- 2011 Recap of the Gig Harbor Real Estate Market -
Active listings: 2011 began with a total of 567 single family homes on the market and ended with 515. This number represents the "current inventory". As this number falls and number of sales rises, the market changes from a buyer's market to a more neutral market.
Average list price of this inventory in January, 2011 was $685,000. By December, it had fallen to $512,000.
Median list price (half the homes listed are at a lesser price, half are at a higher price) in January was $375,000. At the end of 2011, it was $354,000.
Now for sales....
Number of sales in 2011 topped 2010; 733 in 2010, 791 in 2011. 2011 average price was $340,000, median was $283,000, indicating that the bulk of the sales were in the lower price ranges. 2010 median sales price was $328,000.
Approximately 30% of the homes sold in 2011 were bank-owned. This contributed to the decrease in average and median sales price. The average price of bank-owned homes sold was $229,153, median price was $190,000.
Another 10% of the sales were short sales. Average price was $351,239, median was $299,950.
Currently less than 4% of active listings are bank-owned and 11% are short sales. Shadow inventory (bank-owned homes not yet put on the market) is rumored to be quite high so I anticipate more bank-owned homes becoming available in the near future.
ZIP Codes: 98332, 98335 Approximate Location Boundaries: Gig Harbor - Pierce County
Location Characteristics: Gig Harbor is a small maritime community with a wide range of home styles and prices. Access to Tacoma-Seattle is easy with the addition of the second Narrows Bridge and the Washington Ferries. This combination is perfect for people who want to enjoy all that a big city has to offer without actually living in one!
