Carole's Blog

Gig Harbor home prices up 11.2%

Median Gig Harbor home prices are up 11.2% from a year ago, to $438,000. Median sales price is the normal method used for trends—half the sales above $438,000 and half below $438,000. This is a better figure than Pierce County, as a whole, which trended downward just slightly in September.  These statistics represent the Gig Harbor peninsula, including Fox Island. My next blog posting will show what is happening with Key Peninsula home prices.

Even more encouraging than the year-over-year figure is Gig Harbor homes prices have trended up 4.3% over the past 12 months compared to the previous 12 months. The third quarter as a whole is also an improvement over both 2009 and 2008. These more comprehensive numbers indicate Gig Harbor home prices are making a gradual but steady climb out of the hole they were in a year ago.

 The chart shows the specifics of the changes in Gig Harbor home prices.

Gig Harbor home prices

Noteworthy too, September recorded the highest median sales price of any month since June 2008—more than two years ago. Other than the 2008 date one had to look to 2007’s summer months to match or beat this September’s price.  

Sales ran the gamut—5 in Canterwood, 4 waterfront homes, 4 view homes, 4 condos, 4 in the new Chelsea Park neighborhood. The bulk of sales were in the $450-500,000 and $600-650,000 range, in addition to $250-300,000.

Sales volume is still slow—down from 2009 but nearly on a par with 2008—not yet great. There is currently a 13 month supply of houses on the market, based on September’s sales. That’s exactly what it was three years ago—September 2007–when the market turned downward–followed by 16 months often as high as 29 and 35 months supply.  A balanced market is between a 5-6 months supply.

September’s inventory of active listings is lower than it has been for this time of year. This low inventory might be giving us a false reading if there is a substantial amount of shadow inventory in the Gig Harbor market. Shadow inventory are homes foreclosed on by the lenders but not yet placed on the open market.

Gig Harbor home prices

Carole Holmaas is a Broker, licensed with Windermere Real Estate. She may be reached at 253.549.6611 or carole@ISellGigHarbor.com.