Sep 18 2015
Gig Harbor August home prices up 13.8% over 2014–8% off 2006 quarterly peak
Gig Harbor August home prices up 13.8% over 2014–8% off 2006 quarterly peak. Both Gig Harbor and Key Peninsula markets are looking very healthy, as we approach the 4th quarter.
The year started a bit slow with the prices trending $75,000 lower in Gig Harbor. But August’s median sales price of $470,000 is the single highest month since May 2007—and is reminiscent of roaring 2006. A better gauge though, in my opinion, is the quarterly figure of $442,000 which is up a solid 8.6% from a year ago and positions Gig Harbor to prices just 8% off that peak.
Key Peninsula’s improvement is more difficult to gauge. While Gig Harbor has been gaining consistently all year, the Key has fluctuated as much as 2-35% in a single month. This can be explained by many waterfront homes trade heavily in the spring and summer months, which can bounce prices around. The Key is still feeling the effect of more distressed sales than Gig Harbor (20% compared to 6%) as well as not receiving the number of new home sales. But overall the Key is looking healthy, with only a 3.9 month supply of homes for sale.
Noteworthy…
- Gig Harbor MSP August–↑13.8%
- Key Peninsula MSP August↑33%
- Pierce Co MSP August ↑6% — $250k
- King Co MSP August ↑13.2% — $451k
- Kitsap Co MSP August ↑8% –-$260k
- Inventory is building very slowly but new listings are barely staying ahead of pending sales
- New home sales continue increase—20% of sales in Gig Harbor–26% of listings
- Gig Harbor’s volume was third highest recorded, on the heels of 4 months of record setting numbers