Health & Fitness
June's Real Estate Statistics for Gig Harbor
A look at the home sales and median prices for real estate in Gig Harbor for the month of June.
Let’s take a look at the Gig Harbor Real Estate statistics for the month of June. There are really two stories this month--number of sales and median price.
When I talk about Gig Harbor real estate, I’m looking at zip codes 98332, 98335, and 98333 (Fox Island) and am not including any of the Key Peninsula. I’m also only looking at single family homes and condos, not any vacant land, multi-family homes, or mobile homes in parks. If you’d like any numbers from other areas or other property types, just ask!
June was a very solid month for Gig Harbor real estate, with 61 properties selling. That’s the highest number we’ve seen since there were 61 sales in August of 2010. It is, however, 13 percent fewer sales than we had in June of 2010. Of greater concern is the low median sales price this past month. The median sales price of $301,370 is the lowest monthly price we’ve seen in over 2 years.
Find out what's happening in Gig Harborwith free, real-time updates from Patch.
Of the 61 sales, 9 were short sale properties and 8 were bank owned (27.9 percent is actually lower than what we’ve been seeing). The lion’s share of the sales were in the $200k’s and low $300k’s, and there were really no real high end sales this past month.
So what do we make of these numbers? I look at the Gig Harbor real estate market as one of great opportunity. The fact that the number of sales is up is a good thing for sellers. It means people are buying again, and there is money being lent. It also means that the inventory is shrinking, which usually leads to increases in price. Our 7.3 months of inventory is–like our median price–the lowest we’ve seen in over 2 years. According to NAR, a 6 month inventory is a seller’s market. That’s good news for sellers.
Find out what's happening in Gig Harborwith free, real-time updates from Patch.
It’s also a market of opportunity for those looking to buy real estate in Gig Harbor. We haven’t seen home prices this low in Gig Harbor in years, which means that if you’re looking to buy a home in Gig Harbor this is a fantastic time.
Bottom line is that Gig Harbor real estate is still in a state of flux, but that really isn’t bad news for home buyers or home sellers. If you’d like to learn more about what opportunities are available for you in this market, please give me a call.
