Q: What’s the Latest From Our Pierce County Market?

 September’s stats are finally in, and they’re nothing short of astonishing.

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Last month we officially entered fall, but does that mean our market has started to cool off? According to September’s market stats, absolutely not!

The median sale price for our market is $435,000 as of September 2020. That represents a 14.5% year-over-year increase in home values, which is pretty remarkable. We’re also seeing that homes are selling faster this fall, as the average days on market dipped down to just seven days from last September’s average of 11.

Let’s take a look at the list-to-sale price ratio, which tells us what homes are actually selling for versus what they’re being listed at. The median list-to-sale price ratio for September was 102.3%, meaning that sellers were receiving 2.3% above their asking prices. That figure is also an improvement from last year at this time when sellers were seeing 100.4% of their listing prices.

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It’s clear demand is dominating our market.

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Inventory in our market is down significantly compared to where it was last September—a whopping 55.2% to be exact. So, based on the current trends of how quickly homes have been selling, how long would it take to completely sell out all of our existing inventory if no new homes were to come on the market? The answer is an important statistic that we often refer to as ‘months’ supply.’ Right now, our Pierce County real estate market has 0.7 month's worth of supply—that’s the lowest I’ve seen in my 16-year real estate career by a longshot.

Simply put, the supply in our housing market is scarce. Granted, we did see a 16.7% year-over-year increase in new listings coming onto the market, but these homes are just selling so dang fast! The number of pending sales (i.e., homes that went off the market after accepting an offer) was up 26.5% from last year. Furthermore, the number of closed sales was up 10.5% year over year, so it’s clear that demand is dominating our market.

If you have more questions about the status of our real estate market or are interested in buying or selling soon, don’t hesitate to reach out to me or anyone else on our team via phone or email. We’re here to be of service to you!

Q: What’s Going On in Our Local Market?

Our local real estate market is crazy right now! Here are the details.

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Our market is crazy right now! To illustrate what I mean, let’s take a look at some of the numbers we’ve been tracking since the beginning of COVID-19 back in early March. The number of pending sales shows us that since then, buyers have been writing contracts to purchase houses. Sellers have also been putting homes on the market, but at a far lower rate than the pending sales.

Due to that, our market is in a complete frenzy, the likes of which I’ve never seen. For example, on August 3, 133 sales went pending in Pierce County, while only 31 new homes came on the market. This is a consistent pattern that dates back to the beginning of the pandemic.

Given the disparity between buyers and the number of homes available, as well as our low interest rates, I’m amazed that we even have any inventory left to sell in the first place! I think we’d have many more homes on the market if homeowners had any idea just how much their home is truly worth now that prices have been rising like crazy.

Here’s the bottom line: I have never seen a better time to be a seller than right now. If you’re thinking about selling your house within the next 12 to 18 months, let’s explore what that would look like and whether it makes sense to move your plans up.

Feel free to reach out to the Hauer Home Team with any questions you have or if you need assistance. We are here to serve.

How Are We Keeping Our Clients Safe in This Fast-Paced Market?

Even amidst a global pandemic, our real estate market remains busy. Here are the extra steps we’re taking to keep everyone safe and healthy.

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As we continue to navigate the coronavirus pandemic, I wanted to bring you an update on our real estate market and the changes we’ve made to help keep our clients safe and healthy. As for the market right now, we have just a one-month supply of homes and very strong buyer demand. While we’re still helping buyers and sellers do business every day, we’re doing so carefully and safely by utilizing a lot of new, virtual tools.

How Is the Real Estate Market Doing in Light of the Coronavirus?

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As a real estate professional, my goal is to keep you informed of what’s going on in the real estate sector amid the coronavirus pandemic. We haven’t yet seen a direct impact from the coronavirus on the market as of today, though we’re tracking the numbers daily, and I promise to keep you informed as best I can while the situation continues to develop. In terms of the market, we have been seeing a daily increase in the number of listings. To find out why that is and even more details about the market, watch this short video.

Pierce County’s First Market Update of 2020

According to the latest numbers, Pierce County is an incredibly hot market. 

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Welcome to your first Pierce County market update of 2020! Let’s dive into the latest year-over-year stats.

Home values have increased by 9%, but inventory has decreased by 45%. Inventory was already low in 2019, so this further decrease drives demand and makes homes that much more valuable.

Here are the top three most expensive areas to live in Pierce County:

1. Gig Harbor (median sale price: $534,000)
2. Fircrest (median sale price: $490,000)
3. Northern Tacoma/Browns Point (median sale price: $449,000)

On the flip side, here are the three most affordable areas to live:

1. Central Tacoma (median sale price: $318,500)
2. Parkland (median sale price: $322,000)
3. Spanaway (median sale price: $326,000)

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All in all, we’re in an incredibly hot market.

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Which areas have homes with the highest chance of selling? Oftentimes, this mirrors wherever the most affordable areas are:

1. South Tacoma (322% chance of selling)
2. Parkland (320% chance of selling)
3. Central Tacoma (300% chance of selling)

These numbers are unheard of, and it means more homes are selling than being listed each month. Remember, in terms of absorption rate, anything over 20% constitutes a seller’s market, while anything below 15% constitutes a buyer’s market. That being said, here are the three areas where homes have the lowest chance of selling:

1. Gig Harbor (52% chance of selling)
2. Roy (70% chance of selling)
3. Graham (78% chance of selling)

All in all, we’re in an incredibly hot market. If you’re thinking about selling, now is a great opportunity. Also, keep in mind that interest rates just dropped, which makes things that much better for everyone.

As always, if you have questions about this or any real estate topic or are thinking of buying or selling a home soon, don’t hesitate to reach out to me. I’d be happy to help.