than the casual observer might think. Key Peninsula is not as fortunate but still better than many parts of the country.

22.6% of Gig Harbor home sales in the past six months have been bank-owned or short sales and 41% in Key Peninsula.

This compares to figures as high as 80% of all sales in Las Vegas and 50% in Phoenix and Southern California and parts of Florida. North Las Vegas currently has one in 50 homes in some stage of foreclosure, and in parts of Phoenix it is one in 20 homes, and some areas of southern California it is one in 50 homes. In Washington State one in 834 homeowners is in financial trouble with the bank but in Pierce County it is one in 418 owners, making it the highest rate of foreclosure in the state.

Dissecting short sales and bank-owned numbers--7% of Gig Harbor home sales have been short sales and 15.5% bank-owned.

Key Peninsula's stats are a bit gloomier. Short sales represented 6.4% but bank-owned made up 28% of all sales.

Pierce County, in the past six months, turned out 35% of sales as short sales and bank-owned units. So our Key Peninsula fits the county norm.

An interesting side note is the pending sales. Pending sales (transactions not yet closed) indicate 25% more short sales or bank-owned are in the current mix than have closed in all the past 6 months. There are 85 pending in Gig Harbor and 32 in Key Peninsula while sales in those categories only total 64 and 43 respectively. This is not a surprise to Realtors or buyers who have tried to negotiate short sales with lenders. Many of the transactions written will never close due to difficulty of working through one and sometimes two lenders. Many buyers become frustrated with the situation and move on to other good deals in the marketplace.

Bank-owned homes run the price gamut, with 19 under $250,000, 13 between $250-500,000 and 7 over $500,000-in fact running all the way up to $1m and above. This is the place the buyers can be certain the lender wants to sell and a sale can be completed.

Carole Holmaas is an Associate Broker with Windermere Real Estate, licensed since 1967. She may be reached at 549.6611 or Carole@ISellGigHarbor.com. Her blog may be followed at http://blog.ISellGigHarbor.com

Gig Harbor WA Salt Waterfront Home for Sale on Raft Island. Vintage 1966, this 4000sq ft daylight rambler waterfront home has good bones. Stunning views of the Olympics, with 80' of medium-low bank, warmer water for summer swimming & boating with pebble beach & new bulkhead.

Currently 5 bedrooms, 2 kitchens & 2 fireplaces. Plus an additional upland lot.

Renew & polish this diamond in the rough. Second lot across street is included. This is listed at an astonishing price of $559,000.  

Raft Island was named because, from a distance, the island appeared to some sailors be a floating raft. Two men who claimed the entire island in 1889 first settled Raft Island, clear-cutting and shipping logs out from the early settlement period of the 1880s. The second-growth timber was used for pilings, saw logs, and mine props in the 1920s. Large rafts of logs were harvested from throughout the Henderson Bay area, including the island. 

 In the late 1920s, the entire island was purchased and used it as a hunting and recreational resort, his home later becoming the Catholic Church camp. He brought electric power to Raft Island. The bridge to Raft Island was built over the narrow, tidal channel on the south side. Presently 190 families live on the island. There are three community beaches and parks.

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.

 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

Short sales small percent of Gig Harbor home sales  National media hypes short sales and bank-owned properties as a large part of the market, but in Gig Harbor they represent a smaller portion of Gig Harbor home sales than the casual observer might think. Key Peninsula is not as fortunate but still better than many parts of the country.

 22.6% of Gig Harbor home sales in the past six months have been bank-owned or short sales and 41% in Key Peninsula.

This compares to figures as high as 80% of all sales in Las Vegas and 50% in Phoenix and Southern California and parts of Florida. North Las Vegas currently has one in 50 homes in some stage of foreclosure, and in parts of Phoenix it is one in 20 homes, and some areas of southern California it is one in 50 homes. In Washington State one in 834 homeowners is in financial trouble with the bank but in Pierce County it is one in 418 owners, making it the highest rate of foreclosure in the state.

 Dissecting short sales and bank-owned numbers–7% of Gig Harbor home sales have been short sales and 15.5% bank-owned.

Key Peninsula’s stats are a bit gloomier. Short sales represented 6.4% but bank-owned made up 28% of all sales.

Pierce County, in the past six months, turned out 35% of sales as short sales and bank-owned units. So our Key Peninsula fits the county norm.

