The latest from our Pierce County market.
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Today I’m bringing you the latest numbers from our Pierce County Market.
Appreciation for homes in our area has gone up 9.2% year over year, and the median price is currently at $355,000—a mark that is even with where we were little more than a year ago.
From January to February of this year, the median price jumped by 7.58%.
New home sales reached a seven-month high in December, making it the largest total since May of this past year.
As far as mortgage rates are concerned, we’re currently at 4.37%, which constitutes a 12-month low—rates decreased to 4.33% in February of 2018.
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Don’t confuse homes that are on the market with homes that are in the market.
”Homes that are selling are doing so in 53 days on average, and homes that are struggling to sell are spending about 91 days on market. This is demonstrative of a tale of two markets, so don’t confuse homes that are on the market with homes that are in the market.
842 homes sold this past February. That’s a 12-month low for Pierce County, which can likely be ascribed to a lack of inventory for buyers to purchase from.
How does the current median list price compare to the median sold price? Right now, the median list price is a little shy of $480,000, while the median sold price is $355,000—a 26% disparity. These numbers bear out the fact that there’s a lot of overpricing happening in our market. If you’re selling your home and it’s been on the market for 53 days, in all likelihood, you’ve priced it too high.
Know that we’re here to be a resource for you. If you have any real estate-related questions or you’d like to know more about your neighborhood so you can make an informed decision for your own property, don’t hesitate to reach out to us. I hope to hear from you soon!
