Gig Harbor Undressed

How does this Gig Harbor Realtor handle the “down market?”

I keep hearing bad news about the real estate market.  People approach me as if my dog just died when they ask, “How’s the market?  How’s your business doing?”  I appreciate the concern, as things have slowed down a bit…slowed down to a normal market.  With 2 great sales this past week (by great, I mean perfect homes for the buyers…I love seeing people realize that they’ve found “the home”), I can hear the doom and gloom and just…

Shake it off!  Both homes I sold this past week were in the Rosedale area of Gig Harbor.  Yes, the market has changed.  But this is one real estate agent who won’t participate in the pity party.  Does that make me tough or defiant?  Nope…it means I have a company of leaders around me at Keller Williams who can guide me, remind me that this market is normal, and support me as I move on.

April home sales in Gig Harbor

If you are one who takes all of your information from the national news, go ahead and skip over this post, because you won’t believe any of it anyways.   So many of the bloggers whom I “dialogue” with on other real estate blogs are convinced that our market is tanking, and Realtors such as myself are desperately and shamelessly altering the facts to try and save our jobs.  So if you believe Gig Harbor’s real estate market is in a hole because your cousin’s house in Kalamazoo, MI, won’t sell, move on to another blog.  If you want some facts, keep reading.

This chart shows the price range for the 33 homes and condos that sold in Gig Harbor in April of ‘08.  As you can see, the $400,000-$500,000 price range saw the most sales.  The median price of $427,000 was a 7% increase over the median price from April of ‘07.  I know, I’m not allowed to say home prices are actually increasing, but Month vs Month they did in April.  Sorry to bring good news, I’ll try and stop.  To bring a bit of perspective back to the table, April of ‘07 saw 77 sales versus only 33 in ‘08.  That’s a significant difference.  In my opinion, that’s more significant than the median price increase. 

Bottom line is that homes, when priced correctly and in prime condition, are still selling.  Click the map below for an interactive tour of the home sales in Gig Harbor.  Hover your cursor above any pushpin to see the asking price, final sales price, and days the home was on the market.  Remember that the asking price is the list price at the time of the sale…it does not take into consideration any price reductions (it’s not necessarily the original asking price).  Information is taken from the NWMLS and is reliable but not guaranteed.

Port Orchard Home Sales Excelling

Each week I track the real estate market in Gig Harbor, Port Orchard, and the Key Peninsula.  I like to look at how many homes were listed for sale, and how many homes received acceptable offers and are now pending sales.  Gig Harbor’s homes for sale is pretty consistently outrunning the number of homes actually selling in the Harbor.  Key Peninsula maintains a pretty steady line, not seeing much fluctuation but rather a steady increase of homes for sale.

Port Orchard seems to be the hot place to buy a home in our area.  There are several potential reasons.  Port Orchard is very close to Gig Harbor.  The home I have listed in Southlake Ridgeis only 12 minutes from the Gig Harbor Costco, YMCA, Target, etc at Gig Harbor North.  Port Orchard is also close to the ferry for those who work in Seattle.  You’ll most likely get more for your money in Port Orchard.  It obviously depends on the neighborhood, but I’d imagine that the Southlake Ridge home I have listed at $485,950 would be around $550,000 in a comparable Gig Harbor neighborhood.  That’s obviously speculation, but basing it off of the size and year built, that’s a safe guess.  Taxes in Port Orchard will be significantly lower than Gig Harbor as well (probably about $2000 per year less on a home such as the sample I’ve used).

Here’s a look at the total homes for sale and the total homes pending sales in a week by week comparison for 2008.

You can see that Port Orchard has seen a recent decline in the number of homes on the market, and a steep jump in the number of homes pending sales.   Bottom line?  This looks like a great time to get in on the Gig Harbor market if you are thinking of buying.  Inventory is rising, buyers have more options, sellers are needing to meet the buyers more on their terms.  If you’re selling in Gig Harbor, you need to make sure you’re in tip top showing shape, and you’ll probably want to be priced 5%-10% lower than homes that are comparable to yours.  For folks looking to move to the area and maybe wanting more of a deal, Port Orchard has some great options.  Port Orchard is a different school district, it’s not as convenient to Tacoma as is Gig Harbor, and doesn’t quite seem to have the same small community feel as Gig Harbor, but that is certainly up for debate and a matter of personal opinion.  With all of the new growth, there’s not much distinction between south Port Orchard and north Gig Harbor anymore.

For more detailed information on home sale activity in your area, just email me or give me a call.

Home sales in Gig Harbor

For this week’s look at the Gig Harbor real estate market, I am bringing you an interactive map of the properties sold in Gig Harbor thus far in April.  Home sales are picking up in Gig Harbor, with 104 single family homes and condos having sold thus far in 2008.  I will update this map weekly, giving you a visual of how many homes and where in Gig Harbor the homes are selling.  The push pins are approximate.  When you’re in the map, click on “Birds eye” and you get an incredible view of the neighborhood.  The pins aren’t exactly on the house that sold…I couldn’t spend that much time!

