2008 mid-year real estate report
2008 is already 1/2 way gone…wow! I wanted to take a quick look at some of the real estate numbers for the 1/2 way point for Gig Harbor and the surrounding areas. I’ll keep it pretty simple for now. Gig Harbor, Key Peninsula, and Port Orchard have seen far fewer homes (single family homes and condos) sell thus far in ‘08 than what sold in the first half of ‘07 (245 vs 390 for Gig Harbor, 116 vs 179 for KPN, and 373 vs 504 for Port Orchard). Median home price in Gig Harbor and Port Orchard have also taken a hit ($420,000 vs $439,750 in GH, $259,000 vs $279,250 in PO), but the median home price on the Key Peninsula is basically unchanged ($249,925 vs $249,950).
Is that as bad as what is being reported? Depends on your perception I guess. Should home owners needing to sell be worried? Again, depends on your perception. If you bought last year and are being forced to sell now, it will be tough to get your money back. If you bought 4 or more years ago and are selling now, you should be making a nice little profit still.
What about home buyers? Should you act now? You guessed it…depends on YOUR perception. I don’t like renting, so if I didn’t own already I’d buy now. I did buy a year ago, because we found a home we liked and could afford. Do you have to buy now in order to get the best deal? As soon as I find my crystal ball I’ll let you know. I’m not enough of a gambler to try and guess on home prices vs interest rates and inventory. If I find a house that I like that I can afford, I buy. If I’m looking to get some rental properties or summer waterfront cabins, I’d probably buy now. Why? ‘Cause there’s lots available at good prices with low interest rates. Just my 2 cents. There may be even more homes at lower prices with better rates in a year. There may be fewer homes at higher prices with higher rates in a year. Don’t know.
If you’d like specific home sale information on your area, give me a call or send me an email and I’d be happy to get you whatever information you’d like.
