May 2021 Pierce County Market Overview

Here are the latest numbers and information about our Pierce County market.

Today I’m sharing a Pierce County real estate market update for May 2021. This market is on

fire, and I continue to say that every month because I’m still blown away by what we’re seeing.

At 0:35 in the video above, you can see a graph that shows our five-year pricing trends. We just

hit an all-time record: The median home price has reached $500,000. We’ve seen a 20% increase in

home values in the last year, while historically, values increase around 5% per year. In last month’s market update, I said we were consistently seeing homes spending an average of six

days on market and that I didn’t see how it could get any lower than that. However, we’ve now dropped

to an average of five days on the market, so homes are moving extremely quickly.

"Our market is in a feeding frenzy; people are buying more homes than ever."

At 1:55 in the video, you can see a chart that illustrates pending sales in the last five years. Pending

sales are those that have gone under contract but haven’t closed yet. The number of pending sales

has risen 41.61% year over year. At 2:30, you can see a graph showing active listings versus the number of sales in the last five years.

We currently have a very low number of homes available for sale; that number has declined 45%

compared to this same time last year. At the same time, the number of homes selling is much higher

than the number of homes for sale. The number of homes sold has climbed 46% over the last year.

That means our market is in a feeding frenzy; people are buying more homes than ever. A seller’s market is when there is fewer than six months’ worth of homes on the market and home

values are trending upward. When we have six to seven months’ worth of homes, we’re in a neutral

market, and home prices will only appreciate with inflation. If we have seven months or more of homes

on the market, it’s a buyer’s market, and home prices will depreciate. Knowing all this, we’re in more of

a seller’s market than we’ve ever been before. We have only half a month's worth of homes for sale right now. If no more homes were to come

onto the market, we’d sell out in just 15 days. The number of homes for sale has just been decreasing

and decreasing. This is the hottest market I’ve ever seen, by a long shot.

If you’re considering selling, don’t hesitate to reach out to me. I’d be glad to be a resource and educate

you about timing, what you need to know, preparation, and more. Feel free to contact me via phone or

email anytime if you have questions about the market or real estate in general. I’d love to speak with

you.

April’s Mind-Blowing Market Update for Pierce County

Here’s how things have changed in Pierce County real estate.

The latest numbers for the Pierce County real estate market are in, and to put it simply, the metrics

are astonishing. 

We’re in the hottest market I’ve ever seen, and I’ve been in real estate for about 17 years.The median sales price in March was $480,000, which was a 14.6% increase from the year

before. It’s unbelievable. Another unbelievable metric is that homes are spending, on average, only

six days on the market before selling. That’s about as low as you can realistically get. If someone

tried to sell quicker than that, they wouldn’t be exposing their listing to enough people.

When selling, a little time is necessary.

"It’s a total feeding frenzy right now, and you can get in on

the action if you’ve been thinking of listing."

The number of pending listings was 1,636 in March, which is a 33% year-over-year increase.

These are homes that haven’t officially sold yet, but the buyer and seller have created a contract;

the home will close if no issues derail the transaction. 

Another crazy metric is our sales numbers. The number of homes for sale is down 64% compared

to a year ago, but the number of homes sold is up 8%. It’s a total feeding frenzy right now, and you

can get in on the action if you’ve been thinking of listing. It’s never been a better time to sell. You’ll

have lots of opportunities to negotiate exactly what you want, and you can easily make more than

your home is worth. 

Inventory is completely wiped out. To put it in perspective, we’re in a normal market when we have

around six months’ worth of inventory. Anything above that is a buyer’s market, and anything below

is a seller’s market. We’re at 0.3 months—in other words, there are only nine days’ worth of

home inventory in our area. It means that if no more homes were to come onto the market, all

homes would be gone within nine days.

Needless to say, it’s a blistering-hot seller’s market and a perfect time to list your home. If you’re

ready to jump into the market or you have any questions related to real estate, feel free to reach out

to me. I look forward to hearing from you soon.

What to Know About Pierce County Real Estate in March 2021

The latest numbers point to an extreme seller’s market in Pierce County.

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.

Get Caught Up on Our Pierce County Market

The latest numbers point to an extreme seller’s market in Pierce County.

Now that we’re into February 2021, it’s time to look back on the numbers from January and see what they say about our Pierce County market. If you’re a seller, you’ll be quite pleased. The median sale price in Pierce County held steady at $440K compared to the month before and was WAY higher compared to the year before. The situation is tougher for buyers, but the good news there is that interest rates are still historically low. To find out more, watch my latest video.

Feel free to watch the video above in its entirety to get the full scoop on our market, or use these timestamps to skip ahead to various sections at your leisure: 

0:22—The year-over-year median sale price increase

1:33—The median days on market 

1:54—The year-over-year pending listings increase 

2:21—Active listings versus number of sales 

3:33—The impact of monthly housing inventory on home prices 

4:29—The months of inventory has dwindled dramatically

5:27—Why sellers are holding all the cards 

6:31—Wrapping things up

As always, if you have questions about our Pierce County market or any real estate needs I can assist you with, don’t hesitate to reach out to me. I look forward to hearing from you.

Can Conditions Get Any Better for Home Sellers?

Here’s why right now might be the hottest our market is for sellers all year. 

Today we have a jam-packed market update on all the latest goings-on in Pierce County, Washington.

In December, the median sale price rose to $440,000. That’s a 5% increase year over year. This is great news for homeowners everywhere. 

As for our days on market, the average is down to just six days. It’s a very fast-paced market, and buyers don’t have the luxury of time like they had in the past. When the right home comes on the market, buyers need to be ready to make an offer with a pre-approval in hand. That’s how fast homes are selling.

Pending sales are up an incredible 21% year over year. These are homes that have had offers accepted on them, but haven’t officially closed yet. The number of pending sales in December (942) represents the largest number of pending sales over the last five years, even with our huge inventory shortage. That’s pretty phenomenal.

"Don’t wait for spring or summer this year."

At 2:15, you can see how unique of a situation our current inventory shortage is compared to the last five years of supply and demand. If you’re a home seller, it might not be the best idea to wait until spring or summer. As you can see right now, sales are as high as they are in the spring and summer, with much lower supply than normal (54% lower, in fact). 

Our available months of inventory right now is 0.3, which is the equivalent of just nine days! That means it would just take us nine days to sell all the homes in Pierce County if no new properties came on the market. That’s all good news for sellers. I’ve never seen this few homes for sale with this much demand.

Think selling your house in the winter months is a bad idea? Think again! The buyer demand right now is insane. A home we marketed over the holidays had 60 SHOWINGS and 17 OFFERS within just a matter of days and we received offers in EXCESS of $100K over asking price! 🤯

There’s no saying how long these conditions will last. If you have any questions for me about the market or how you can take advantage of it, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.