Is the sky falling in Gig Harbor? or How is the market…really?
I’m amazed at how many of my conversations begin with somebody telling me, “I was watching the news this morning…” There are only so many ways to politely tell people that the real estate market in some obscure town in Michigan doesn’t have much of an affect on the Gig Harbor, WA, real estate market.
Have you seen the beer commercial where the news team is trying to get done in record time so they can enjoy a Bud Light, and the weather gal smiles, points to a map of the US, and says, “Sunny.”? That’s kind of like what is happening when the news experts talk about how gloomy the national real estate market is. It is just as absurd to say that the national real estate market is struggling as it is to say it’s sunny in America today. Real estate varies market to market just like the weather does.
So let’s take a look at some real numbers for Gig Harbor. From January 1st-October 31st of 2007, 598 homes have sold in Gig Harbor, with a median sales price of $454,500. They sat on the market for an average of 67 days. The same time frame of 2006 saw 674 homes sell with a median price of $450,250 and DOM of 54. In 2005, January-October, 860 homes sold with a median price of $389,000 and 43 DOM.
Clearly there has been a shift in the market, with fewer homes selling and homes staying on the market longer. But look at the prices! There is good news here for both home sellers and buyers. Sellers will have to be more patient, they may have to make some concessions, but their homes are still appreciating well. Buyers have a wonderful opportunity to buy into a market that has proven it will continually improve. The inventory is high, the choices are many, and Gig Harbor continues to grow! For a full list of homes on the market, or to learn about my marketing plan for your home, email me at mthomson@kw.com or visit www.GigHarborHouse.com
