Carole's Blog

Gig Harbor home sales start to equalize in Key Peninsula

A snapshot of Gig Harbor home sales shows a nearly balanced market for Key Peninsula mailing addresses. Zip codes 98329 and 98394(Wauna, Vaughn and Key Center) have just slightly more than a seven month supply of homes in inventory.

A balanced-or neutral market-is generally considered six to seven month home inventory, based on number of sales in that month. When the number drops below six months it generally becomes a seller's market.

6.3 months of inventory was normal in this area during the strong sales years of 2002-2007 so the current seven months supply is a very strong number. A high of 40 months was reached last January.

Median prices are still dropping-over 10% in third quarter compared to the same period last year, with 15 closings-a high percentage of "bank-involved" sales pulling prices down. A perspective on prices over the past few years--the current median sales price--$209,000--equals first quarter 2005 when homes were selling for 99% of listed price.

The median price will only increase when buyers have an appetite for something other than foreclosures and short sales and when consumer confidence is restored. Unfortunately, locally there are still many foreclosures in the pipeline.

The zip codes of 98349 and 98351 (Longbranch, Lakebay and Home) have only an 8.9 month inventory of homes, based on the sales pace in September. This is looking positive for an area that experienced a 6.9 month supply of homes during the boom years of 2002-2005 but has been running double digits and a high of 49 months supply last November.

The median sales price is down for third quarter by 15.4% representing 10 sales. In this area the median price has been "reset" to prices established the first nine months of 2005 when homes were selling for 98.5% of listed price.  

This table shows Key Peninsula zip codes 98329/98394 and 98349/98351 for Gig Harbor home sales for September 2009 and 2008.                                             

Gig Harbor home sales	98329 & 98394	98349 & 98351
Number of active listings	▼29.5%	▼21.9%
Number of homes sold	▲50%	▲42.9%
Median sales price	▼ 10.7%	▼15.4%
(3rd Qtr comparison)	$209,000	$176,000
Number months inventory	▼53%	▼50%
(based on closed sales)	7.3 months	8.9 months

Readers must be careful not to read too much into a single month comparison but these figures are encouraging to local Realtors. The 17-month graphs below show the bigger picture in Gig Harbor home sales in these zip codes. With the median price hovering at and below $200,000, homes in these areas have been snapped up by first-time buyers as they receive the $8000 tax credit. This tax credit is expected to be extended. Month-to-month figures will continue to fluctuate as the market continues to stabilize. And expect inventory to climb as winter takes it toll on sales

   98349 and 98351

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 98329 and 98394

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

Throughout the entire Gig Harbor and Key Peninsula market area, sales for October are on track to close higher numbers than last year. Several price ranges are showing the first signs of strength in a year, namely in the low $500's and the mid $400's and $600's.

                                                                                                                                                     

Carole Holmaas is an Associate Broker at Windermere Real Estate, licensed since 1967. She may be reached at Carole@ISellGigHarbor.com or 253.549.6611. Her real estate blog may be read at http://blog.ISellGigHarbor.com

 

Gig Harbor home sales start to equalize in Key Peninsula

A snapshot of Gig Harbor home sales shows a nearly balanced market for Key Peninsula mailing addresses. Zip codes 98329 and 98394(Wauna, Vaughn and Key Center) have just slightly more than a seven month supply of homes in inventory.

A balanced-or neutral market-is generally considered six to seven month home inventory, based on number of sales in that month. When the number drops below six months it generally becomes a seller's market.

6.3 months of inventory was normal in this area during the strong sales years of 2002-2007 so the current seven months supply is a very strong number. A high of 40 months was reached last January.

Median prices are still dropping-over 10% in third quarter compared to the same period last year, with 15 closings-a high percentage of "bank-involved" sales pulling prices down. A perspective on prices over the past few years--the current median sales price--$209,000--equals first quarter 2005 when homes were selling for 99% of listed price.

The median price will only increase when buyers have an appetite for something other than foreclosures and short sales and when consumer confidence is restored. Unfortunately, locally there are still many foreclosures in the pipeline.

The zip codes of 98349 and 98351 (Longbranch, Lakebay and Home) have only an 8.9 month inventory of homes, based on the sales pace in September. This is looking positive for an area that experienced a 6.9 month supply of homes during the boom years of 2002-2005 but has been running double digits and a high of 49 months supply last November.

The median sales price is down for third quarter by 15.4% representing 10 sales. In this area the median price has been "reset" to prices established the first nine months of 2005 when homes were selling for 98.5% of listed price.  

