Puget Sound Market Update 9/1/21

GIG HARBOR’S AUGUST STATS

Happy September everyone! Here’s a quick overview of what’s happened in our local market over the last month (data below is month-over-month change):

• Median Sales Price: +1.6% (up $11,000)
• Median Price / SF: +3.4% (up $10)
• Homes listed for Sale: 69 (down from 72)
• Month’s of Inventory: 1.2 (down from 1.3)
• Median Days on Market: 6(No Change)

Gig Harbor’s low housing inventory continues into August. We are now at an all-time low in Homes for Sale, this includes new construction. Looking back at 10 years of data [reference chart below], we see that this trend has been in motion for a while now.

While it’s improbable we’ll reach zero, this trend is worrisome and doesn’t seem to be changing direction anytime soon. Unless there’s a mass exodus of retirees to a different state, or a sudden urge of people wanting to trade-up or down-size, I doubt we’ll see a change to local market conditions. (Black-swan event notwithstanding). We’ll most likely reach a bottom this winter and see slight-to-modest uptick during next year’s spring selling season.

As for national trends being reported: inventory of homes for sale rose 7% month-over-month, but most of the increase is concentrated in higher-end homes. Starter homes are still scarce. Gig Harbor, on the other hand, has just as much +$1m inventory as $400k or below inventory. The lowest inventory is between the $400k and $1m range