Fox Island - Gig Harbor - Olympia - Tacoma
Total units sold in the South Sound region have jumped considerably since 2014, with only 113 in the first-half of that year but 162 in 2015 and 157 in 2016. Since 2014, units sold have jumped 29% in Olympia, 37.5% in Gig Harbor and an incredible 95% in Tacoma. Days on market are also down since 2014 in all areas: 18% in Tacoma, 25% in Olympia, 37% in Fox Island, and 42% in Gig Harbor. Oddly, average sales prices went up at least 18% in all areas except Olympia from 2014 to 2015 but decreased at least 2.17% in all areas from 2015 to 2016. Perhaps the increased inventory in this area has actually driven prices slightly down.
Olympia shows a downward trend in average sales price of 16% from 2014 to 2016 but also reflects a decrease in average square footage of about 100 in addition to the aforementioned increase in total units sold. Therefore, we can reasonably infer that although more units are being sold, more of those units are also smaller and less expensively priced than what was selling in 2014 in Olympia. Finally, sales prices are nearly matching list prices as homes are selling for, on average, 97% of the asking price.