Gig Harbor home prices continue to climb out of hole

By
Real Estate Agent with Windermere Real Estate Gig Harbor

Gig Harbor home prices continue to climb out of hole

Gig Harbor home prices are continuing to sustain moderately higher sales prices as 2009 closes out. December is the fifth of the last six months to show improvement year over year. Gig Harbor is defined as the Gig Harbor peninsula and Fox Island.

Gig Harbor home prices are up 1% over 2008, comparing the months of December only. The 4-county Puget Sound area however experienced a 7% decrease in sales price.

Another plus--sales of Gig Harbor homes have been better than 2008 for the last half year now-in each of those six months.    While December sales improved by 7% over November-which is not the norm-they were up dramatically 41% over 2008 and 160% over 2007. The 4-county Puget Sound area reported 54.7% more sales than last year, but Gig Harbor home prices (median sales price) are substantially higher than the Puget Sound, as a whole.

December was a stronger market than Realtors were expecting and there appears to be momentum to keep the market moving. Much of the activity is still being driven by first-time home buyer tax credits as well as favorable interest rates. Unfortunately the substantial volume of foreclosures has driven down prices-a trend likely to persist throughout 2010.

The strongest segment in Gig Harbor home prices the past thirty days has been in the $350-450k range, a segment actually entering  the beginning of a seller's market.

Inventory continues to drop-last month down 8% from November, but down 19% from December 2008. The 4-county Puget Sound area has experienced a nearly identical decrease in inventory.

New homes sales are on the same tract with 11 months of inventory.

The table I've supplied for Gig Harbor home prices shows single family homes only.

 

2-yr. GH SFR chart

Carole Holmaas is an Associate Broker at Windermere Real Estate/Gig Harbor, licensed since 1967. She may be reached at 253.549.6611 or Carole@ISellGigHarbor.com. Her blog may be followed at http://blog.ISellGigHarbor.com

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