This table shows Key Peninsula zip codes 98329/98394 and 98349/98351 for Gig Harbor home sales for September 2009 and 2008.                                             

Gig Harbor home sales	98329 & 98394	98349 & 98351
Number of active listings	▼29.5%	▼21.9%
Number of homes sold	▲50%	▲42.9%
Median sales price	▼ 10.7%	▼15.4%
(3rd Qtr comparison)	$209,000	$176,000
Number months inventory	▼53%	▼50%
(based on closed sales)	7.3 months	8.9 months

Readers must be careful not to read too much into a single month comparison but these figures are encouraging to local Realtors. The 17-month graphs below show the bigger picture in Gig Harbor home sales in these zip codes. With the median price hovering at and below $200,000, homes in these areas have been snapped up by first-time buyers as they receive the $8000 tax credit. This tax credit is expected to be extended. Month-to-month figures will continue to fluctuate as the market continues to stabilize. And expect inventory to climb as winter takes it toll on sales

   98349 and 98351

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 98329 and 98394

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

Throughout the entire Gig Harbor and Key Peninsula market area, sales for October are on track to close higher numbers than last year. Several price ranges are showing the first signs of strength in a year, namely in the low $500's and the mid $400's and $600's.

                                                                                                                                                     

Carole Holmaas is an Associate Broker at Windermere Real Estate, licensed since 1967. She may be reached at Carole@ISellGigHarbor.com or 253.549.6611. Her real estate blog may be read at http://blog.ISellGigHarbor.com

 

Gig Harbor home sales start to equalize in Key Peninsula A snapshot of Gig Harbor home sales shows a nearly balanced market for Key Peninsula mailing addresses. Zip codes 98329 and 98394(Wauna, Vaughn and Key Center) have just slightly more than a seven month supply of homes in inventory. A balanced-or neutral market-is generally considered six to seven month home inventory, based on number of sales in that month. When the number drops below six months it generally becomes a seller's market. 6.3 months of inventory was normal in this area during the strong sales years of 2002-2007 so the current seven months supply is a very strong number. A high of 40 months was reached last January. Median prices are still dropping-over 10% in third quarter compared to the same period last year, with 15 closings-a high percentage of "bank-involved" sales pulling prices down. A perspective on prices over the past few years--the current median sales price--$209,000--equals first quarter 2005 when homes were selling for 99% of listed price. The median price will only increase when buyers have an appetite for something other than foreclosures and short sales and when consumer confidence is restored. Unfortunately, locally there are still many foreclosures in the pipeline. The zip codes of 98349 and 98351 (Longbranch, Lakebay and Home) have only an 8.9 month inventory of homes, based on the sales pace in September. This is looking positive for an area that experienced a 6.9 month supply of homes during the boom years of 2002-2005 but has been running double digits and a high of 49 months supply last November. The median sales price is down for third quarter by 15.4% representing 10 sales. In this area the median price has been "reset" to prices established the first nine months of 2005 when homes were selling for 98.5% of listed price. This table shows Key Peninsula zip codes 98329/98394 and 98349/98351 for Gig Harbor home sales for September 2009 and 2008.

Gig Harbor home sales	98329 & 98394	98349 & 98351
Number of active listings	â–¼29.5%	â–¼21.9%
Number of homes sold	â–²50%	â–²42.9%
Median sales price	â–¼ 10.7%	â–¼15.4%
(3rd Qtr comparison)	$209,000	$176,000
Number months inventory	â–¼53%	â–¼50%
(based on closed sales)	7.3 months	8.9 months

Readers must be careful not to read too much into a single month comparison but these figures are encouraging to local Realtors. The 17-month graphs below show the bigger picture in Gig Harbor home sales in these zip codes. With the median price hovering at and below $200,000, homes in these areas have been snapped up by first-time buyers as they receive the $8000 tax credit. This tax credit is expected to be extended. Month-to-month figures will continue to fluctuate as the market continues to stabilize. And expect inventory to climb as winter takes it toll on sales 98349 and 98351 98329 and 98394 Throughout the entire Gig Harbor and Key Peninsula market area, sales for October are on track to close higher numbers than last year. Several price ranges are showing the first signs of strength in a year, namely in the low $500's and the mid $400's and $600's. Carole Holmaas is an Associate Broker at Windermere Real Estate, licensed since 1967. She may be reached at Carole@ISellGigHarbor.com or 253.549.6611. Her real estate blog may be read at http://blog.ISellGigHarbor.com

