Oct 22 2012
Signs of hope for Gig Harbor homesellers!
Signs of hope for Gig Harbor homesellers!
Looking at the broader picture of the real estate market than simply the month of September, which was excellent by the way, there are definite signs of hope for homesellers with well-priced attractive homes. Reduced inventory—down nearly 45% from the 2008 high–coupled with an 80% reduction in bank-owned sales and record low interest rates—have all served to bump sales prices up 4.5% for the last quarter in both Gig Harbor and Key Peninsula.
GIG HARBOR/FOX ISLAND 3rd QTR 2011-2012
- Median sale price rose 4.5%–$346,000
- Closed sales bumped up 4.4%
- Number of homes/condos for sale dropped 13.4%
- 7 month supply of homes currently (5-6 is a balanced market)
- Median sale price for 3rd Qtr at 1st Qtr 2005 prices—low $340,000’s
- New home sales are up 50% from a year ago
- New home building sites appear to be diminishing rapidly
KEY PENINSULA 3rd QTR 2011/2012
- Median sale price rose 4.5%–$204,000
- Closed sales bumped up 9.5%
- Number of homes/condos for sale dropped 10.5%
- 8 month supply of homes currently
- Median sale price for 3rd Qtr at 4th Qtr 2005–$204,000
Market days from listing to pending have been chopped in half this past year. Selling prices are slightly closer to list prices. Pending sales have swollen 40% from a year ago.
At the current pace subdivisions currently under construction look to be essentially built out by this time next year. This bodes well for a couple of plats in preliminary stages as well as Olympic Resources’ Gig Harbor North newest plats. Much of the construction the past 18 months has been on the back of lots bought on the cheap as banks foreclosed on the original builders. New lots won’t have that kind of pricing, resulting in more expensive housing inventory in later 2013 and into 2014.
In a balanced market climate list prices and sales prices both are slightly higher after the first of the year—a fact that many buyers realize could well be the case this winter.