Gig Harbor & Key Peninsula Closed Home Sales Report for May 2013

I’m way behind in getting this out this month so how about I just get to the stats and leave the commentary for another month. If these highlights just aren’t enough and leave you wanting more or you’d just like greater detail and history, contact me and I would be happy to send you my complete excel spreadsheets.  And as always, if you have any questions on any of this just give me a call and I’d be happy to discuss it with you. 

Gig Harbor and Key Peninsula Combined Market J

This reflects the combined markets of Gig Harbor and the Key Peninsula.  Sales activities for these individual areas are reviewed below.

Quite a busy month.  With 123 Closed sales for the month, May 2013 marks the fourth consecutive month with an increase in closed sales over the previous month.  This is the strongest month in sales since I have been keeping these records and easily surpasses the earlier record of 111 posted in August of 2012.  Overall Average and Median prices made a slight fall but posted large increases over the previous year.  On another positive note; the Average Days on Market (DOM) for closed sales fell to 88 days, or 24% from the prior month and 23% from the previous year.  Homes are simply selling more quickly.

Key Points in Gig Harbor and KP Market:

-        Closed sales totaled 123, with an increase of 20.59% over the April and 59.74% over May 2012
-        Active listings actually posted a slight gain of 4.87% to 538
-        Pending Sales increased 319 from 314 in May
-        12 month absorption rate at 4.9 months (up from 0.10 from last month)
-        Average Days on Market (DOM) fell to 88 days, 24.14% from April and 23.48% from May  2012
-        Average DOM for current Active listings declined 1.16% to 119 days
-        Sold Median Price fell 4.99% to $338,000 but increased 35.23% from May 2012
-        Sold Average Price fell 2.56% to $370,901 but increased 24.04% from May 2012
-        With over 57% of sales, the most active price range fell between $200,000 and $500,000

June started with 319 total Pending sales; 208 Owner Occupied, 28 Bank Owned and 98 Short Sales.  With little change in the quantity of Pending sales, I anticipate that we will see a similar number of closed sales in June, with Median and Average prices reaming relatively the same.

Gig Harbor Market J

Gig Harbor posted nearly a 10% increase in closed sales from the prior month, and nearly 65% over May of 2012 (wow!). Sales are hot with a decline in DOM of over 25% from last month and nearly 17% from last year. Prices made some slight increases over May but made some impressive gains over May of 2012.  

 

Key Points in Gig Harbor Market:

-        Closed sales totaled 89, an increase of 9.88% over the prior month and 64.81% over May 2012
-        Inventory of Active listings posted an increase of 6.57% to 373
-        Pending Sales posted a modest increase of 0.87% to 232
-        12 month absorption rate increased 0.10% to 4.5 months
-        Average Days on Market (DOM) decreased 25.62% to 90 days
-        Average DOM for current Active listings dropped by 0.80% to 124 days
-        Sold Median Price increased 1.85% to $386,000 but gained 34.2% over May 2012
-        Sold Average Price rose 3.32% to $427,129 and 21.16% from May 2012
-        With over 53% of sales, the most active price range fell between $200,000 and $450,000

Of the 232 Pending sales 164 are Owner Occupied, 10 Bank Owned and 58 Short Sales.  With little change in the quantity of Pending sales, it looks like we will see a similar number of closed sales in June, but I anticipate slight increases in Median and Average prices. 

Key Peninsula Market J  

Sales were very strong for the Key Peninsula in May.  For the third consecutive month closed sales outpaced the prior month’s totals, with May posting the greatest number since I’ve been tracking.  Both Median and Average prices fell from last month, which is a typical month to month fluctuation.  But, we have now had six months posting gains in both Median and Average prices when compared to the same period last year.  Days on Market fell to under three months to an unbelievable 81 days, the lowest since January of this year.  All-in-all, a pretty nice month for the KP

Key Points in the KP Market:

-        Closed sales totaled 34, nearly 62% greater than April and nearly 42% above May of 2013 2012
-        Inventory of Active listings held at 135 for a 0% change
-        Pending Sales posted a modest increase of 3.5% to 87
-        12 month absorption rate decreased from 6.3 months to 6.0
-        Average Days on Market (DOM) down 19.0% to 81 days
-        Average DOM for current Active listings increased 2.68% to 109 days
-        Sold Median Price decreased nearly 15.8% to $182,500 but up 2.9% from May 2012
-        Sold Average Price fell by 11.98% to $223,718 but posted a 29.08increase over May 2012
-        With nearly 59% of sales, the most active price range was between $120,000 and $300,000

Looking forward to next month, of the 87 Pending sales 38 are owner occupied, 18 are Bank Owned and 31 Short Sale.  Form this I believe that the KP will reach similar sales quantities with an increase both Median and Average prices.

 And in closing . . .

If you were waiting for the market to bottom out before making a move, you’re a little late but still have time.  It has defiantly heated up and homes are selling rapidly.  Home prices are increasing and interest rates are now rising, which together will have a negative effect on the affordability index we have been enjoying recently. 

Now is the time to buy, before the affordability rate shrinks and while home prices are at their lowest.  There are still great opportunities out there for a primary residence, second home or investment properties.  I’d appreciate it if you keep me in mind when someone you know is considering buying or selling a home.  With an extensive network of professional Realtors, I can help clients all over the country including Alaska and Hawaii, and parts of Canada.

Gig Harbor Realy for Life 2013

Celebrate a Cancer Free Life

Tonight starts Gig Harbor's Relay for Life 2013. Cheer me and my Purdy Elementary teammates on by making a donation to this amazing event. We will be running, walking or crawling around the track at Goodman Middle School tonight starting at 6:00pm. Stop by in support and join in the fun! - or - Click here to make a donation in support of this cause and those striving to make a difference.