September’s stats are finally in, and they’re nothing short of astonishing.
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Last month we officially entered fall, but does that mean our market has started to cool off? According to September’s market stats, absolutely not!
The median sale price for our market is $435,000 as of September 2020. That represents a 14.5% year-over-year increase in home values, which is pretty remarkable. We’re also seeing that homes are selling faster this fall, as the average days on market dipped down to just seven days from last September’s average of 11.
Let’s take a look at the list-to-sale price ratio, which tells us what homes are actually selling for versus what they’re being listed at. The median list-to-sale price ratio for September was 102.3%, meaning that sellers were receiving 2.3% above their asking prices. That figure is also an improvement from last year at this time when sellers were seeing 100.4% of their listing prices.
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It’s clear demand is dominating our market.
”Inventory in our market is down significantly compared to where it was last September—a whopping 55.2% to be exact. So, based on the current trends of how quickly homes have been selling, how long would it take to completely sell out all of our existing inventory if no new homes were to come on the market? The answer is an important statistic that we often refer to as ‘months’ supply.’ Right now, our Pierce County real estate market has 0.7 month's worth of supply—that’s the lowest I’ve seen in my 16-year real estate career by a longshot.
Simply put, the supply in our housing market is scarce. Granted, we did see a 16.7% year-over-year increase in new listings coming onto the market, but these homes are just selling so dang fast! The number of pending sales (i.e., homes that went off the market after accepting an offer) was up 26.5% from last year. Furthermore, the number of closed sales was up 10.5% year over year, so it’s clear that demand is dominating our market.
If you have more questions about the status of our real estate market or are interested in buying or selling soon, don’t hesitate to reach out to me or anyone else on our team via phone or email. We’re here to be of service to you!
