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Posted by Chris Burk on July 18, 2018
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Statistics on Gig Harbor Waterfront Homes:  Active, Pending and Sold (February 14, 2017)

                                           Active                                Sold                                    Pending

No of homes                      31                                           42                                           10

Price                                    $419,000–$10,500,000  $195,000–$1,778,350      $395,000–$1,995,000

Average Price                    $1,390,000                         $720,000                             $639,500

Year Built                           1940–2011                          1904–2007                          1916–2006

Days on Market                19–618                                 3–510                                    3–285

Average Days/Mkt           211                                        111                                          113

Sq Footage                         800–8,936                         944–7,776                            928–6,064

Average Sq Footage         4,021                                    3,090                                    2,513

$/Sq Ft                              $141–$1,247                       $80–$563                            $173–$508

Average $/Sq Ft              $479.34                                $283.98                               $395.70

Bedrooms                         2–7                                        2–6                                       1–4

Average Bedrooms         3                                             3                                            3

Bathrooms                       1.75–5.5                                1–5.25                                  1–4.5

Average Bathrooms       3                                              2.64                                     2.36

The data contained in this table was derived from the Northwest Multiple Listing Service on February 14, 2017.  As you can see, the range is very large, so depending on your budget and needs, waterfront can be purchased for as low as $195,000 for a basic dwelling to as high as $10,500,000 for luxury waterfront living.

What this tells us is that first, the number of pending compared to active homes shows that this is a buyer’s market when dealing with waterfront real estate with a ratio of 0.322 (to see more about ratios, see our blog titled Sell High, Buy Low.)   It is also interesting to note that the selling process is considerably longer (145 days if averaged) when dealing with waterfront as compared to non-waterfront properties whose average days on market are around 30.

If you are a buyer looking to upgrade into waterfront property, the data states that you should on average expect to purchase a 3,200-square foot home with 3 bedrooms and 2.75 bathrooms for approximately $916,500. That is a price of $286.40 per square foot.  Now remember, this is just the average.  Many people actually can afford to burst into the waterfront living with a much smaller budget.  Remember that what you get is a function of price, condition, and most importantly, location. If location isn’t prime, the price goes down, or if location is good but condition is bad, price goes down. When you get into luxury waterfront listings, not only are you seeing great condition but also prime location.

As a seller, do not be afraid to list in a buyer’s market.  The trick is to price your property aggressively but smart, which will put you in the first- place position.  This would be based off location, quality, condition and overall price compared to other actively listed properties (your competition).  When using this strategy, buyers are going to quit looking at the competition and focus on your listing, possibly resulting in a multiple offer situation and less turn-around time.  While examining King, Pierce and overall Washington housing numbers, we have recovered and surpassed the 2006 peak.  This is good investment news.  Remember that interest rates are still very affordable and the loan process has gotten very streamlined, assuring that offers are coming from prequalified buyers in the beginning process of a transaction.

We look forward to the opportunity of helping you list or purchase a waterfront home.  We would be happy to provide a complementary home evaluation.  If you have any questions or would like to discuss possibilities, please do not hesitate to contact us.

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