Gig Harbor Home Sales Stabilize in September A snapshot of Gig Harbor home sales for September shows a stabilization, or even increase, of median sales prices for Gig Harbor mailing addresses. The 98332 area produced a 4.5% median price increase over a year ago with 26 closings while the 98335 zip code equaled 2008 numbers. Even "no change" is a big deal after more than a year of double digit declines. One month is too soon to predict a trend but Gig Harbor home sales are encouraging to local Realtors. These statistics compare September 2008 with September 2009 for Gig Harbor home sales in zip codes 98332 and 98335. 98332                          98335 Number of active listings           no change                  ▼22.2% Number of homes sold             ▲62.5%                      ▼9.11% Median sales price                   ▲4.5%                        no change $401,000                    $375,000 Number months inventory         ▼37.9%                      ▼14% (based on closed sales)         10.8 months               11.1 months Readers must be careful not to read too much into a single month comparison. The 17-month graphs below show the bigger picture in Gig Harbor home sales. A few very expensive homes selling in a month of few sales skews the median price. Likewise the large number of homes snapped up by first-time buyers in the past six months affects it. Month-to-month figures will fluctuate as the market continues to stabilize. There still needs to be a narrowing of the spread between sales and listings for Gig Harbor home sales  to "normalize" at a six to seven month "absorption rate" and for significant upward price pressure. 98332 98335 Carole Holmaas is an Associate Broker at Windermere Real Estate, licensed since 1967. She may be reached at Carole@ISellGigHarbor.com or 253.549.6611. Her real estate blog may be read at http://blog.ISellGigHarbor.com

Gig Harbor Home Sales Stabilize in September

A snapshot of Gig Harbor home sales for September shows a stabilization, or even increase, of median sales prices for Gig Harbor mailing addresses. The 98332 area produced a 4.5% median price increase over a year ago with 26 closings while the 98335 zip code equaled 2008 numbers. Even "no change" is a big deal after more than a year of double digit declines. One month is too soon to predict a trend but Gig Harbor home sales are encouraging to local Realtors.

These statistics compare September 2008 with September 2009 for Gig Harbor home sales in zip codes 98332 and 98335.

                                                98332                          98335

Number of active listings           no change                  ▼22.2%

Number of homes sold             ▲62.5%                      ▼9.11%

Median sales price                   ▲4.5%                        no change

                                             $401,000                    $375,000

Number months inventory         ▼37.9%                      ▼14%

   (based on closed sales)         10.8 months               11.1 months

Readers must be careful not to read too much into a single month comparison. The 17-month graphs below show the bigger picture in Gig Harbor home sales. A few very expensive homes selling in a month of few sales skews the median price. Likewise the large number of homes snapped up by first-time buyers in the past six months affects it. Month-to-month figures will fluctuate as the market continues to stabilize.

There still needs to be a narrowing of the spread between sales and listings for Gig Harbor home sales  to "normalize" at a six to seven month "absorption rate" and for significant upward price pressure.

98332

 

98335

 

Carole Holmaas is an Associate Broker at Windermere Real Estate, licensed since 1967. She may be reached at Carole@ISellGigHarbor.com or 253.549.6611. Her real estate blog may be read at http://blog.ISellGigHarbor.com

 

Gig Harbor Home Sales Stabilize in September

A snapshot of Gig Harbor home sales for September shows a stabilization, or even increase, of median sales prices for Gig Harbor mailing addresses. The 98332 area produced a 4.5% median price increase over a year ago with 26 closings while the 98335 zip code equaled 2008 numbers. Even "no change" is a big deal after more than a year of double digit declines. One month is too soon to predict a trend but Gig Harbor home sales are encouraging to local Realtors.

These statistics compare September 2008 with September 2009 for Gig Harbor home sales in zip codes 98332 and 98335.

                                                98332                          98335

Number of active listings           no change                  ▼22.2%

Number of homes sold             ▲62.5%                      ▼9.11%

Median sales price                   ▲4.5%                        no change

                                             $401,000                    $375,000

Number months inventory         ▼37.9%                      ▼14%

   (based on closed sales)         10.8 months               11.1 months

Readers must be careful not to read too much into a single month comparison. The 17-month graphs below show the bigger picture in Gig Harbor home sales. A few very expensive homes selling in a month of few sales skews the median price. Likewise the large number of homes snapped up by first-time buyers in the past six months affects it. Month-to-month figures will fluctuate as the market continues to stabilize.

There still needs to be a narrowing of the spread between sales and listings for Gig Harbor home sales  to "normalize" at a six to seven month "absorption rate" and for significant upward price pressure.

