March 2010 Home Sales Gig Harbor WA, Key Peninsula WA, Kitsap County WA
The real estate market for March 2010 in Gig Harbor, WA, Key Peninsula, WA and Kitsap County, WAwas a mixed bag. The total homes sold, including condominiums and manufactured homes, in Gig Harbor was 55. The total homes sold in the Key Peninsula was 23. The total homes sold in Kitsap County was 260. Although Kitsap county contains a larger population base than both Gig Harbor and the Key Peninsula combined, the disparity in total homes sold between Gig Harbor and the Key Peninsula at 78 versus 260 for Kitsap County suggests that Kitsap County's real estate market is making a stronger recovery at this point in time than it's neighbors to the south. Let's look at the numbers below and then qualify things a bit more:
Gig Harbor Key Peninsula Kitsap County
$000,000 - $300,000: 15 21 190
$300,001 - $600,000: 29 2 61
$600,001 - $900,000: 8 0 5
$900,001 - $1,200,000: 2 0 1
over $1,200,000: 1 0 3
totals: 55 23 260
It's pretty obvious from the numbers that the real estate market under $300,000 in Kitsap County is pretty hot right now. All the homes sold in Kitsap County above $900,000 were on Bainbridge Island, which makes up the bulk of Kitsap County's higher end real estate market. The under $300k price range is just about 90% of the Key Peninsula's real estate market. Although the Key Peninsula generally has more afordable homes in the lower end price range, it also has some very nice waterfront homes. The bulk of Gig Habor's home sales was in the moderately price range between $300k-$600k, with just a handful above that.
The conclusion that can be reached from the number of homes sold in March in the various price ranges indicates that the real estate market in Gig Harbor, Key Peninsula and Kitsap County has yet to start a recovery in the mid to higher end price range. With the economic recovery still at its initial stages, the unemployment rate is still hovering just under 10%. Banks are still being quite stingy about making jumbo and super jumbo loans above the conventional loan limit of $417,000. Combining those two factors, it's not surprising that it will be quite some time before the mid to high end real estate market starts its recovery. For previous monthly real estate market activity in Gig Harbor, Key Peninsula and Kitsap County visit our website which caters to those home buyers working in the healthcare industry - Healthcarehomebuyer.com.
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