Sue Rand

Gig Harbor Real Estate Activity

Summer 2010 vs. Summer 2009

So what happened with Gig Harbor real estate this summer? Did prices go up? Or down? Did number of sales go up? Down?

Well, actually a little bit of both depending on which of the three summer months (June, July, or August) we're looking at.

• This June, a total of 86 single family homes sold in Gig Harbor - with a median price of $345,000.
• But in July there were only 70 sales and median price was down to $301,000
• Then in August, which had 82 sales, waterfront homes impacted the numbers. Four sold for $1 million or more. Those sales boosted August's median sales price to the highest since March - $355,000.

Also interesting this summer, Gig Harbor new construction sales were up substantially over the summer months. Through the end of May, only 23 new homes had sold. June, July, and August added another 28 to that total.

So let's take a look back to 2009:

• In June, we had a total of 71 sales, median price was $325,000.
• July was better - 83 sales with a median price of $385,000 due mainly to the four waterfront homes that sold for over $1 million.
• August sales stayed steady at 81, but median price fell to $328,000.

New home sales in 2009 were fairly consistent from month to month. June, July, and August totaled 20 - the previous 5 months totaled 34.

September numbers for Gig Harbor will be out this week - I'll keep you posted.

From NWMLS, median prices rounded up to nearest 1000.

Gig Harbor's Skansie Net Shed has been nominated!

Twenty-five properties in the Seattle/Puget Sound area have been selected to compete for historical preservation grants from American Express and the National Trust for Historic Preservation. One of the nominees is Gig Harbor's Skansie Net Shed.

Gig Harbor's Skansie Net Shed History

This net shed was built in 1910 by Andrew Skansie and is the oldest remaining net shed in Gig Harbor, once just a small fishing village. The net sheds were built on pilings out into the water and provided easy access from the fishing boats and a covered area in which to store and repair the large fishing nets used by the local fishermen.

Gig Harbor's Skansie Net Shed Celebration

On May 1st, Gig Harbor's Skansie Net Shed turns 100 years old. In honor of that landmark, Gig Harbor will hosting a Centennial Celebration featuring food, entertainment, and yes...voting.

Vote for Gig Harbor's Skansie Net Shed!

A grant of $125,000 will be awarded to the property receiving the most votes. You can vote once per day, every day! Just go to http://www.preservationnation.org/partners-in-preservation/seattle/vote.html, register and then Vote Today and Every Day for Gig Harbor's Skansie Net Shed.

All over town, you'll see people wearing pins asking "Have you voted today?". This sense of community pride is just one of the many things that make Gig Harbor such a wonderful place to call home!

Moving Back to Gig Harbor

Lately I've been working with more and more people who are moving back to Gig Harbor after having lived away for a few years. What they're saying is that they just missed the small town ambience of this waterfront community. The free outdoor concerts and movies in the summer, the festivals and parades, the parks and walking trails - all the qualities that make life in Gig Harbor so special.

And that they want their kids to attend the highly-rated Gig Harbor schools and join the state of the art Family YMCA.

Some moved away to shorten their commute time, but now that the additional Tacoma Narrows Bridge is complete and "bridge traffic" has become a non-issue, they're coming back.

Others left seeking a drier, sunnier climate only to return because they missed the year-round green trees and lawns.

And yes, there were those that found more affordable housing elsewhere a few years ago when Gig Harbor homes cost about 25% more than they currently do. But now that there are over 200 Gig Harbor homes for sale for under $300,000 AND there's a tax credit AND interest rates continue to remain low, these people have decided to take advantage of the situation and are moving back to Gig Harbor.

A few things have changed over the past few years in Gig Harbor. Shopping and dining options have more than doubled; we have a new hospital, several spas, additional walking trails and parks, a 10-screen movie theater, a new museum, several wine bars - all the things we used to have to go to Tacoma for.

But some things will never change in Gig Harbor - the incredible beauty of the Puget Sound and the Olympic and Cascade Mountain ranges, Mt. Rainier looming in the distance, the proximity to the great city of Seattle and all it has to offer. But it's the sense of pride that encourages people to work together to keep Gig Harbor so special that makes people decide that moving to Gig Harbor is a very good idea.

For more information about Gig Harbor, visit www.suerand.com where you can search for homes, learn a little about the area, and check out the upcoming events.

Tacoma is #1 Best Real Estate Market in 2010

According to MSN Real Estate, Moody's has named Tacoma the city where home prices will peform the best in 2010. Five cities were chosen - the other four are Memphis, Pittsburgh, Charleston, and Seattle.

That's great news for us in the Puget Sound area. And for anyone who is considering moving here soon. Not only are we surrounded by an abundance of natural beauty and recreational activities, but our economy seems to be fairly strong as well. (I'm sure not everyone who has been laid off or lost their homes would agree, but apparently we have fared better than other large cities.)

The basis for Tacoma's #1 Best Real Estate Market in 2010 ranking consists of a few factors:

1) Our market is not saturated with homes for sale

2) Over the past 10 years, home prices stayed basically in sync with household income

3) Microsoft

4) Boeing

5) The Tacoma-Seattle area is a key hub for trans-Pacific trade

While home prices nationwide are expected to drop by 7.9% in 2010, Tacoma's is expected to increase by 2.44%. The prediction for 5th place Seattle is a price decrease of 0.50%.

So although the increase is modest, it is nonetheless an increase - and a very welcome one!

You can read the entire article at: http://realestate.msn.com/article.aspx?cp-documentid=23191526

"I want to buy a bank-owned home in Gig Harbor."

This is quite often what current buyers tell me. Their assumption is that the only "real deal" out there is a home that has gone back to the bank.

So let's take a look at home sales last month in Gig Harbor, WA. Out of 42 single family home sales, 7 were bank-owned. I checked assessed value of each home and calculated how much over or under it sold for. Not that assessed value is an accurate price indicator, but it's a decent place to start the comparison.

The 35 non-bank-owned homes that sold in November ranged in price from $230,000 to $1,075,000.

Assessed values of these homes ranged from 217,600 to $1,050,100. Only 13 of the 35 sold for more than assessed value, the rest (22) sold for below assessed value. How much over and how much under? Between 66.76% and 169.03%.

The 7 bank-owned homes ranged in price from $200,000 to $514,000.

Their assessed values were between $365,400 and $677,300. 6 of the 7 sold for less than assessed value, 1 sold for more. In this category, the sales prices ranged from 54.73% to 102.12% of assessed values.

Is buying a bank-owned home a good deal? Sure, in some cases. Just make sure that deferrred maintenance issues are factored into your decision. Especially in the winter months, a vacant home may develop some undesirable issues.

Can you get a good deal on a non-bank-owned home in Gig Harbor? Based on last month's sales, it sure looks possible. There are a lot of well-kept homes for sales in nice neighborhoods. Don't limit your possibilities - you just may find a "real deal" that's not a bank-owned home in Gig Harbor.