98332

 

98335

 

Carole Holmaas is an Associate Broker at Windermere Real Estate, licensed since 1967. She may be reached at Carole@ISellGigHarbor.com or 253.549.6611. Her real estate blog may be read at http://blog.ISellGigHarbor.com

 

Gig Harbor Home Sales Stabilize in September

A snapshot of Gig Harbor home sales for September shows a stabilization, or even increase, of median sales prices for Gig Harbor mailing addresses. The 98332 area produced a 4.5% median price increase over a year ago with 26 closings while the 98335 zip code equaled 2008 numbers. Even "no change" is a big deal after more than a year of double digit declines. One month is too soon to predict a trend but Gig Harbor home sales are encouraging to local Realtors.

These statistics compare September 2008 with September 2009 for Gig Harbor home sales in zip codes 98332 and 98335.

                                                98332                          98335

Number of active listings           no change                  ▼22.2%

Number of homes sold             ▲62.5%                      ▼9.11%

Median sales price                   ▲4.5%                        no change

                                             $401,000                    $375,000

Number months inventory         ▼37.9%                      ▼14%

   (based on closed sales)         10.8 months               11.1 months

Readers must be careful not to read too much into a single month comparison. The 17-month graphs below show the bigger picture in Gig Harbor home sales. A few very expensive homes selling in a month of few sales skews the median price. Likewise the large number of homes snapped up by first-time buyers in the past six months affects it. Month-to-month figures will fluctuate as the market continues to stabilize.

There still needs to be a narrowing of the spread between sales and listings for Gig Harbor home sales  to "normalize" at a six to seven month "absorption rate" and for significant upward price pressure.

98332

 

98335

 

Carole Holmaas is an Associate Broker at Windermere Real Estate, licensed since 1967. She may be reached at Carole@ISellGigHarbor.com or 253.549.6611. Her real estate blog may be read at http://blog.ISellGigHarbor.com

 

Gig Harbor Home Sales Stabilize in September A snapshot of Gig Harbor home sales for September shows a stabilization, or even increase, of median sales prices for Gig Harbor mailing addresses. The 98332 area produced a 4.5% median price increase over a year ago with 26 closings while the 98335 zip code equaled 2008 numbers. Even "no change" is a big deal after more than a year of double digit declines. One month is too soon to predict a trend but Gig Harbor home sales are encouraging to local Realtors. These statistics compare September 2008 with September 2009 for Gig Harbor home sales in zip codes 98332 and 98335. 98332                          98335 Number of active listings           no change                  ▼22.2% Number of homes sold             ▲62.5%                      ▼9.11% Median sales price                   ▲4.5%                        no change $401,000                    $375,000 Number months inventory         ▼37.9%                      ▼14% (based on closed sales)         10.8 months               11.1 months Readers must be careful not to read too much into a single month comparison. The 17-month graphs below show the bigger picture in Gig Harbor home sales. A few very expensive homes selling in a month of few sales skews the median price. Likewise the large number of homes snapped up by first-time buyers in the past six months affects it. Month-to-month figures will fluctuate as the market continues to stabilize. There still needs to be a narrowing of the spread between sales and listings for Gig Harbor home sales  to "normalize" at a six to seven month "absorption rate" and for significant upward price pressure. 98332 98335 Carole Holmaas is an Associate Broker at Windermere Real Estate, licensed since 1967. She may be reached at Carole@ISellGigHarbor.com or 253.549.6611. Her real estate blog may be read at http://blog.ISellGigHarbor.com

