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Gig Harbor home prices Gig Harbor home prices great for buyers Gig Harbor home prices great for buyers! Gig Harbor home prices are great for today’s buyers but discouraging for sellers. Prices are the same as in late 2003.  Key Peninsula home prices are at equal to second quarter 2003. The usual culprit dragging sales numbers down is the distressed market. When 29% of all sales […]
Gig Harbor home prices Gig Harbor waterfront home prices stabilize…for now Gig Harbor waterfront home prices stabilize…for now. Sale prices for Gig Harbor waterfront homes at the end of May were on track to beat 2010 prices–$686,000. However, the median list price of pending contracts is only $500,000. Half of these are distressed properties. So it is very likely the median closed price will slide over […]
Gig Harbor home prices Gig Harbor home prices drop to 2004 levels Gig Harbor home prices drop to 2004 levels for the first four months of this year. Prices have clearly not stablized. The 15.4% drop from the same time last year is typical of Pierce county as a whole. The Gig Harbor peninsula and Fox Island make up the data for Gig Harbor home prices. April […]
Gig Harbor home prices Gig Harbor home prices not yet stabilized Gig Harbor home prices have clearly not yet stabilized as April data shows prices down 15.4% for the last three-month period from a year ago…but up from March. This $348,000 figure is the highest since November and uses the median sales price (half the sales above and half below). Overall, Gig Harbor home prices are […]
Gig Harbor Real Estate Gig Harbor WA Salt Waterfront Home for Sale Gig Harbor WA Salt Waterfront Home for Sale. Gig Harbor Bay—75 feet of no-bank sunny Western exposure from this salt waterfront home for sale. …For the boater—both private small power boat dock and boat launch.    …For the entertainer—both spacious deck and level brick patio and lawn for games and leisurely dinners. …For the gardener—all-day sun […]
Gig Harbor Real Estate Gig Harbor WA Salt Waterfront Home for Sale at Horsehead Bay Gig Harbor WA Salt Waterfront Home for Sale at Horsehead Bay.  Escape to the quintessential beach house…this salt waterfront home for sale has it all—dock for canoe, kayak and run-about, rope swing into the Bay for the kids, big swing set and sandbox, horseshoes, hammock, waterside patio, partially covered huge deck, outside shower. But did I […]
Gig Harbor home prices New Gig Harbor home sales reverse February trend New Gig Harbor home sales reverse February trend There are two bright spots in March Gig Harbor home sales but the overall trend reverses the gains made in February. Pendings sales—contracts negotiated but not yet closed—are up nearly 20% from a year ago while inventory is down nearly 23%. The table includes both Gig Harbor […]
Gig Harbor home prices February brings recovery to Gig Harbor home sales February brings recovery to Gig Harbor home sales The short February month brought signs of recovery to Gig Harbor home sales as well as Key Peninsula. While the indicators showed improvement it is too early to tell if a trend is developing. The world economy and political turmoil, as well as unemployment and foreclosures still […]
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Gig Harbor home prices Gig Harbor homes parallel national distressed market   Gig Harbor homes parallel national distressed market Distressed sales for Gig Harbor homes totaled 23% of everything sold in January. And for Key Peninsula it hit 70% of all sales. This was a total of 15 properties–all but two were bank-owned. Figures from the National Association of Realtors® show distressed homes rose nationally to […]
Gig Harbor home prices Gig Harbor waterfront sales end strong in 2010 Gig Harbor waterfront experienced some strong signals at the end of the year.  Gig Harbor waterfront sales volume facts: Closings 25% better in 2010 than 2009 December closings 66% better year-over-year 4th qtr 71% better than 4th qtr 2009 15% more homes closed in 2nd half of 2010 than 1st half—normally close to 50/50 Only […]
Gig Harbor home prices Gig Harbor home sales up 17% from year ago Gig Harbor home sales up 17% from year ago. January has not been flooded with buyers for either Gig Harbor or Key Peninsula—but the pace appears to have picked up at the end of the month.  Gig Harbor posted a 40% gain in sales (31 sales) but Key Peninsula slipped by 15%(10 sales). Gig Harbor home sales […]
Gig Harbor Waterfront Homes Seattle area “hands-down” the best place to live and boat! Seattle area is “hands-down” the best place to live and boat!  And Gig Harbor is a part of this. Seattle was recently declared the “Best Place to Live and Boat” by Boating Magazine. Mike Tyler, the judge of this examined numerous boating communities. He looked at the mix of boating opportunities, regulations, water access, availability […]
Gig Harbor home prices Gig Harbor waterfront sales on par with 2007 Gig Harbor waterfront sales on par with 2007 Simply for Gig Harbor waterfront sales to be at the same level as 2007 shows the increasing strength of Gig Harbor’s real estate market.  The first half of the year was down from the 2009 volume. But the Gig Harbor waterfront homes market picked up steam in […]
Gig Harbor home prices Gig Harbor home prices up 11.2% 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 […]
Gig Harbor home prices Gig Harbor straddles areas poised for housing growth Gig Harbor straddles areas poised for housing growth Before I get to my headline… Next week I will report on August figures for Gig Harbor home sales which appear to be an improvement over July’s anemic closings. We are set to close on target or better than 2009, with pending sales starting to flow as well. […]
