How did the 2018 housing market compare to 2017? Let’s find out.
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Now that we’re in the new year, it’s time to compare our year-end numbers for 2018 with those from 2017. Let’s see what changed.
3,935 homes were sold in 2017, while 3,407 were sold in 2018—a decrease of 13.5%. This is most likely because there wasn’t as much inventory. The amount was getting lower and lower, but we’re finally seeing it begin to correct itself.
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Decreased inventory meant an increase in price.
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Decreased inventory meant an increase in price.
The decreased inventory meant an increase in price; the median sales price in 2017 was $315,000, which increased to $340,000 by the end of 2018. This is an 8% increase year over year. The sale-to-list price ratio was 100% for both years, meaning that all homes met their selling goals.
The median size of homes (at $340,000) is still three bedrooms, two-and-a-quarter bathrooms, and 1,900 square feet. The average number of days a home spent on the market was 21 days in 2017 and 23 days in 2018.
Overall, we’ve seen some great growth in our market as people move into the Pierce County area. If you have any questions, need more information, or would like to know more about your hyperlocal market, reach out to us. We look forward to helping you soon.
