August 12, 2022

Maryland Heights Residents

Crazy About Home & Real Estate

Pierce County median home sale price remains above $500,000

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Median closed sale selling prices in Pierce County remained earlier mentioned a fifty percent-million dollars in November, in accordance to NWMLS.

AP file

Ever-dwindling inventory of existing residences for sale in Pierce County proceeds to retain the median shut sale price over a 50 percent-million bucks.

In its November report, Northwest Various Listing Provider confirmed Pierce County’s median closed sale value for single-family households at $515,000, down from October’s $520,000, but 15.73 percent earlier mentioned final year’s median sale selling price of $445,000.

The range of gross sales was only somewhat increased than a 12 months back, with the quantity of energetic listings up 2.87 per cent from November 2020.

For condos, the variety of listings was down 31 percent compared with the exact same time a calendar year in the past, but the range of closed profits was down only a little far more than 4 percent from 2020.

The median closed sale rate for condos was $350,000, up much more than 20 % from November 2020.

“Waived inspections and resources committed upfront in the occasion of a low appraisal are not as common, but sellers continue to have the upper hand,” stated Mike Larson, running broker at Compass in Tacoma and a member of the Northwest MLS board of directors, in Monday’s launch. “Buyers nonetheless need to be very daring and really intentional with their presents.

“The big difference this year is that there are fewer buyers using a split and need continues to be substantial.”

According to the November report from John L. Scott Serious Estate, “Sales action is strong from $2 million to $3 million,” in the county, and “extreme frenzy” in residences priced up to $1 million.

In Gig Harbor, the agency mentioned the number of energetic listings, while not an all-time minimal, is amongst the lowest it has been in decades.

“The area marketplace is virtually bought out in all rate ranges,” with desire achieving up to households for $3 million.

In Thurston County, it mentioned, the industry was “virtually sold out up to the $1 million value issue.”

A independent report compiled by John L. Scott’s data workforce and drawn from NWMLS info showed the major price improves by percentage this yr compared with 2020. Among Pierce County ZIP codes, Fox Island has seen the most significant percentage enhance yr above year in median charges at 36 per cent. That was followed by the Ashford/Mount Rainier space with a 27 per cent increase and 98439 in the Lakewood region, also at 27 per cent.

The 98403 ZIP code in Tacoma was upcoming at 26 p.c, adopted by the Enumclaw place at 23 per cent rounding out the top rated five.

Kimber Lee is one particular of two John L. Scott agents who oversaw the modern $6.25 million sale of a Lake Tapps assets, so much the most high priced home transaction not established for redevelopment in Pierce County this calendar year.

She just lately explained to The Information Tribune she’s not observed any serious letup in demand from customers between potential buyers at all value details, in what’s customarily the slower slide months.

“I thought that we had been heading to see an adjustment, but I haven’t noticed it however,” Lee stated.

Matthew Gardner, chief economist at Windermere Actual Estate, provided his forecast for what varieties of price tag boosts would be observed in 2022.

“I forecast one household price ranges will enhance by all over 8 % in King and Snohomish counties, and by practically 11 percent in Pierce County,” Gardner explained. “Although nevertheless very well above the prolonged-time period averages, affordability troubles and modestly increasing desire costs will consider some of the steam out of the marketplace in 2022.”

This tale was originally printed December 7, 2021 5:00 AM.

Debbie Cockrell has been with The Information Tribune given that 2009. She reports on business and improvement, regional and regional difficulties.

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