Is the cycle of foreclosures broken? This simple but very powerful little chart, published by KCMblog.com, carries a powerful and insightful message. In the Gig Harbor area we are experiencing lower inventory levels, solid pricing and increased sales volume. Gig Harbor was fortunate that bank owned homes never reached a majority level, but not so in the Key Peninsula. Prices were hit hard on the KP as distressed home sales were equal to or even greater than Owner Occupied. But in recent months a sharp increase in total sales with fewer being Bank Owned, sale prices have now steadied or increased in most areas. The Active listings for Bank Owned homes now number just slightly into the double digits for Gig Harbor and the Key Peninsula areas combined and make up only 2.6% of the Active market. The choke-hold Bank Owned homes had on the market and pricing has finally loosened. The market has shifted again and we are now heading to a balanced market with indications that it may return to a sellers’ market soon.
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