Jan 29 2017
Gig Harbor, Fox Island, Key Peninsula all experience highest recorded sales prices
Gig Harbor, Fox Island, Key Peninsula all experience highest recorded sales prices. Gig Harbor home sales volume is still expanding; prices are still on the upswing and inventory is still down—in Seattle and throughout the Puget Sound. Here’s the evidence.
- October was the best month for sales volume ever recorded
- Days on market are 20 in King County & 32 in Pierce
- Seattle has replaced Portland as the fastest growing market
- King Co prices are up 14.5%, Pierce Co 10% year-over-year
- Seattle is the 9th most expensive rental market in the nation
So, how’s “our neck of the woods” doing?
Gig Harbor home sales & Fox Island home sales
- MSP (median sales price) increase of 9.6% from a year ago
- Last 2 months of $492,000 MSP, besting 2006 peak of $482,000
- Each of 7 months of this year the MSP topping 2006
- September is 2nd highest recorded MSP; October is 7th best
- New listings are up 23% for the past 3 months over 2015
- Closed sales have climbed 17% during that time
- Pending sales show modest increase of 6%
- Cumulative days on market have dropped from 92 to 72
Key Peninsula home sales
The KEY has rebounded! That’s the good news for the peninsula that has struggled even as its eastern neighbor began to rebound a couple years ago.
- January to May the MSP was lower than same months of peak 2005-07
- Since June monthly prices have outpaced every previous year
- MSP is up 18% from $220,000 to $260,000 quarterly since 2015
- Closed volume is up nearly 10% for the quarter
- New listings are up over 28% for the quarter