Here’s why we may be in the best seller’s market we’ve ever seen.
For your latest Pierce County real estate market update, I have all the key stats from last October to share with you.
Our median sale price is $432,500, which is a 15% increase compared to last year. Historically, homes in our area experience a yearly appreciation of 5%. The median days on market, or how long it takes for a home to go under contract after it hits the market, is just six days. The number of pending listings, or homes that have gone under contract, stood at 1,465 as October ended—a 20% year-over-year jump.
At 1:46 in the video, you can see a wide disparity between the number of sales (about 1,500) and active listings (about 900). How is this possible? We record these numbers at the end of the month, and since homes are only averaging six days on the market before going under contract, most of them don’t last long enough to be recorded as active listings.
| If you’re thinking of selling, this is a prime time to do so.
Overall, the trend we’re seeing is a very strong seller’s market. If you’re thinking of selling, this is a prime time to do so. Being a buyer, on the other hand, is not for the faint of heart right now. However, if you’re willing to dip your toe in the water, it’s well worth it once you secure a property because interest rates are in the 2% range for 30-year loans. From an affordability standpoint, if you can lock in that low of a rate for 30 years, you’ll save thousands of dollars over the life of your loan. A rise in interest rates would be the only thing that could cause home values to decline at this point.
If you have questions about our Pierce County market or are thinking of buying or selling soon, don’t hesitate to reach out to me. I’d love to help you, and I wish you a happy and healthy holiday season.
