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What's going on in the Pierce County Marketplace? This is a question we often receive toward the end of the year, so today we want to give you a quick rundown of recent trends.
In December of 2014, the median sale price was $235,000. This year, that price has increased 6% in our county, up to $249,000. This is on a pretty large scale; if we look at individual neighborhoods, on the other hand, the change in median sale price varies dramatically. Values vary depending on the area of the county you live in!
A good way to figure out how the market is doing is to take a look at the inventory, which is based on the principles of supply and demand. When there is zero to four months of inventory, we are in a market that is favorable for sellers. When there is five to six months worth of homes on the market, home prices vary with inflation and the market is neutral. If there is over seven months of inventory on the market, buyer's have the advantage and we often see declining home values. Last year at this time, we saw an inventory of 4.7 months. Now, that number has dropped to 2.5 months! This means we're in a very strong seller's market, and values are on the rise as a result of the high demand!
In December of 2014, the median sale price was $235,000. This year, that price has increased 6% in our county, up to $249,000. This is on a pretty large scale; if we look at individual neighborhoods, on the other hand, the change in median sale price varies dramatically. Values vary depending on the area of the county you live in!
A good way to figure out how the market is doing is to take a look at the inventory, which is based on the principles of supply and demand. When there is zero to four months of inventory, we are in a market that is favorable for sellers. When there is five to six months worth of homes on the market, home prices vary with inflation and the market is neutral. If there is over seven months of inventory on the market, buyer's have the advantage and we often see declining home values. Last year at this time, we saw an inventory of 4.7 months. Now, that number has dropped to 2.5 months! This means we're in a very strong seller's market, and values are on the rise as a result of the high demand!
Days on market is another good marketplace indicator to take a look at. Last year at this time, the average days on market sat at 70 days. This year, we saw that number drop all the way down to 55 days. If you're looking to sell your home quickly, now is a fantastic time to do so!
Although all these current stats are favorable for sellers, buyers need not panic. Interest rates are incredibly low, which means lower monthly payments for you! If you wait, and interest rates increase by just 1%, your monthly payments will increase by 10%, which is obviously something you want to avoid.
Whether you're a buyer or a seller, we're here to help you make the most of current Pierce County market conditions. Give us a call or shoot us an email at any time, we would love to hear from you!
Although all these current stats are favorable for sellers, buyers need not panic. Interest rates are incredibly low, which means lower monthly payments for you! If you wait, and interest rates increase by just 1%, your monthly payments will increase by 10%, which is obviously something you want to avoid.
Whether you're a buyer or a seller, we're here to help you make the most of current Pierce County market conditions. Give us a call or shoot us an email at any time, we would love to hear from you!
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