Your 2017 Market Overview for Pierce County

It’s time for your 2017 real estate market recap. How did the Pierce County market do this year?


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It’s time for your market overview. As we wrap up 2017, I want to take a look at where we’ve been in the past, where we are in the present, and projections for the future.

First, let’s look at supply. Zero to five months of inventory represents a seller’s market, when home prices are on the rise. Six to seven months of inventory represents a flat market, which is a healthy place to be. In a flat market, home prices rise according to inflation. Eight months or more of inventory puts us in a buyer’s market, which is when we see values start to decline.

Right now, we only have one month of supply. At this time of year back in 2009, we had 15 months of inventory. That is a phenomenal difference.

Our median sales price at this time of year in 2006 was $279,500. The market then peaked in the summer of 2007. By this time of year in 2011, the median sales price had dropped to $185,000. 

The current median sales price has surpassed the old market peak from 2007.

Now, the median sales price is at $287,725. It’s very nice to see that after the huge collapse of the entire economy, we have surpassed where we were back in the old peak days. It’s a very different market now than it was then. There are no concerns about a bubble bursting.

That said, we do need a healthy correction. That involves you sellers putting their houses on the market. We have a real lack of inventory and we need more homes on the market.

Finally, let’s take a look at the average days on market. In 2015, the average days on market was 58. That number has dropped to 32 days on market in 2017. That is a healthy spot for the average days on market to be.

You may think that since it’s a seller’s market, you should wait to buy a home. That is not the case. Interest rates are still low, which means now is a smart time to buy real estate.

If you have any questions or plan on buying or selling a home in 2018, just give me a call or send me an email. I would be happy to help you!

Get Ahead of the Home Buying Game With These 7 Tips

Are you looking to buy a home in 2018? These seven tips to prepare yourself early can set you up for success.


Want to sell your home? Get a FREE home value report. 

Want to buy a home? Search all homes for sale.

If a goal of yours in 2018 is purchasing a home, I want to give you seven helpful tips to help prepare you for the process.

1. Check your credit score. Make sure there isn’t anything on there that will negatively impact your credit score. That way, if there is anything on there, you have time to take the initiative to sort those issues out so you can get the best interest rate possible.
2. Don’t open any new credit cards. Doing so tends to have a negative impact on your credit score.
3. Suggest financial gifts to friends and family, instead of having them buying you presents. Personally, I would rather receive a check than an actual gift, and I’d also rather give a check than try to figure out what they want. Let them know about your home buying goals for 2018 and ask for them to help support you in that way.

Suggest financial gifts to friends and family, instead of having them buying you presents.

4. Interview potential real estate agents. All agents aren’t created equal. Take the time to speak with a few to get an idea of where their strengths are, how they can best help you, as well as if their personality matches yours.
5. Keep an eye on interest rates. Rates have a habit of fluctuating, and they’re on an upward trend right now. Interest rates increasing by 1% is the equivalent of your mortgage payment increasing by 10%.
6. Find a good mortgage lender to walk you through the process and ensure that you get the most competitive rate. I know some dynamite lenders that I would be more than happy to share with you.
7. Take the time to get pre-approved. Sometimes it can be as easy as a phone call and a couple of emails to get through the pre-approval process. Getting this done early can set you up for success and prevent unpleasant surprises from popping up and preventing you from getting the home of your dreams.

If you have any questions about buying a home in 2018, feel free to give me a call. I’m here to be an advocate for you—let’s do this.