2016 Gig Harbor Market Update Report
Artfully uniting extraordinary homes
with extraordinary lives.
Gig Harbor Annual Market Update Report Why a Market Update Report? We are providing this analysis because understanding your specific market is a major step in selling your home. We firmly believe the greater the understanding you and your broker have the more you will net. It is a first step in this very important process. Information and knowledge is key to the successful sale of your home. We have unique experience that allows us to be more qualified to do a market update report, having over a dozen years as real estate brokers and investors. Having an investment background gives us a different understanding of the market and how properties sell, since the properties we were selling were our own. This background has allowed us to build the skills to think outside the box and be creative. From marketing to finding ways to put a deal together we will find creative ways to accomplish your goals. This creativity is why we consistently break records on our sales for their areas. Another unique qualification that allows us to present a market update report is that prior to being a real estate investor and agent, Rich had years of experience doing quantitative research and statistical analysis work. He is a former professor of social behavior at the University of New Hampshire with a specialization in statistics and quantitative research. This makes him uniquely qualified to not only analyze the data but also to negotiate the highest price for you. Megan specializes in the marketing of your home, having studied marketing at Pacific Lutheran University. From single property websites, social media, high quality print materials, professional photography to the unmatched local, national and global marketing we present all of our clients properties to the most people worldwide. Our individual and combined strengths allow us to compile the data, analyze and recognize the market trends. We want our clients to have as much knowledge as possible about the state of their market and be informed and involved in the sale of their home. This market update is the first step in this experience, and we would love to provide a free complete marketing plan and specific analysis for your home. We hope you enjoy this information. Included is information regarding Gig Harbor properties as well as insight to the coming years market trends. There is also some additional information about us as well. We look forward to meeting you and learning your individual needs!
Rich Watson & Megan Zamberlin Rich Watson Real Estate Professionals Morrison House Sotheby’s International
Market Data and Analysis
While the largest number of houses were sold in the $400k-$599k price band the market was strong in all price ranges. You will see a very positive picture painted in later graphs that compare the number of sales to active and expired listings.
This shows that there is a very low inventory of homes for sale in Gig Harbor currently. This is a positive indication for sellers as demand remains very high.
Not only have houses been selling, the length of time it takes them to sell is historically very low. Even houses over $1 million dollars are only taking only 132 days to sell on average.
This illustrates how many more houses sold than expired. As long as a property is priced correctly and marketed well it should sell relatively quickly.
The median sales price in 2015 rose by 12.6% over 2014 and is up 24.3% since 2012. We believe this trend will continue into the near future and continue to be a strong market from the perspective of the seller.
The sales price as a percentage of list price shows that it is a good time to be a seller in Gig Harbor. When priced correctly houses are selling for historically high percentages of the list prices. This further illustrates why it is important to have a broker that truly has their finger on the pulse of the market.
There were considerably more homes sold in 2015 than are currently active. This is a good time to be a seller. Waiting for all the competition as inventory rises in the Spring would not be a good strategy as houses are continuing to sell through the winter months.
Sales have continued to rise each year since 2012. The number of sales rose 46% from 2014 showing the market to be quite strong.
Sales continued to be strong through the winter months even with the low inventory. This just further illustrates that taking a property off the market until Spring when inventory picks up is not always a good strategy.
MARKET ANALYSIS and SUMMARY The market continues to be relatively strong from the perspective of the seller in Gig Harbor. With 71% as many properties sold in the 4th Quarter of 2015 as there were in the 3rd quarter it is clear that the market has remained strong even through the winter months. Far more properties have sold than expired which shows that as long as a property is priced correctly and marketed well then it should sell. They are also selling in relatively short periods of time. Maybe most important are the trends concerning number of sales per year and the increase in sales price since 2012. Considering a 46% increase in the number of sales in 2015 compared to 2014 combined with a 12.6% increase in sales price the near future looks quite bright. With a very low inventory of properties the market should remain strong for the near future. Inventory and therefore competition will increase in the Spring so there is no better time to put a house on the market than now. The most important thing a seller can do in this market is to hire a professional that truly understands the market that will price the property correctly, market it to its fullest potential and make the entire process a simple and fun experience. Give us a call anytime for a complete market analysis and a specific marketing plan for your unique home.
Your Gig Harbor Specialists Rich Watson Real Estate Professionals is comprised of Rich Watson and Megan Zamberlin. Understanding the true meaning of a team, they work together on all properties, giving your individual lifestyle or property the utmost attention. As true partners, both in life and business there are no competing agendas only the passion to provide you with unparalleled service and attention for all of your real estate needs. As an independent team, they choose to operate out of the local Sotheby’s International office which complements their attention to detail & local expertise with international attention & exposure. With well over a decade of real estate experience, combined with the Sotheby’s International Realty difference, they strive to provide savvy, refined, personal service. To those who value the unique, Sotheby's International Realty is the local real estate services provider that offers unrivaled access to qualified people and distinctive properties around the world. Rich brings well over a decade of real estate experience as both a broker and as a very successful investor, with an unbridled passion and enthusiasm for all that he does. Driven, savvy, and experienced he has an eye for finding the perfect fit for your unique needs. Rich is also a former educator and researcher at the university level where he taught statistics and social behavior courses. He used that same passion for excellence, education and research to learn everything possible about real estate, as both a broker and an investor. Having bought and sold countless properties through his own company, it is invaluable experience as completing many of those deals required the ability to think creatively and outside the box. A laser focus is required in successful real estate investing, to market and sell for top dollar and he brings that same intensity to all of his clients properties. Megan is deeply rooted in the Northwest having been born and raised here in the beautiful state of Washington. Having expansive knowledge of the state allows her to help you find the right area for you, and to have insight on neighborhoods and their surrounding areas. She studied Marketing and Communications at Pacific Lutheran University, and brings that knowledge and savvy eye for marketing to your individual property. As a lifelong equestrian enthusiast and competitor, including being formerly nationally ranked. She brings the drive and intensity required to be a successful competitor to all she does, with complete accessibility to our clients and the above and beyond approach to marketing, customer service and uniting special properties and unique lifestyles. Together, they work for their clients, providing them with 24/7 accessibility and customer service as well as access to two brokers with unique perspectives and qualifications at once.
Do you know what your home is worth? Thinking of selling in 2016? We would love to offer you a free complete marketing plan & analysis for your home.
For more information please contact us & visit our website:
www.Rich-Watson.com Rich Watson direct (253)988-5973 Rich.Watson@SIR.com
Megan Zamberlin direct (253)330-6200 Megan.Zamberlin@SIR.com
Rich Watson Real Estate Professionals www.Rich-Watson.com (253)988-5973
Each office owned and operated individually. All information published does not constitute a contract, offer or promise and should be verified from the reader. All information obtained from public sources including public sales records and MLS statistics. This not a solicitation of currently listed properties with other brokers