Pierce County Market Update – November 2019. Follow our market as a whole or (more specifically), your neighborhood or area of interest. Median Price, Days on Market and Chance of Selling (# of Active Homes/# of Sold Homes) are three metrics that we track and expand upon to gauge Market Activity.
For more info. TEXT/CALL/EMAIL Realtor Jenny Wetzel
(253) 381-9788. Jenny@jennywetzelhomes.com
Months Supply of Housing Inventory– This is the most profound and telling statistic in November. Although Month Supply isn’t a statistic we specifically call out in these graphics, it is one “behind the scenes”. In Central, South and Southeast Tacoma, the supplies of homes is at a staggering 0.5 months. Meaning that if no homes were to be listed for half a month, theoretically ALL of the homes in these areas would sell. North Tacoma, University Place, Puyallup and Frederickson all have less than a 1 months supply. No area in Pierce County has more than 2.3 months. Wowzers.
It is a general belief that in a well balanced Real Estate Market, there is at least 4 months supply of homes. The lack of inventory puts Sellers at an huge advantage and leaves buyers anxious and ready to pounce as soon as they see a home come available. Hence why we are still seeing new listings receive multiple offers and sell for more than what they listed for, even just 2 weeks before Christmas. ????
Read the captions to see my thoughts and analysis of certain areas and statistics. If I didn’t cover something that you are particularly curious about, do reach out. CALL/TEXT (253)381-9788 or Jenny@Jennywetzelhomes.com.
0.5 Months of Inventory (stat. not featured here) and 6 average days on market. The imbalance of sellers and buyers is significant. There aren’t enough sellers selling, to to keep up with the high demand of Home Buyers in Tacoma.
Spanaway has consistently been the hottest Real Estate Market within Pierce County. Why? You get a lot more for your money (square footage, lot size and maybe that extra bathroom) and commuters are happy with access to future public transit and freeways.
0.5 months of inventory. It’s feeling like South Tacoma is going to “sell out” soon! ???? That doesn’t happen though ???? (thank goodness!)
0.5 Months of Inventory. Seller that are priced at $500k or less can expect elevated market activity and an offer within 5 days on market if you are not overpriced.
Gig Harbor with 1.7 months of inventory, is one of the few “Buyers Markets” Higher price point and less qualified buyers. This is about the formula we see in Seattle right now.
Median price of SOLD homes is $277K in East Tacoma. Median price of PENDING Homes (not shown in graphic) is $355K ???? This dramatic swing in Median price points in driven by the lack of homes selling. Outliers carry more weight when they aren’t balances out by the heard!
CALL/TEXT Realtor Jenny Wetzel (253)381-9788 or Jenny@jennywetzelhomes.com
