Signs of life in Gig Harbor real estate

The market ratio is at 11.51%!!!! What does that mean? You take the number of active listings vs. the number of pending listings and the market ratio is the percentage of pendings to actives. Does that make sense? Today there are 669 active listings in Gig Harbor & Fox Island. There are 77 pending listings, homes with an accepted offer on them. 77 is 11.51% of 669.

For the last 2 years Gig Harbor has had a market ratio under 10%. That is a horrible ratio if you are trying to sell a home. In the summer of 2007 the market ratio was about 6% and there were hardly any homes with offers on them. Too much inventory for the number of buyers out there. This jump in market ratio means two things: a. The inventory has dropped. b. Sellers are finally pricing their homes competitively for the current market. We still have a long way to go but we are heading in the right direction. I'd love to see that market ratio around 30%.