Market Conditions in 98332>Question Details

Dd, Both Buyer and Seller in 98332

Why is there such an exodus from Gig Harbor, WA in the past 6-9 months? And why isn't much selling?

Asked by Dd, 98332 Wed Nov 7, 2007

I've only been here for little more than a year... So I don't have much reference for the trends in this area and the facts and figures just aren't painting much of a picture for what seems to be happening now. Appreciate any insights!

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8
Dd, I will have to respectfully disagree with James about the reason being the bridge. I live and work on the Gig Harbor side of the bridge and really I love the new bridge and think that it really is an asset when it comes to home values. If you have the "transponder" the toll is only $1.75 at the moment and as you know it is a one way toll. I would never think of leaving this area because of the bridge toll. I have compiled some information for you about the Gig Harbor area. These figures are only for Gig Harbor and are only for residential properties. If you have any more questions feel free to contact me.

Here are some stats from the MLS. City of Gig Harbor only.

Year 2005 2006 2007
Number of units sold (res only) 1187 930 720
Average List Price 412,576 478,424 507,064
Average Sold Price 405,974 467,508 492,410
Market Time 69 77 94
Percent of List price 98.40% 97.72% 97.11%

I hope this formats into this reply box properly - if not I apologize!
1 vote Thank Flag Link Wed Nov 28, 2007
The bridge.... the majority of the bridge will be paid for by those that live over there or have to work over there. Those are your commuters paying the toll on the new bridge. The exodus is fueling stalled/falling prices over there, when traditionally it was the one of the most expensive areas to live in Pierce County as well as one of the fastest growing areas. Hope that helps.....
1 vote Thank Flag Link Thu Nov 22, 2007
Did everyone forget about the Russell Company leaving downtown Tacoma and buying a building in Seattle...? Thus moving thousands of jobs out of Tacoma, and Gig Harbor. Guess where many of the employees lived? I don't know of one that is willing to commute to Seattle from Tacoma (let alone Gig Harbor).
0 votes Thank Flag Link Tue Nov 23, 2010
An exodus? Quite the opposite really. There is a lot of commercial and residential growth happening in the Gig Harbor area causing alot of movement within the community. I understand why you may think people are running for the hills, with all of the prominant FOR SALE signs, but the truth of the matter is people are selling their homes, cashing in on the equity and upgrading. Competition is high and this is certainly a buyers market, but a smart seller would price their home to sell, then buy! buy! buy! with the great deals that can be found in the Harbor at this time.
0 votes Thank Flag Link Fri Mar 7, 2008
I live in Gig Harbor and love it. And I am not seeing an exodus. In fact I am seeing the growth and building going on and I'm really excited about Gig Harbor. I am working on 2 sales right now and have others from out of state coming in. With the new hospital under construction, COSTCO, YMCA and all the new stores on Pt. Fosdick being completed, I think Gig Harbor is in a lull which is starting to come to life. The bridge has opened up and making the ease of the commute undisputable. And we all agree it is heaven living in Gig Harbor. So count your blessings.
0 votes Thank Flag Link Tue Mar 4, 2008
James, when was the last time you came to the Harbor? The bridge is a GOD send. People are moving into Gig Harbor, not out. Prices are still going up. Look at all the numbers. As far as the best place to live in the Puget Sound area, Gig Harbor will always be a prime target area for those who are looking for a fantastic quality of life. I've lived here for 18 years and things are still on the upswing. Go to my site at http://www.thesoskyteam.com and read my blog concerning the "Jewel of the Northwest" and then you just might want to re-locate to the Harbor.
Web Reference: http://www.thesoskyteam.com
0 votes Thank Flag Link Fri Jan 4, 2008
Dd: What you are seeing is a slow down in the market in all areas across the country. I am a realtor in the Puyallup area, I sold 8 listings in the past year in the Gig Harbor/Peninsula area. People are moving to the area due to lower prices, more selection, and awesome views of the Bay, Inlets and lakes in so many different areas. The opportunities are extraordinary and endless. This is some of the most pristine properties we have in the entire Puget Sound Region. I don't see it being over-populated any time soon.
The bridge was the best thing we did for the commute from the Harbor, it is a breeze now. We should have added another bridge a lot sooner.
I feel very positive about the market in the Gig Harbor area. Again, just a slow down like everywhere else.
Nancy Williams
Century 21 Real Estate Center
NWRealtor@Comcast.net
0 votes Thank Flag Link Fri Dec 28, 2007
Exodus In Gig Harbor? I am a Realtor in Gig Harbor and what I am seeing are people moving into Gig Habor from surrounding areas such as Seattle neighborhoods. However In the last 6-9 months the influx of people from California that we were use to seeing has slowed down because their housing market is truly not good. It appears that not much is selling because there is a lot of inventory on the market caused by new construction. The truth is that real estate values are up over last year but the days on market are longer which vary in from neighborhood to neighborhood. There are actually two neighborhoods in Gig Harbor that are considered to be Seller's Markets not Buyer's Markets. For more information visit my website http://www.darlenecherry.com and the Chamber of Commerce http://www.gigharborchamberofcommerce.com.
0 votes Thank Flag Link Sun Dec 23, 2007
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