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Gig Harbor home sales start to equalize in Key Peninsula
Gig Harbor home sales start to equalize in Key Peninsula
A snapshot of Gig Harbor home sales shows a nearly balanced market for Key Peninsula mailing addresses. Zip codes 98329 and 98394(Wauna, Vaughn and Key Center) have just slightly more than a seven month supply of homes in inventory.
A balanced-or neutral market-is generally considered six to seven month home inventory, based on number of sales in that month. When the number drops below six months it generally becomes a seller's market.
6.3 months of inventory was normal in this area during the strong sales years of 2002-2007 so the current seven months supply is a very strong number. A high of 40 months was reached last January.
Median prices are still dropping-over 10% in third quarter compared to the same period last year, with 15 closings-a high percentage of "bank-involved" sales pulling prices down. A perspective on prices over the past few years--the current median sales price--$209,000--equals first quarter 2005 when homes were selling for 99% of listed price.
The median price will only increase when buyers have an appetite for something other than foreclosures and short sales and when consumer confidence is restored. Unfortunately, locally there are still many ... more

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