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.