Gig Harbor Housing Update - Resale Only
SALES ACTIVITY INTENSITY™ SCALE
6.06%
4.13%
4.35%
2.89%
UNBELIEVABLE
INTEREST
RATES
3.18%
MONTHS
SUPPLY SCALE
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Source: NWMLS - Resale only
© 2024 John L. Scott Real Estate
CURRENT INTEREST RATE
There are two seller groups that are moving the market during the winter season. The first group includes individuals who need to sell due to household formation change, estate, vacant home, or financial health. The second group includes those who have major home equity in their current home and want to sell due to lifestyle changes, downsizing, or being closer to family and friends.
Seller Motivation
Over the spring and summer months the number of new resale listings is greater than the number of homes going under contract. In most markets, we enter the real estate fall equinox in November where the market flips as the number of homes going under contract is equal to or greater than the number of new resale listings coming on the market.
Real Estate Fall Equinox
November 1, 2024 Source: Priority Home Lending
6.87%
Key Market Indicators NOVEMBER 2024 (OCTOBER RECAP)