Gig Harbor WA Western Exposure Waterfront Estate for Sale at Green Point Absolutely stunning contemporary waterfront estate for sale on the ultimate private 170' low-bank western exposure property. This home sports spectacular views of both the Olympic Mountains & Carr Inlet from every room & abounds with privacy from the time you enter the drive...to relaxing in your hottub on your master deck...to launching your kayak from your boathouse. The owners have masterfully blended the warmth of unique woods on floors & ceiling with the soaring contemporary feel. There are view-framing windows in every room from this waterfront estate for sale, a fireplace to be enjoyed from 5 rooms, and a dramatic but functional floorplan. the porcelain tiled master bath says "SPA", the huge walk-in closet IS actually large enough for 2 people, the chef's kitchen is spacious but very functional, and there is a 2nd catering kitchen or "extreme" wetbar. When only the best will do, this waterfront estate for sale is for you........ Call me at 253.549.6611 for more information about this or any other waterfront estate for sale or visit me at Windermere Real Estate in Gig Harbor. The first European-American settlement began in the Arletta/Horsehead Bay area in the late 1870s and the post office was established in 1893. Most early settlers farmed. Other activities in the area included logging, fishing, and trapping. When a permanent dock was constructed, a business district developed around the waterfront and included a store, fish fertilizer factory and warehouse. By 1910 the first roads had been constructed between Arletta, Horsehead Bay and Warren. Area residents have consistently demonstrated their strong commitment to provide a high quality public education to nearly 10,000 students. The district enjoys a statewide reputation for meeting the educational needs of today's students who become tomorrow's leaders. In addition, Gig Harbor has nearly a dozen private schools. The Harbor History Museum is located on Gig Harbor Bay and allows visitors a place to experience the history of Gig Harbor. The Museum is in the process of relocating to a new multi-million dollar facility, highlighted by the Shenandoah, a purse seiner built in a Gig Harbor shipyard and the Midway schoolhouse. While Gig Harbor was once most known for its fishing and logging, it is now also known for its numerous art galleries, art walks and art shows. Two theatre companies in Gig Harbor provide entertainment including dinner theatre and summer outdoor theatre. The Gig Harbor area is ideal for enjoying water-related recreation. Whether you prefer water skiing, power or sail boating, kayaking, fresh or salt water fishing, scuba driving, windsurfing, clamming, beachcombing or swimming, the secluded harbors provide excellent moorage and docking facilities. There are four state parks. Boat ramps are located near the major bays. Gig Harbor operates a waterfront park, a park on Crescent Creek, a boat-building facility and a pioneer farm. Eight golf courses offer year-round golf close to Gig Harbor. Numerous events are scheduled throughout the year, largely centered on the Gig Harbor waterfront, including farmers markets, outdoor cinema, Tuesday night music at the park, and lighted holiday boat parade. Youth and adult baseball, basketball, football, gymnastics, dance, and soccer programs are provided through community organizations. Two local pools provide swimming opportunities for the community and swim clubs.

Gig Harbor WA Western Exposure Waterfront Estate for Sale at Green Point

Absolutely stunning contemporary waterfront estate for sale on the ultimate private 170' low-bank western exposure property. This home sports spectacular views of both the Olympic Mountains & Carr Inlet from every room & abounds with privacy from the time you enter the drive...to relaxing in your hottub on your master deck...to launching your kayak from your boathouse.

The owners have masterfully blended the warmth of unique woods on floors & ceiling with the soaring contemporary feel. There are view-framing windows in every room from this waterfront estate for sale, a fireplace to be enjoyed from 5 rooms, and a dramatic but functional floorplan. the porcelain tiled master bath says "SPA", the huge walk-in closet IS actually large enough for 2 people, the chef's kitchen is spacious but very functional, and there is a 2nd catering kitchen or "extreme" wetbar.

When only the best will do, this waterfront estate for sale is for you........

Call me at 253.549.6611 for more information about this or any other waterfront estate for sale or visit me at Windermere Real Estate in Gig Harbor.

 

 

The first European-American settlement began in the Arletta/Horsehead Bay area in the late 1870s and the post office was established in 1893. Most early settlers farmed. Other activities in the area included logging, fishing, and trapping. When a permanent dock was constructed, a business district developed around the waterfront and included a store, fish fertilizer factory and warehouse. By 1910 the first roads had been constructed between Arletta, Horsehead Bay and Warren.

Area residents have consistently demonstrated their strong commitment to provide a high quality public education to nearly 10,000 students. The district enjoys a statewide reputation for meeting the educational needs of today's students who become tomorrow's leaders. In addition, Gig Harbor has nearly a dozen private schools. 

The Harbor History Museum is located on Gig Harbor Bay and allows visitors a place to experience the history of Gig Harbor. The Museum is in the process of relocating to a new multi-million dollar facility, highlighted by the Shenandoah, a purse seiner built in a Gig Harbor shipyard and the Midway schoolhouse.

While Gig Harbor was once most known for its fishing and logging, it is now also known for its numerous art galleries, art walks and art shows. Two theatre companies in Gig Harbor provide entertainment including dinner theatre and summer outdoor theatre.

The Gig Harbor area is ideal for enjoying water-related recreation. Whether you prefer water skiing, power or sail boating, kayaking, fresh or salt water fishing, scuba driving, windsurfing, clamming, beachcombing or swimming, the secluded harbors provide excellent moorage and docking facilities.

There are four state parks. Boat ramps are located near the major bays. Gig Harbor operates a waterfront park, a park on Crescent Creek, a boat-building facility and a pioneer farm. Eight golf courses offer year-round golf close to Gig Harbor.

Numerous events are scheduled throughout the year, largely centered on the Gig Harbor waterfront, including farmers markets, outdoor cinema, Tuesday night music at the park, and lighted holiday boat parade.


Youth and adult baseball, basketball, football, gymnastics, dance, and soccer programs are provided through community organizations. Two local pools provide swimming opportunities for the community and swim clubs.