Real Estate Stats for Geeks

We have made it through the 2016 peak in the Real Estate world it appears. Traditionally the peak being late spring early summer. It seems like a good time to review the year and look at how the market did. For this exercise we are comparing 2015 to 2016 and looked at Pierce County as a whole and at Gig Harbor excluding the Key Peninsula (sorry K.P.) Also to narrow the scope we excluded bank owned, short sales and REO sales. We also excluded waterfront homes and new construction. *If you include waterfront in Gig Harbor stats go through the roof.

We picked four categories to focus on average price of sales, average price per square foot, days on the market (DOM),  and lastly months of inventory. Lets get busy crunching numbers.

• Average Sales Price

Pierce County:                                                            Gig Harbor

2015:            276K                                                                              288K

2016:            295K                                                                              305K

6.9% increase                                                              6% increase

 

• Price Per Square Foot

2015:           $140                                                                               $140

2016:           $150                                                                               $156

7% increase                                                               11.4% increase

• Days on the Market

2015:            56                                                                                     63

2016:            40                                                                                    45

29% decrease                                                          29% decease

• Months of Inventory

2015:           2.4                                                                                     2.6

2016:           1.6                                                                                      1.8

33% decrease                                                             31% decrease

What did we gather from this info? It appears Gig Harbor is consistent with the rest of the county, the one stat that stood out was price per sq foot in Gig Harbor has gone up 11.4% over last year, which is considerably more than the rest of the county. Also interesting is that the Gig Harbor price per sq foot is steadily rising throughout the year. 

Overall we see some consistency in the current market, at least less peaks and valleys. It is a seller’s market with low inventory and prices rising. The trends are also leaving buyers with less bargaining power. Fewer instances of closing costs being paid by seller and less demands by buyers being met by the sellers with inspection items.

More homes are getting listed than in 2016, which will help neutralize the market. Sales peaked in June/July but are holding steady especially in Gig Harbor.

Buyers are benefiting from low-interest rates and low down payment programs, especially first time home buyers.

That’s it for now let me know if you have any questions or if you want any specific information for your neighborhood.

Best,

Jeremy

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