Gig Harbor Undressed

Gig Harbor Market Overview

Each week I’d like to take a look at the local real estate market.  There are many different ways of analyzing a market, and I’ll employ many different ways over the weeks.  This week I’d like to look at our housing inventory.  Gig Harbor real estate expert and fellow Keller Williams agent Mike Esteb taught me the formula used here that shows our market conditions as a “buyer’s market,” “seller’s market,” or “balanced market.”  By looking at the ratio of homes with pending sales vs. homes actively for sale, we can determine what our market conditions are.  A ratio of 0-45% of pending homes vs. homes for sale indicates a buyer’s market.  46%-55% indicates a balanced market, while 56% and above indicates a seller’s market. 

Below you can see that Gig Harbor is firmly in a buyer’s market both with homes and condos.  This is great news for buyers, as it provides the best opportunity in several years to invest in Gig Harbor real estate.  It’s not bad news for sellers, though.  Homes are still selling, and prices are still rising.  It simply means that sellers must price their home right initially and make sure their home is getting full exposure to the most amount of buyers.  For more information on this chart, what it means, how to read it, and other ways of evaluating our market, please email me at mthomson@kw.com.

Price Range	Homes for Sale	Homes Pending Sale	Ratio
$100,000-$199,000	3	1	33%
$200,000-$299,000	27	8	30%
$300,000-$399,000	101	7	7%
$400,000-$499,000	97	6	6%
$500,000-$599,000	77	8	10%
$600,000-$699,000	75	5	7%
$700,000-$799,000	76	3	4%
$800,000-$899,000	49	3	6%
$900,000-$999,999	27	0	0%
$1M-$1.5M	55	1	2%
$1.5M–↑	39	0	0%
TOTAL	626	42	7%

Price Range	Condos for Sale	Condos Pending Sale	Ratio
$100,000-$199,000	1	1	100%
$200,000-$299,000	35	1	3%
$300,000-$399,000	10	0	0%
$400,000-$499,000	13	1	8%
$500,000-$599,000	8	0	0%
$600,000-$699,000	3	0	0%
$700,000-$799,000	1	0	0%
$1.5M–↑	1	0	0%
TOTAL	72	3	4%