As of January 4, 2021, there are only 55 homes for sale in Gig Harbor. Since 1994 I've seen our inventory as high as 1,200 homes and as low as a number in the 300's. We are looking at the most extreme seller's market Gig Harbor has ever seen before.
When the ratio percentage is between 0% to 45% it is considered a buyer's market. When the ratio is between 55% to 100% it is considered a seller's market. Prior to 2020, I never saw the ratios break 300%. Again, this is the most extreme seller's market I have ever seen. If you have any interest in selling, now is a good time to consider it!
My data is pulled straight from the NWMLS. These numbers give you an idea of how the market is doing in each price bracket.
The absorption rate tells you how many months it will take to get rid of all the inventory in Gig Harbor.
less than 3 months = favors the seller
4-6 months = balanced market
more than 5 months = favors the buyer
In all price ranges, with the exception of the 1.5 to 2 million range, there is less than a month of inventory available.
I will be updating the Gig Harbor Market Report every three months, but if you would like one for a specific date please contact me at 253.732.2500.