Now that the 3rd quarter is done, we're back with our quarterly Pierce County real estate market update. Things are looking strong in our local market this year.
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With the 3rd quarter in the books, I wanted to give you our quarterly Pierce County market update. We've seen some great things happening the local market.
Typically, the main factors we look at are how many homes sold in comparison to the 3rd quarter of 2015, the average and median asking price versus the average and median sold price, and finally, the days on market.
This year in the 3rd quarter, we saw sales go up to 4,242 compared to 3,852 last year, good for a 10% increase, which is great to see. We also saw the median list price go up this year. In the 3rd quarter of 2015, median list price was $250,000, and when you fast forward to this year, it was $279,950, which is an 11% increase.
We saw list price and sales price both increase by 10% or more.
The number I'm usually most interested in is sold price. We can ask whatever we want for a house, but the price that somebody is willing to pay for it is what really counts. The median final sale price in Pierce County last year was $253,475, which was on average 1.3% over asking price. Looking at this year, the median sale price was $282,250 and 0.8% over asking price on average.
Looking back at last year, the average days on market was 21 in the 3rd quarter, and it has actually shrunk down to 13 days in the same time frame this year.
Here at the Hauer Real Estate Group, our listings sold for an average of 3% over asking price, which is definitely outperforming the market as a whole. Our listings also have an average of nine days on market compared to 13 days for the area as a whole.
As always, we're here to be a resource for you, so give us a call with any questions you have. We'd love to hear from you!
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