An interesting side note is the pending sales. Pending sales (transactions not yet closed) indicate 25% more short sales or bank-owned are in the current mix than have closed in all the past 6 months. There are 85 pending in Gig Harbor and 32 in Key Peninsula while sales in those categories only total 64 and 43 respectively. This is not a surprise to Realtors or buyers who have tried to negotiate short sales with lenders. Many of the transactions written will never close due to difficulty of working through one and sometimes two lenders. Many buyers become frustrated with the situation and move on to other good deals in the marketplace.

Bank-owned homes run the price gamut, with 19 under $250,000, 13 between $250-500,000 and 7 over $500,000—in fact running all the way up to $1m and above. This is the place the buyers can be certain the lender wants to sell and a sale can be completed.

Carole Holmaas is an Associate Broker with Windermere Real Estate, licensed since 1967. She may be reached at 549.6611 or Carole@ISellGigHarbor.com. Her blog may be followed at http://blog.ISellGigHarbor.com

Carole Holmaas is an Associate Broker at Windermere Real Estate, licensed since 1967. She may be contacted at 253.549.6611 or Carole@ISellGigHarbor.com. You may follow her blog at http://blog.ISellGigHarbor.com

Gig Harbor WA Salt Waterfront Home for Sale on Raft Island. Vintage 1966, this 4000sq ft daylight rambler waterfront home has good bones. Stunning views of the Olympics, with 80′ of medium-low bank, warmer water for summer swimming & boating with pebble beach & new bulkhead.

Currently 5 bedrooms, 2 kitchens & 2 fireplaces. Plus an additional upland lot.

Renew & polish this diamond in the rough. Second lot across street is included   

Raft Island was named because, from a distance, the island appeared to some sailors be a floating raft. Two men who claimed the entire island in 1889 first settled Raft Island, clear-cutting and shipping logs out from the early settlement period of the 1880s. The second-growth timber was used for pilings, saw logs, and mine props in the 1920s. Large rafts of logs were harvested from throughout the Henderson Bay area, including the island. 

 In the late 1920s, the entire island was purchased and used it as a hunting and recreational resort, his home later becoming the Catholic Church camp. He brought electric power to Raft Island. The bridge to Raft Island was built over the narrow, tidal channel on the south side. Presently 190 families live on the island. There are three community beaches and parks.

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.

 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

Key Peninsula home prices up in November  Key Peninsula home prices are up for the third month in a row but sales just barely beat 2008.  This is the third month in a row with higher median prices than a year ago and is a trend going the right way for homeowners

The $248,000 median sales price is an uptick of 27% compared to the same month last year ($196,000) but virtually the same as October. But it is still down 20% over the high of late 2006-early 2007.  

November is the first month with more sales than either 2008 (up 10%) or 2007 (up 5%) but is the fifth of the last six months to better 2008 numbers. This certainly has to be encouraging to homeowners and to Realtors alike.

These figures include all Key Peninsula zip codes--part of the Gig Harbor multiple listing service area. The statistics are not as strong as Gig Harbor which doubled year-over-year or Pierce County as a whole, which showed sales up 73% in November. However Pierce County displayed a dip in median sales price of 3.5% while Gig Harbor was up 30%.

This uptick in sales price can be explained by some more depth to the closings-something Key Peninsula home prices have not experienced lately. The sales include a wide variety--three salt waterfront, two view, two lake front and five bank-owned properties. 

The $8000 tax credit has been fueling the market all year, but this demonstrates sales have finally moved beyond that single market segment and speaks to overall stability for Key Peninsula home prices. For the homebuyer still interested in using the tax credit and the very low interest rates available-inventory is dropping quickly and time is short to take advantage of this segment.

Carole Holmaas is an Associate Broker with Windermere Real Estate, licensed since 1967. She may be contacted at 253.549.6611 or Carole@ISellGigHarbor.com. You may follow her blog at http://blog.ISellGigHarbor.com.

Gig Harbor home sales and prices up big in November

Gig Harbor home sales more than doubled from 2008 and median prices are up for the third month in a row. November sales not only bested 2008 but, surprisingly, they also beat 2007 numbers.

November represents three out of the last five months with more sales than either 2008 or 2007. This trend is going the right way for homeowners.

These figures include both single family and condominiums and encompass Gig Harbor and Fox Island zip codes 98332, 98333, and 98335. The statistics are stronger than Pierce County as a whole, which show sales up 73% year-over-year, but a dip in median sales price of 3.5%.

The $406,250 median sales price is an increase of 30% compared to the same month last year ($313,000) and 6% better than October. But it is still down 18% over the high of late 2006-early 2007. This is the fourth month out of the last five with higher median prices than a year ago and is another trend going the right way for homeowners.

