One of the topics we’ve found our clients are most curious about is real estate investing. So, we’ve decided to put on our first educational series called Real Estate Investing 101.
Our first Real Estate Investing 101 course will be taking place on Wednesday, February 22nd from 5:30 p.m. to 7 p.m. at our Keller Williams office located in University Place.
Join us for our educational series, Real Estate Investing 101!
We will be providing dinner for you from 5:30 p.m. to 6 p.m. and will get into the content from 6 p.m. to 7 p.m, which we refer as the Hauer Power Hour!
If you or anyone you know would be interested in this event, you can RSVP here. I hope you can join us for our event!
If you have any other real estate questions, that’s what we’re here for, so don’t hesitate to reach out with a quick phone call or email. We look forward to connecting with you soon!
What’s happening in the Pierce County real estate market? To give you a comprehensive look, I’ll break it down by price range.
First, let’s jump into the zero to $300,000 bracket. Here, the average days on market is 13 days, meaning it’s taking an average of 13 days for an offer to be exchanged between buyer and seller. The list-to-sales price ratio is 99.8%, meaning if we ask $300,000 for the house, it would sell at 99.8% of that asking price. The supply of inventory is sitting at just one month, which qualifies this price range as a seller’s market.
To give you some context, a seller’s market represents anywhere from zero to five months’ worth of inventory. If we have six months’ worth of inventory, it’s considered more of a balanced market. If there is a supply of seven months or more, it’s considered a buyer’s market.
Data can vary based on your specific location.
Moving up to the $300,000 to $500,000 price bracket, the average days on market increased to 17 days. The list-to-sales price ratio dropped slightly to 99.6%. The level of inventory has increased to 1.4 months. Just as in the previous price range, this bracket is very much a seller’s market.
If we look at the $500,000 to $700,000 price bracket, the average days on market increased significantly to 43 days. The list-to-sales price ratio dropped again to 99.2%. The level of inventory increased again to 2.9 months. As you can see, the supply has gone up, but we’re still in a seller’s market.
In the $750,000 and above price bracket, or the high-end luxury market, the average days on market increased further to 61 days. The list-to-sales price ratio dropped again to 97.8%. The level of inventory jumped up to 6.5 months. As evidenced by the numbers, this range is far more balanced than the lower price ranges.
Obviously, this data can change based on your specific location within Pierce County, so if you’re curious what the market looks like around your particular area, feel free to reach out to us. We’re here to serve, and we look forward to helping you in any way we can!
