Gig Harbor home sales and prices up big in November

Gig Harbor home sales and prices up big in November

Gig Harbor home sales more than doubled from 2008 and median prices are up for the third month in a row. November sales not only bested 2008 but, surprisingly, they also beat 2007 numbers.

November represents three out of the last five months with more sales than either 2008 or 2007. This trend is going the right way for homeowners.

These figures include both single family and condominiums and encompass Gig Harbor and Fox Island zip codes 98332, 98333, and 98335. The statistics are stronger than Pierce County as a whole, which show sales up 73% year-over-year, but a dip in median sales price of 3.5%.

The $406,250 median sales price is an increase of 30% compared to the same month last year ($313,000) and 6% better than October. But it is still down 18% over the high of late 2006-early 2007. This is the fourth month out of the last five with higher median prices than a year ago and is another trend going the right way for homeowners.

This uptick in sales price can be explained by both the depth and the breadth seen in November's closings-something Gig Harbor home sales have not seen recently. The sales include a wide mix of homes-four in Canterwood, three salt waterfront, six view, five new, seven bank-owned properties and six condos. Sales of higher-end Canterwood homes and condos have long been absent from Gig Harbor home sales.

While the $8000 tax credit has been fueling the market all year, this demonstrates sales have finally moved beyond that single market segment. This speaks well for overall stability for Gig Harbor's market. 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.

Sales are spread throughout the Gig Harbor peninsula with noticeably more seen on Fox Island than there have been for  months.

November's median price on condos closed was $280,000; for single family residential it was $418,000.

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.