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GIG HARBOR PRICES SLOWING
Gig Harbor’s housing prices have taken a breather in their linear price appreciation trajectory.
We saw median prices in the Harbor increase by $5,990 since May ($734,000 to $799,000). While this is nothing to scoff at, it is only any increase of 0.8%.
Comparing this to Pierce County’s average increase of 1.5% (see right hand column) we can appreciate the difference.
In fact, the average home price in Gig Harbor fell by $8,500 since their last month’s high ($839,500 to $831,000).
This divergent trend between median and average prices shows there is still strong demand for housing priced between $500,000 and $600,000. Most likely, buyers are unwilling to stomach over- paying for houses whose prices have risen so rapidly, but their quality has not. Prices will most likely continue to stabilize as sellers become aware that their “as-is home” will no longer fetch multiple offers.
Mirroring the buyer appetite reduction for over-priced homes, the number of showings per listing has been steadily decreasing since the beginning of the year.
The all-time high of showings per listing (on average) was 23.7 in January of this year. We are now at an average of 13.2 showings. This decrease of nearly 45% clearly indicates buyer’s are continually dropping out of the market (due to price, fatigue,on-hold, or bought). Giving us further evidence prices will stabilize in the near future.
