Today there's 102 waterfront homes on the market in Gig Harbor and Fox Island (Key Peninsula excluded). The average listing price is $1,312,439 with the median $1,149,500. I'm having a hard time wrapping my mind around these numbers... Of course some of these homes, including a few very unique multi-million dollar properties look like deals, but really now-- Is every house on the water all of the sudden worth over a million bucks? Lets look:
In the last 6 months there has been 1 Gig Harbor home, yep that's just one (that happened to be on the water) that sold from $1.1 to $1.2M. So, the way I figure we're talking a muti-year absorption rate. That's just pure crazy. $1M to $1.5 sold the last 6 months? Answer: 4. Still amazing, to say the least.
I hear things like; "Waterfront, they're not making it anymore" and "I'll just wait, I know it'll be worth that someday". Both are probably correct and so will the DOW hit 20,000, Bush's war end and my Honda actually need repair-- yes, someday.
My forecast for Gig Harbor waterfront sales this season is, well... I think you get the idea.
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