New Listings in Gig Harbor Drop as Sales Continue to Rise

Home sales in June saw an increase in Gig Harbor as housing market continues to stay "extremely competitive", Northwest Multiple Listing Service (NWMLS) brokers say.

In Gig Harbor, sales went up by nearly 12 percent in June, according to a monthly report from the NWMLS.

Last month, NWMLS realtors closed sales on 133 homes, compared with 118 in May 2013 and 89 in June 2012. The year-to-year increase was 49 percent.

Prices of homes also continue to climb slightly as last month's median sale price in Gig Harbor came in at $339,565, compared to $339,000 in May and $285,000 a year ago. That equals a nearly 19 percent year-over-year increase.

OB Jacobi, a member of the board of directors for Northwest Multiple Listing Service, which includes local real estate agents and brokers, said the current market conditions  ̶  including rising mortgage rates, tight inventory and declining unemployment  ̶  are driving even more buyers into what is already an "extremely competitive housing market".

As a result of improved confidence in the U.S. economy, the interest rates for 2013 reached a new high in mid-June, Jacobi added.

Despite the increase in home sales, the number of new listings in Gig Harbor saw a slight drop. In June, only 180 new homes were added to the listings while there were 213 in May and 207 in April 2013.

"The recent rise in interest rates has definitely brought more buyers into the market, but the inventory remains so low we have not seen a significant increase in sales," MLS director Diedre Haines said. 

Visit the NWMLS website to read the full press release.

---

How would you evaluate the local real estate market? Are any of the new statistics cause for concern? Tell us in the comments section.