Tight inventory, demand push Pierce County home prices higher

Large need is maintaining Pierce County residence selling prices in an ever-mounting position, with the median shut sale cost for current solitary-family members properties now at $535,000, up from January’s $525,000.

February’s rate is up from $462,000 the exact same time a 12 months in the past.

Pierce County’s median price was the 3rd-greatest in the Northwest Numerous Listing Support spot, with King County at $857,750 and Snohomish County at $745,725.

New listings hitting the industry February for properties, at 1,247, ended up up from January’s 895, but whole lively listings for single-spouse and children homes have been down just about 9 p.c from the exact same time in 2021.

Whole energetic listings for condominiums noticed a a lot more dramatic fall year-in excess of-calendar year, down a lot more than 43 percent. But which is nonetheless an advancement, if you can connect with it that, from January, which was down additional than 50 {73375d9cc0eb62eadf703eace8c5332f876cb0fdecf5a1aaee3be06b81bdcf82} and noticed just 80 new condo listings. February observed 102.

The median shut sale selling price for condos in Pierce County in February hit $400,000, up from $378,500 in January and up just about 27 {73375d9cc0eb62eadf703eace8c5332f876cb0fdecf5a1aaee3be06b81bdcf82} from a 12 months ago.

Pierce County’s out there authentic estate inventory continues to be a lot less than a month’s worthy of.

Brokers are awaiting the spring bump of new inventory. In a report for John L. Scott Genuine estate, J. Lennox Scott observed that previous yr, new listings in Pierce County went up 38 {73375d9cc0eb62eadf703eace8c5332f876cb0fdecf5a1aaee3be06b81bdcf82} from February to March. In comparison, new listings rose 56 percent in Thurston County in that very same time body.

Kitsap County noticed a bigger jump in percentage improve in cost calendar year-more than-12 months than Piece, King or Snohomish counties, up much more than 21 {73375d9cc0eb62eadf703eace8c5332f876cb0fdecf5a1aaee3be06b81bdcf82} at $525,000 for its February median selling price, and up from $508,750 the thirty day period before.

Frank Wilson, branch controlling broker and Kitsap regional manager at John L. Scott Genuine Estate, stated in Monday’s NWMLS release accompanying the report: “We have more new listings (up 30.6{73375d9cc0eb62eadf703eace8c5332f876cb0fdecf5a1aaee3be06b81bdcf82}), more complete energetic listings (up 36{73375d9cc0eb62eadf703eace8c5332f876cb0fdecf5a1aaee3be06b81bdcf82}), and much more pending transactions (up 10{73375d9cc0eb62eadf703eace8c5332f876cb0fdecf5a1aaee3be06b81bdcf82}) in comparison to past year’s numbers. Also, residence prices carry on to rise … This is concerning mainly because we are just starting off into the spring market place.”

Even though consumers may nonetheless be undertaking a constant refresh of screens to obtain new listings, one particular agent informed The News Tribune that the image has improved for people not making a major money offer.

“We are nonetheless viewing income delivers, but just simply because an offer is cash doesn’t imply a vendor is confirmed to find it,” mentioned Jeremy Martini, broker with John L. Scott Tacoma North place of work, by means of e mail in response to questions.

“We not too long ago experienced a seller consumer who been given a cash offer but selected to go with an supply that was financed due to the fact it had less contingencies,” he wrote.

Mortgage transactions aren’t usually having as long to get to closing as in past periods, in accordance to Martini.

“Many individuals however think that dollars is king, but these days home loan mortgage gives can near fairly swiftly in about 16 times or so, which can make them rather aggressive,” Martini stated.

Agents also are coming up with conditions so sellers aren’t faced with a shift-out they could not be prepared for if their property sells quicker than they can locate a alternative.

“Our top strategy is to plan for a ‘rent back’ … a contingency in your give that would give you everywhere from two months until 30+ times following the house closes to come across a new household,” Martini mentioned.

He included, “We suggest our customers to have a match program in scenario one thing does not go to approach — that could be acquiring a limited-expression rental, or dwelling with close friends or household for a limited time period of time.”

This story was originally released March 8, 2022 5:00 AM.