Gig Harbor real estate report
It’s Monday again. If you’ve been reading this blog for a while you know that Mondays are the day that I review the Gig Harbor real estate market in some form of real estate report. If you’re new to the blog, welcome, and now you know that Mondays you can expect a report on what’s going on with real estate in Gig Harbor.
I’ve talked about “Absorption Rate” before. The Absorption Rate is calculated by taking the total number of homes currently active on the market, and dividing that by how many homes actually sold in the past month. This shows us how many months it would take to sell off all of Gig Harbor’s current housing inventory assuming no other homes came on the market. A low Absorption Rate (under 6 months) indicates a strong sellers’ market. A high Absorption Rate (over 9 months) indicates a strong buyers’ market. In my time as a Realtor in Gig Harbor, I’ve seen it as low as 4+ months, and over 20 months recently. Currently, Gig Harbor’s absorption rate is at 15.3 months. This indicates that if you’re looking to buy a home in Gig Harbor, there are some great deals to be had. If you’re needing to sell, this can be a tough time and it’s extremely important that your home is in tip-top shape and your marketing plan and pricing strategies better be pretty good, too. I’d love to help in those areas if you’d like.
The following charts show (week by week) the total number of homes for sale in Gig Harbor, Port Orchard, and the Key Peninsula, as well as the total number of homes pending sales in those areas. You can see Gig Harbor had 500 homes on the market on January 1st, and we’re now up to 782. If you have any questions on this report, feel free to contact me. If you’d like a free list of all the homes for sale and all of the homes recently sold in your area, and you’d like this list emailed to you without having to talk to any salespeople, go to my sidebar and sign into the Home Search Home Scouting Reports. It’s fun information whether you’re thinking of buying or selling or not.