Gig Harbor home prices Sales of Gig Harbor Waterfront look a lot like 2009 Sales of Gig Harbor Waterfront look a lot like 2009 With 10 Gig Harbor waterfront sales written in July, the year is shaping up to look not as good as 2009 but not as bad as 2008—which was the worst for sales of Gig Harbor waterfront homes for decades. Only 26 homes have closed escrow in […]
Gig Harbor home prices Gig Harbor home prices show modest sustainability Gig Harbor home prices show modest sustainability Gig Harbor home prices are continuing to sustain modest increases a third of the way into 2010, although down from March’s high of $432,000. It was evident that the March figure was an anomaly and could not be sustained; it reached back to prices the first half of […]
Gig Harbor Real Estate Gig Harbor WA Salt Waterfront Home at Wollochet Bay for Sale Gig Harbor WA Salt Waterfront Home at Wollochet Bay for Sale.  88 feet lower-bank waterfront, with a hint of Mt Rainier view,  plus a 2-party shared nearly new dock is the setting for this 5-year old 3412 sf well-bred traditional salt waterfront home for sale. The open plan is surrounded by windows, elegant touches & spacious […]
Uncategorized Gig Harbor home prices down 7%…but still less than county Gig Harbor home prices down 7%...but still less than county When the News Tribune reported last month the average price for a home in Pierce County had fallen 12% from 2008, following a drop of 9% a year earlier, I decided to compare average Gig Harbor home prices with the county's average. Normally the median sales price (half the sales above and half below) is used for comparisons locally, as well as nationally. In January I reported that the median was actually up 1% year-over-year for December but down 4% from two years earlier. Gig Harbor home prices did take a hit when you assess the entire year-dropping 7%-- and an even larger 11% punch from 2007 to 2008. However, even combined, the figures were still better than Pierce County as a whole. The table below compares Gig Harbor zip codes 98332, 98333 and 98335 for closings in December over the last seven years.     Current 1 yr   Current 3 yrs   Current 7 yrs   Dec 09 Dec 08   Dec 09 Dec 06   Dec 09 Dec 02 Average Sold Price $426k $409k   $426k $501k   $426k $310k % Change 4% ▲     15% ▼     37% ▲   The first three quarters of 2008 held up fairly well but, as could be expected, the fourth quarter was the killer. There was a full $100,000 difference in both average and median Gig Harbor home prices, comparing June 2008 to December 2008. This is the reason why December year-over-year is up but 2009 is still down for the entire year Key Peninsula was off its 2008 average by 16% and off 23% for the combined 2008-09 years--following closely the county trend. Sellers need to look realistically at the price range buyers are purchasing today.  The graph below clearly illustrates the "disconnect" between what sellers are asking and buyers are buying.  Buyers are closing on homes, on average, today $250,000 less than the list price-this is 38% less than the average list price. In 2002 the spread was only 25%.  Obviously, this does not mean a specific house sold for 38% less than its list price...simply there is a huge spread between Gig Harbor home prices-listing and selling. These lower average prices are being fueled in part by the "resetting" of real estate values as well as by the huge percentage of first time buyers in today's marketplace, utilizing the tax credit. One possible scenario when the tax credit expires in April is that the number of sales will fall off but the market will neutralize, with less concentration of first-time buyers. Because this particular market segment will drastically be reduced, it could result in an elevation of sales prices-even with fewer buyers.   Gig Harbor Average Sales Price   Carole Holmaas is a licensed Associate Broker, licensed since 1967, at Windermere Real Estate/Gig Harbor. She may be reached at 253.549.6611 or Carole@ISellGigHarbor.com. Her blog may be followed at http://Blog.ISellGigHarbor.com
Uncategorized Key Peninsula home prices are on a roller coaster Key Peninsula home prices are on a roller coaster Key Peninsula home prices are higher one month and lower the next, compared to 2008. While sales prices were lower in December they followed three months of higher prices. Key Peninsula home prices are down 10% from 2008 and 14% from 2007. That compares to Gig Harbor that bumped up 1% over 2008 and the 4-county Puget Sound area that dropped 7% decrease in prices. On the other hand, sales of Key Peninsula homes have been showing a tidy increase, with 33% over 2008 and 29% from 2007 year-over-year. The change from 2008 is on a par with Gig Harbor but sales in Gig Harbor are a whopping 160% better than 2007.  At the same time the 4-county Puget Sound area reported 54.7% more sales than last year so both Gig Harbor and Key Peninsula are some distance behind regional figures for this measure. Realtors have been pleased with the relatively strong market for December and the momentum appears to be continuing with sales activity in January. Much of those sales are being driven by the first-time home buyer tax credits and low interest rates. Interest rates are starting to tick upward and are expected to peak around 6.5% during 2010. Inventory continues to drop-down 33% from last year at this time. This is helping stabilize prices as the home supply dwindles. Key Peninsula is currently experiencing just an 8.8 month supply of homes on the market. For the homebuyer, that means if no new homes were listed, it would take about nine months to sell the current inventory. I would expect the supply to drop even more as January sales activity continues to hum. Carole Holmaas is an Associate Broker at Windermere Real Estate/Gig Harbor, licensed since 1967. She may be reached at 253.549.66 or Carole@ISellGigHarbor.com. Her blog may be followed at http://blog.ISellGigHarbor.com
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