The following is a recap of the September highs and lows
reached in the Real Estate Market for Gig Harbor and the Key Peninsula. I will try to keep this brief, but if you
have any questions 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.
With 100 Closed sales for the month, Septmeber2013 marks
the sixth consecutive month with closed sales in the three digit category. The Total Closed Sales have been falling
since posted in June, and with the strongest months typically in the summer
months, this should be no the year’s high of 143 surprise and is fairly normal
fluctuation.
Overall prices continue in an upward trend with Average
and Median prices both posting increases over the prior month and year. For four of last five months the Average Days
on Market (DOM) has been under 90 days. Partly
fed by our low inventory levels, Septembers 80 DOM shows that, when priced
right, homes are still selling quickly.
Qualified and prepared buyers are very aware of this and are often
making offers on homes within the first week of listing.
Key Points in Gig Harbor and KP Market:
-
Closed sales totaled 100, falling 26.47% from
August, but increased 13.64% over Sept 2012
-
Active listings fell 4.68% from August to 570
-
Pending Sales decreased to 235 from 269 in August
-
12 month absorption rate at 5.2 months (up from 0.1
from last month)
-
Average Days on Market (DOM) fell to 80 days,
8.5% lower from August
-
Average DOM for current Active listings increased
1.92% to 106 days
-
Sold Median Price increased 16.66% to $349,950
from August, and 15.69% from Sept 2012
-
Sold Average Price increased 10.52% to 391,300
from August, and 8.37% from Sept 2012
-
With nearly 50% of sales, the most active price
range fell between $200,000 and $400,000
October is starting with 235 total Pending sales with 149
Owner Occupied, 27 Bank Owned and 59 Short Sales. This is down from 269
homes pending at the beginning of Sept, so with this I anticipate that we will see
the total closed home count for October to hover around the 90 mark, coupled
with a slight decrease in prices.
Gig Harbor Market J
Gig Harbor posted 73 closed sales for September, with
both Median and Average prices posting double digit increases from last month
and year. Although Sept. closed sales
represent over a 25% decrease from August, as mentioned above, this is no real
surprise as we head into the slower sales months and Holidays, and this is still
an increase of over 10% from 2012.
Key Points in Gig Harbor Market:
-
Closed sales totaled 73, a decrease of 25.51%
over the prior month but 10.61% increase over Sept. 2012
-
Inventory of Active listings held steady at 424
-
Pending Sales decreased 16.06% to 162
-
12 month absorption rate increased from 4.9 months
to 5.3
-
Average Days on Market (DOM) decreased 2.35% to 87
days
-
Average DOM for current Active listings dropped by
1.87% to 105 days
-
Sold Median Price increased 15.06% to $402,000 and
12.62% over Sept. 2012
-
Sold Average Price increased 10.82% to $456,207
and 12.11% from Sept. 2012
-
With over 52% of sales, the most active price
range fell between $300,000 to $500,000
October begins with 162 Pending sales; 117 Owner
Occupied, 12 Bank Owned and 33 Short Sales. This is 16% decrease in
Pending Sales from Sept, so I estimate closed sales for October will hover in
the mid 60‘s with lower Median and Average prices.
Key
Peninsula Market J
As with the Gig Harbor market, the KP also showed
decreasing sales for Sept. posting a decrease of nearly 29% to 27 closed sales,
again following seasonal trends. Total
closed sales may have slipped, but total sales Median and Average prices posted
increases over last month and last year in most categories. DOM for
sold homes took a plunge of over 35% to a mere 60 days. Anytime this is around the 90 Day mark is good,
but 60 days – that’s amazing, and is an indication of the strength of the
market and that buyers are ready to buy now!
Key Points in the
KP Market:
-
Closed sales totaled 27, a decrease of 28.95% over
the prior month 22.73% increase over Sept 2012
-
Inventory of Active listings fell 15.61% to 146
-
Pending Sales decreased 5.19% to 73
-
12 month absorption rate decreased slightly from
5.9 months to 5.3
-
Average Days on Market (DOM) down 35.48% to 60
days
-
Average DOM for current Active listings decreased
15.61% to 146 days
-
Sold Median Price increased 11.28% to $214,995 and
10.08% from Sept. 2012
-
Sold Average Price increased 5.00% to $215,811 but
fell 3.44% over Sept 2012
-
With nearly 52% of sales, the most active price
range was between $180,000 and $300,000
October begins with 73 Pending sales; 32 are owner
occupied, 15 are Bank Owned and 26 Short Sale. This is 5.19% decrease in
Pending Sales from Sept, so I estimate closed sales for October will hover in
the mid 20‘s with slightly lower Median and Average prices.
And in closing . . .
The area market is holding well; sales totals are showing
typical seasonal fluctuation and prices continue to show stability and
appreciation. Active listing inventory
remains low with homes selling at an often outstanding pace. However, Interest rates have inched higher
and many loan programs have increased fees.
These additional costs can have a negative effect on affordability for
some buyers, pricing them out of the market.
Now is a great time to buy or sell, 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.
