Key Peninsula home prices up in November

Key Peninsula home prices up in November  Key Peninsula home prices are up for the third month in a row but sales just barely beat 2008.  This is the third month in a row with higher median prices than a year ago and is a trend going the right way for homeowners

The $248,000 median sales price is an uptick of 27% compared to the same month last year ($196,000) but virtually the same as October. But it is still down 20% over the high of late 2006-early 2007.  

November is the first month with more sales than either 2008 (up 10%) or 2007 (up 5%) but is the fifth of the last six months to better 2008 numbers. This certainly has to be encouraging to homeowners and to Realtors alike.

These figures include all Key Peninsula zip codes--part of the Gig Harbor multiple listing service area. The statistics are not as strong as Gig Harbor which doubled year-over-year or Pierce County as a whole, which showed sales up 73% in November. However Pierce County displayed a dip in median sales price of 3.5% while Gig Harbor was up 30%.

This uptick in sales price can be explained by some more depth to the closings-something Key Peninsula home prices have not experienced lately. The sales include a wide variety--three salt waterfront, two view, two lake front and five bank-owned properties. 

The $8000 tax credit has been fueling the market all year, but this demonstrates sales have finally moved beyond that single market segment and speaks to overall stability for Key Peninsula home prices. For the homebuyer still interested in using the tax credit and the very low interest rates available-inventory is dropping quickly and time is short to take advantage of this segment.

Carole Holmaas is an Associate Broker with Windermere Real Estate, licensed since 1967. She may be contacted at 253.549.6611 or Carole@ISellGigHarbor.com. You may follow her blog at http://blog.ISellGigHarbor.com.