Carole's Blog

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.

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.

 

 

 

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.

 

 

 

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%â–¼		80	3.7%â–¼		332	9.6%â–¼
Oct 08		262	1.1%â–¼		79	2.5%â–¼		394	23.9%â–¼
Sold
Oct 09		18			2			19
Sep 09		26	30.8%â–¼		2	No change		32	40.6%â–¼
Oct 08		13	38.5%â–²		1	100%â–²		22	13.6%â–¼
Median price
Oct 09		392,000			326,000			380,000
Sep 09		401,000	2.4%â–¼		307,000	5.6%â–²		375,000	1.4%â–²
Oct 08		300,000	23%â–¼		377,000	13%â–¼		352,000	8.4%â–¼

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.

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

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

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.

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.

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.