The latest numbers for the Pierce County real estate market are in, and to put it simply, the metrics
are astonishing.
We’re in the hottest market I’ve ever seen, and I’ve been in real estate for about 17 years.The median sales price in March was $480,000, which was a 14.6% increase from the year
before. It’s unbelievable. Another unbelievable metric is that homes are spending, on average, only
six days on the market before selling. That’s about as low as you can realistically get. If someone
tried to sell quicker than that, they wouldn’t be exposing their listing to enough people.
When selling, a little time is necessary.
The number of pending listings was 1,636 in March, which is a 33% year-over-year increase.
These are homes that haven’t officially sold yet, but the buyer and seller have created a contract;
the home will close if no issues derail the transaction.
Another crazy metric is our sales numbers. The number of homes for sale is down 64% compared
to a year ago, but the number of homes sold is up 8%. It’s a total feeding frenzy right now, and you
can get in on the action if you’ve been thinking of listing. It’s never been a better time to sell. You’ll
have lots of opportunities to negotiate exactly what you want, and you can easily make more than
your home is worth.
Inventory is completely wiped out. To put it in perspective, we’re in a normal market when we have
around six months’ worth of inventory. Anything above that is a buyer’s market, and anything below
is a seller’s market. We’re at 0.3 months—in other words, there are only nine days’ worth of
home inventory in our area. It means that if no more homes were to come onto the market, all
homes would be gone within nine days.
Needless to say, it’s a blistering-hot seller’s market and a perfect time to list your home. If you’re
ready to jump into the market or you have any questions related to real estate, feel free to reach out
to me. I look forward to hearing from you soon.