This uptick in sales price can be explained by both the depth and the breadth seen in November's closings-something Gig Harbor home sales have not seen recently. The sales include a wide mix of homes-four in Canterwood, three salt waterfront, six view, five new, seven bank-owned properties and six condos. Sales of higher-end Canterwood homes and condos have long been absent from Gig Harbor home sales.

While the $8000 tax credit has been fueling the market all year, this demonstrates sales have finally moved beyond that single market segment. This speaks well for overall stability for Gig Harbor's market. For the homebuyer still interested in using the tax credit and the very low interest rates available-inventory is dropping quickly and time is short to take advantage of this segment.

Sales are spread throughout the Gig Harbor peninsula with noticeably more seen on Fox Island than there have been for  months.

November's median price on condos closed was $280,000; for single family residential it was $418,000.

Carole Holmaas is an Associate Broker with Windermere Real Estate, licensed since 1967. She may be contacted at 253.549.6611 or Carole@ISellGigHarbor.com. You may follow her blog at http://blog.ISellGigHarbor.com.

Key Peninsula home prices up in November

Key Peninsula home prices are up for the third month in a row but sales just barely beat 2008.  This is the third month in a row with higher median prices than a year ago and is a trend going the right way for homeowners

The $248,000 median sales price is an uptick of 27% compared to the same month last year ($196,000) but virtually the same as October. But it is still down 20% over the high of late 2006-early 2007.  

November is the first month with more sales than either 2008 (up 10%) or 2007 (up 5%) but is the fifth of the last six months to better 2008 numbers. This certainly has to be encouraging to homeowners and to Realtors alike.

These figures include all Key Peninsula zip codes–part of the Gig Harbor multiple listing service area. The statistics are not as strong as Gig Harbor which doubled year-over-year or Pierce County as a whole, which showed sales up 73% in November. However Pierce County displayed a dip in median sales price of 3.5% while Gig Harbor was up 30%.

This uptick in sales price can be explained by some more depth to the closings—something Key Peninsula home prices have not experienced lately. The sales include a wide variety–three salt waterfront, two view, two lake front and five bank-owned properties. 

The $8000 tax credit has been fueling the market all year, but this demonstrates sales have finally moved beyond that single market segment and speaks to overall stability for Key Peninsula home prices. For the homebuyer still interested in using the tax credit and the very low interest rates available—inventory is dropping quickly and time is short to take advantage of this segment.

Carole Holmaas is an Associate Broker with Windermere Real Estate, licensed since 1967. She may be contacted at 253.549.6611 or Carole@ISellGigHarbor.com. You may follow her blog at http://blog.ISellGigHarbor.com.

Gig Harbor home sales and prices up big in November

Gig Harbor home sales more than doubled from 2008 and median prices are up for the third month in a row. November sales not only bested 2008 but, surprisingly, they also beat 2007 numbers.

November represents three out of the last five months with more sales than either 2008 or 2007. This trend is going the right way for homeowners.

These figures include both single family and condominiums and encompass Gig Harbor and Fox Island zip codes 98332, 98333, and 98335. The statistics are stronger than Pierce County as a whole, which show sales up 73% year-over-year, but a dip in median sales price of 3.5%.

The $406,250 median sales price is an increase of 30% compared to the same month last year ($313,000) and 6% better than October. But it is still down 18% over the high of late 2006-early 2007. This is the fourth month out of the last five with higher median prices than a year ago and is another trend going the right way for homeowners.

This uptick in sales price can be explained by both the depth and the breadth seen in November’s closings—something Gig Harbor home sales have not seen recently. The sales include a wide mix of homes—four in Canterwood, three salt waterfront, six view, five new, seven bank-owned properties and six condos. Sales of higher-end Canterwood homes and condos have long been absent from Gig Harbor home sales.

While the $8000 tax credit has been fueling the market all year, this demonstrates sales have finally moved beyond that single market segment. This speaks well for overall stability for Gig Harbor’s market. For the homebuyer still interested in using the tax credit and the very low interest rates available—inventory is dropping quickly and time is short to take advantage of this segment.

Sales are spread throughout the Gig Harbor peninsula with noticeably more seen on Fox Island than there have been for  months.

November’s median price on condos closed was $280,000; for single family residential it was $418,000.

Carole Holmaas is an Associate Broker with Windermere Real Estate, licensed since 1967. She may be contacted at 253.549.6611 or Carole@ISellGigHarbor.com. You may follow her blog at http://blog.ISellGigHarbor.com.

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.

 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.