The October 2020 Market Update is here! Every month we compile the data from the following counties: Pierce, Kitsap, Thurston & King. The data is pulled directly from the Northwest Multiple Listing Service. Don’t see your local area? Let us know, we are happy to run a market update report tailored just for you!
OCTOBER 2020 MARKET UPDATE BY COUNTY
Overall, inventory remains very low across all counties. Typically, three to four months of inventory is said to be a “balanced” market. We are seeing one month or less in inventory, which translates to a strong Seller’s market across the map. Median prices year to date have increased as well. As you can see, Pierce County’s median price year to date has increased the most for the month of October compared to the surrounding counties.
OCTOBER MARKET UPDATE 2020 BY CITY
North Tacoma continues to be one of the hottest neighborhoods in all of Pierce County. Inventory is lower than one month and prices have increased 14%. The median price is $452,000, which is this highest median price point compared to all of Tacoma’s zip codes.
Central Tacoma had 1/2 a month of inventory for all of October. The median price is about $352,000, which makes this neighborhood one of Tacoma’s more affordable (and popular) areas for home buyers.
Overall, South Tacoma has the lowest amount inventory in all of Tacoma. This area has also seen the highest median price increase from this time last year. The median price is under $400k, which is contributing to the popularity in this area.
University Place had slightly more inventory at just over 1 month of Active homes on the market. There has been a substantial increase in median price from October 2019.
Lakewood also saw a substantial increase in median home price year to year. With less than a month of inventory on the market, coupled with a lower median home price makes Lakewood a hot market for Seller’s and a competitive market for Buyer’s.
Spanaway and Roy saw similar results for the month of October. Both had incredibly low inventory and a considerable increase in median home prices from last year. With more and more people working from home, places like Spanaway and Roy are more desirable for people who are looking for extra space or land to live on.
The Puyallup market, like all of the Pierce County, had a very low amount of homes come on the market. This area also saw a jump in median home prices from this time last year.
The Gig Harbor market remains as a strong Seller’s market. With less than a month of inventory on the market, this area is competitive for Buyer’s and a hot market for Seller’s.
All information courtesy of NWMLS.
CALL/TEXT Realtor Jenny Wetzel if you are looking to Buy or Sell.
