Median sales prices are equal or better than 2007 in over 50% of Gig Harbor and Key Peninsula communities so far this year. Only three areas experienced more than 10% downturns. And none of these is the “doom and gloom” of California, Florida, Arizona and Nevada that the national statistics project. This provides more localized data for buyers and sellers in the two peninsulas.
Here’s a snapshot of median sales prices in each of the areas defined by the map. These indicate 2008 year-to-date, compared to the same time period 2007. The maximum sales price in each area is also shown.
Year-to-date Comparison
|
Area |
Median SP ‘08 |
Median SP ‘07 |
Maximum SP ‘08 |
|
South Key Peninsula |
$227,000 |
$222,000 |
$710,000 |
|
North Key Peninsula |
$257,000 |
$257,000 |
$1,195,000 |
|
Wauna/Minter |
$264,000 |
$294,000 |
$1,100,000 |
|
Fox Island |
$463,000 |
$430,000 |
$2,100,000 |
|
Wollochet/Narrows |
$415,000 |
$424,000 |
$1,900,000 |
|
Arletta/Horsehead |
$411,000 |
$456,000 |
$1,500,000 |
|
Rosedale/Kopachuck |
$519,000 |
$508,000 |
$1,000,000 |
|
Gig Harbor City/surrounds |
$477,000 |
$417,000 |
$1,500,000 |
|
Gig Harbor North |
$400,000 |
$506,000 |
$1,500,000 |
Communities that have shown an increase include Fox Island and the area surrounding the city of Gig Harbor. The number of home sales in close-in Gig Harbor has remained essentially identical in 2007 and 2008. The areas designated as North Key Peninsula and South Key Peninsula have stayed essentially the same, with the south end of Key Peninsula actually up just a tad.
Areas that have experienced at least a 10% decline include Arletta and Horsehead Bay and North Gig Harbor and Canterwood, as well as Wauna/Minter. An upside for Wauna/Minter is that the number of home sales is holding steady, comparing 2007 to 2008. Most other areas have suffered a decline in sales anywhere from 35-45%.
Those areas showing only a modest decline include Rosedale/Kopachuck and Wollochet/Narrows.
The short version of these numbers is most areas in Gig Harbor and Key Peninsula are pretty healthy in terms of retaining median sales prices – of homes that are selling. Unfortunately the home inventory is at a record high and the maximm sales price is lower in more than half of the Peninsula’s communities than last year. And it is taking longer to sell everywhere.
A sidebar is that homes selling in 2007 were an average 90 square feet smaller in Gig Harbor and 130 square feet larger in Key Peninsula. The higher sales price bought less house in Key Peninsula and the lower sales price bought more house in Gig Harbor.
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