1st Quarter Pierce County Market Update

What’s going on in our market right now? A good way to get a feel is by comparing the stats from the first quarter of 2017 to those from 2016.

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The Pierce County market is still doing great right now, and a good way to show it is by comparing some stats from the first quarter of this year to the first quarter of 2016. 

Last year in the first quarter, 2,848 homes sold for an average price of $255,000 in an average of 33 days. The average house sold had three bedrooms, 2.5 bathrooms, and about 1,900 square feet. Sales ranged from $35,000 to $1.75 million.

It’s a great time to sell a house but a challenging time to buy one.

In the first quarter of 2017, 3,205 homes sold for an average price of $284,000 in an average of 23 days. That’s actually a 12% increase in sales, which is pretty amazing considering the low inventory. Prices ranged from $27,000 to $1.54 million.

One of the best figures we can use to project the future is absorption rate, which is really just a fancy way of saying supply and demand. Over the last three months, about 1,400 homes have sold per month, and as of April, there are 1,387 homes currently for sale. That’s only 1.29 months worth of supply at the current rate homes are selling, making it an extreme seller’s market. 

That means that if no new homes came on the market starting now, it would only take 1.29 months for all the available homes in Pierce County to sell. It’s a great time to sell a house but a challenging time to buy one. However, interest rates are still low enough for it to be a great time to buy a home for a great cost.

If you have any questions about our market or you’re thinking of buying or selling a home, give us a call or send us an email. We’re here to help.