Gig Harbor Real Estate Market Quarterly Review
With the first quarter of 2008 in the books, I thought I’d take a look at the real estate market in the Gig Harbor and surrounding areas. The following chart shows home sale information for Gig Harbor, University Place/Fircrest, North Tacoma, and South Kitsap (Olalla, Port Orchard).
These numbers are significantly down from last year. Home sales are down nearly 40% on average in these locations. Gig Harbor’s median sales price is a 10.3% decline from the first quarter of ‘07. UP/Fircrest is a 10.5% decline, South Kitsap shows a 7.8% decline, and North Tacoma is a 3.3% decline.
Taken along with the 20%+ increases the previous two years, these numbers simply aren’t as alarming as many make them out to be. For buyers with the ability, this is a great time to pick up a few rental properties. If you see a home that interests you, don’t wait for the price to come down, offer the seller what you feel the home is worth!
If you’d like more specifics on the real estate market in your area, or if you’re interested in knowing what your home is worth, please give me a call.
