Apr 08 2011
February brings recovery to Gig Harbor home sales
February brings recovery to Gig Harbor home sales
The short February month brought signs of recovery to Gig Harbor home sales as well as Key Peninsula. While the indicators showed improvement it is too early to tell if a trend is developing. The world economy and political turmoil, as well as unemployment and foreclosures still provide a rocky picture for all of this year.
| Feb 2011 | Feb 2010 | Change | |
| Gig Harbor home sales |
35 |
26 |
▲34.6% |
| Median sales price |
$325,000 |
$312,000 |
▲4.2% |
| Gig Harbor pendings |
60 |
46 |
▲23% |
|
|
|
||
| Key Peninsula home sales |
18 |
9 |
▲100% |
| Median sales price |
$247,000 |
$207,000 |
▲19.3% |
| Key Peninsula pendings |
25 |
25 |
NC |
| GH/KP homes on market |
610 |
773 |
▼21.1% |
| GH/KP price reductions |
157 |
167 |
▼5% |
Gig Harbor home sales numbers along with Key Peninsula and their accompanying median prices were all up, from January as well. This is a particularly good sign for Key Peninsula which has experienced a very stagnant market for over a year.
The last 12 months has seen a 12% drop in prices in Key Peninsula from the previous 12 months while Gig Harbor’s pricing is essentially flat.
The numerous foreclosures and economic instability is perpetuating another trend—price reductions. One in four sellers dropped their price last month—and this has been consistent the past couple years—while they try to find the sweet spot that will entice the buyer to offer.
One positive trend we have been seeing for a year now—and one that historically produces upward pressure on prices—is fewer sellers in the marketplace. Unfortunately the reason appears to be sellers holding out, when they can, for the market to rid itself of foreclosures. Inventory is down 21% currently. There is a nine month supply of homes in Key Peninsula and a 14 month inventory in Gig Harbor.
Carole Holmaas is a Broker at Windermere Real Estate, licensed since 1968. She specializes in waterfront and view properties. She may be reached at 253.549.6611 or at Carole@ISellGigHarbor.com, where you may follow her blog postings.