Gig Harbor Real
Home prices rise nearly
24%. But the devil is in the details!
The median sales price for Gig Harbor and Key Peninsula
combined is up nearly 24% year-over-year for 4th quarter.
$393,000 tops the $353,000 from a year ago.
I used the full quarter of statistics to balance any single month's
velocity. and I used the end of the year to most represent the current
market. but details for each area vary widely.
New construction dominates close-in Gig Harbor,
including the booming area surrounding Costco as well as Rosedale. Fox
Island and Wollochet statistics are heavily weighted from waterfront sales.
And a drop in distressed sales had a
major impact for some of Key Peninsula.
Gig Harbor--New home sales captured 41% of all
sales, pushing the median price up in this area nearly 20% to $464,000. Waterfront
sales were down by half, dropping median prices to $400,000 from $836,000 in
Gig Harbor North--1 of every 8 sales was a new
home, predominantly in Crescent Lake Estates. That market jumped
$561-730,000. Prices overall showed an uptick $500-535,000 for 7%. While
waterfront prices jumped 35%, less than half the number sold.
Fox Island--Prices jumped 45% $419-609,000
overall, with waterfront prices up 30.9% --$943-1,234,000. There are many
view homes on the island, which helped push up the sales price. However, a
smaller percentage of the sales was waterfront than a year ago. The few new
homes on the island also added to the increase.
Click below to my
blog for the other six areas.
[Read more of my 2016 local summary on my Gig