November sales slip in Gig Harbor
I tend to be an optimist when it comes to our housing market, and although the numbers below don’t look great initially, I’m going to stay optimistic. Looking at Gig Harbor, the Key Peninsula, and Port Orchard, home sales for the month of November have taken a dip. I read three things from these numbers. 1)One month of statistics doesn’t indicate a trend, 2)If you are looking to sell, make sure you are priced in the lower 20% of your competition so you can sell quickly, and 3)Now would be a good time to move up or buy an investment property if you were leaning that direction.
|
Year |
Homes Sold |
Median Price |
Median DOM |
|
2005 |
69 |
$400,000 |
49 |
|
2006 |
52 |
$443,750 |
73 |
|
2007 |
23 |
$430,000 |
68 |
Gig Harbor’s Key Peninsula
|
Year |
Homes Sold |
Median Price |
Median DOM |
|
2005 |
44 |
$250,000 |
43 |
|
2006 |
27 |
$246,000 |
75 |
|
2007 |
17 |
$245,000 |
71 |
Port Orchard
|
Year |
Homes Sold |
Median Price |
Median DOM |
|
2005 |
83 |
$265,000 |
40 |
|
2006 |
81 |
$262,500 |
63 |
|
2007 |
43 |
$265,000 |
112 |
*DOM is the days a home was on the market
Here’s an interesting statistic that goes along with this. Go back up to Gig Harbor’s November sales for ‘07. You see 23 sales at a median price of $430,000. Currently, there are 545 homes on the market in Gig Harbor, with a median asking price of $624,900. Of those 545 homes, only 17 are priced in the median sales range of $415,000-$445,000. It goes to show that statistics can be helpful, but they can also be dangerously misleading. It isn’t difficult, with numbers like these, to present them in such a way that I can either scare you into thinking the sky’s falling, or amaze you that our median price is over 1/2 million dollars. My point, don’t take the media’s doom saying as truth, take the time to call on a professional to really analyze the numbers with you and give you the statistics that YOU want to know about…what is relevant to YOUR situation. I’m a numbers geek, so I’d love to crunch numbers with you!