Click on the interactive map and then click on any of the pushpins for more information.  Included in the information is asking price, final sales price, and total days the property was on the market.  The asking price is the price that the home was listed for when they closed, not necessarily the original asking price.  For example, a home may have been listed for $500,000, then price reduced to $475,000, and then sold for $450,000.  The $475,000 will be shown as the asking price, and $450,000 as the sold price.

This info is from the NWMLS and deemed reliable but not guaranteed.  For a list of all of the 2008 home sales, or for home sale information in Port Orchard, Tacoma, or the surrounding area, just give me a call or email me.

Home values by Gig Harbor Neighborhood

For my weekly review of the Gig Harbor real estate market, I wanted to take a look at our first quarter statistics broken down by neighborhood.  Last week I posted an article showing some heavy declines in numbers of houses sold, and moderate declines in selling prices, for all of the Gig Harbor area, plus some of the neighboring areas.  I wanted to see if any areas within Gig Harbor were more sheltered or hit harder by these trends.

In the NWMLS, Gig Harbor is divided into 6 different areas (not counting the Key Peninsula, which is an additional 3 areas).  I don’t know why it’s done this way, but it is!  Here’s a look at the 6 Gig Harbor real estate areas from the first quarter of ‘07 versus the first quarter of ‘08.

Area 1 is Downtown Gig Harbor/Peacock Hill.  3 is Rosedale area, 5 is Fox Island, 6 is Wollochet/Pt. Fosdick, 7 is Cromwell/Kopachuck, and 8 is North and East Gig Harbor.  For more information on this area, or for specifics on your exact neighborhood, please give me a call.

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.

Gig Harbor Real Estate Market Stabilizing

Each week I track what the local real estate market is doing in terms of numbers of units coming for sale and number of units being sold.  Thus far in 2008, the number of available units has been growing weekly, while the number of units pending sales has been stable or even decreasing.

The past few weeks, however, have shown that the number of available units has stabilized while the number of homes selling has increased.  This is good news, as the number of houses selling in Gig Harbor, Port Orchard, and the surrounding areas is now keeping pace with the new listings.  The top chart below shows the total numbers of homes pending sales in Gig Harbor, Port Orchard, and the Key Peninsula.  The bottom chart shows the total number of homes listed for sale.  These numbers are for single family homes only, not condos or multi-units.  I have no idea what caused the spike in pending sales in Port Orchard three weeks ago.

If you have any questions on these numbers, or would like information on specific neighborhoods, please give me a call.  Numbers are taken from the NWMLS and are reliable, but not guaranteed.

Thinking of building in the Gig Harbor area?

If you are looking for land to build your dream home, check out my most recent listing.  20+ acres, subdividable into 4 5-acre lots, on Gig Harbor’s Key Peninsula.  This acreage is mostly level, and ready for your dream home, 4 congruent building lots, horse property, etc.  The Key Peninsula has a great deal of vacant land for sale, but it’s rare to find this kind of acreage. 

If you’re a builder or an investor, make sure you check out this one!

Gig Harbor condo sales increasing

Last Monday I took a look at the current inventory of condominiums in Gig Harbor.  I thought it’d be interesting to take a look at the actual numbers of condo SALES in Gig Harbor as well.

Last year, 53 condos sold in the Gig Harbor area, with a median sales price of $299,999.  So far in 2008, we’ve had 8 condos sell at a median price of $359,250, which was $211 per square foot.  YTD in ‘07 (covering January 1st–March 23rd) Gig Harbor saw 10 condominiums sell at a median price of $339,500, and $168 per square foot.

Gig Harbor has a far greater number of single family homes for sale (615) than condominiums (77), but the condo market is increasing.  For a list of the condos that have SOLD in Gig Harbor, or to get an assessment of what your condominium may be worth, please give me a call.

Condo market growing in Gig Harbor

Gig Harbor does not have a ton of condominiums available, though recently there have been several “Condo Conversion” projects that have boosted the Gig Harbor condo market. There are currently 74 condos available for sale in Gig Harbor and Fox Island (77 if you count the 3 boat slips, which are listed as condos). The range of these condos is extremely vast, from waterfront luxury to affordable waterview to converted apartments to spacious condos on acreage.

Condos can have several advantages over single family homes.  Many Gig Harbor residents choose to enjoy our sunny summer months and migrate to sunnier weather during the winter time. Condos provide a safe, easy way to lock up and travel without the worries of maintenance. Most condominium complexes charge homeowners’ dues that cover a wide range of things, from insurance, landscaping, exterior maintenance, and even some utilities. Be sure to check with your real estate agent to find out the specifics before you purchase a condo.

Condos can also be an affordable way to buy into the Gig Harbor housing market, though as you’ll see, not all of our condos fit the bill of “affordable.” For those looking for a low maintenance, often rent-able Gig Harbor residence, our condo market may have just what you are looking for.

This list is certainly not complete, as there are many more condo complexes than these and many of the above complexes have multiple units for sale. If you’d like a complete list of the condos available in Gig Harbor, please give me a call. Ranging from $179,950-$2M, there’s sure to be something for you!