Carole's Blog

Gig Harbor resale home prices down just 5.1% over peak. Stripping out new home and distressed home sales, Gig Harbor resale prices are actually down just 5.1% from the 2006 peak. Hopefully this week’s graph will provide some perspective for sellers as they contemplate marketing their home in 2014. The numbers show Gig Harbor resale prices down 21% from its boom but that figure includes distressed sales and new home prices that outpaced the rest of the market by $150,000-300,000 at the peak.  New homes were much larger than the product being built today in Gig Harbor North. All sales combined are up 6.3% over a year ago.

A caveat – Competition for any home sale depends on the options available to the buyer at that time. It is one thing to compete in a market with a 2-year supply of homes and 50% of it distressed compared to a 4-month supply of homes with only 10% distressed currently.

While first quarter 2013 was the low point for combined Gig Harbor sales prices, this entire year has been the highest (with an exception in early 2010) since first half 2008 for Gig Harbor resale prices itself.

Inventory is down 47% from first half 2008 high. Gig Harbor hasn’t experienced low inventory since 2004-05. This is why brokers routinely urge sellers to consider marketing early in the year – traditionally a low inventory period, producing faster sales and higher prices.

Gig Harbor resale prices