Today I have a quick market update for you on Pierce County real estate here in March 2021. If you
weren't aware already, things are pretty wild in the market right now.
In the past month, we have set an all-time record for the median sale price in Pierce County
at $468,260. That’s a 14.6% increase from this time last year! We weren’t sure if we would see price
stabilization at the end of 2020, but last month definitely showed us that this is an appreciating market.
In Pierce County, homes are selling in an average of just six days on the market. This is about as low
as this figure can get, because any good agent wants to make sure the property gets exposed to
the market for at least a few days—if not a week—before accepting an offer.
"We have just half a month of available inventory for sale."
As for pending sales, those are up considerably as well (13%). As a reminder, pending sales are
sales that have been agreed to but haven’t closed yet.
At 2:20, you’ll see two overlapping graphs that measure active listings (in red) and the number
of sales (in green) over the last five years. You can see that while we started off with about twice
as many active listings, there has clearly been a shift in supply and demand. As of January 2021, we
had more than twice as many home sales as active listings.
A neutral or balanced market has between six and seven months, and a buyer’s market has more than
seven months. Anything less than six months, like the market we’re in now, is a seller's market. We’re
in a very strong seller’s market right now with just 0.5 months of inventory (15 days). This means all
of the homes in Pierce County would be sold in just over two weeks if no new homes were listed for
sale.
If you have any questions about your specific real estate situation or the market in general,
don't hesitate to reach out via phone or email. I look forward to hearing from you.
