Pierce County’s housing market appreciation in August continued to rebound from a June low as the latest numbers show the median climbing 4.4 percent for the year.
The median home price, including condos and houses, came in at $285,000, according to the Northwest Multiple Listing Service. The median means half sold for more and half for less.
Though not the double-digit boost of recent years, the increase comes amid massive upheaval in the mortgage market and price declines elsewhere in the country.
Thurston County homeowners got a taste of such declines. The county’s year-over-year median price in August was down 0.3 percent, according to the listing service.
Otherwise, sales activity in Pierce County – and around the Puget Sound area – looked much like it has for months: More homes for sale with fewer pending and closed sales compared with the same month last year.
Real estate agent Bob Niehl, with Spanaway-based Crescent Realty, said the apparent contradiction between rising prices and sluggish sales can be attributed to the best houses selling at the best prices.
And some sellers who see the state of today’s market are sitting it out, he said.
“A lot of sellers are looking at this and think, why take a beating? If you don’t have to sell, why sell now?” Niehl said.
Though the number of homes for sale throughout Pierce County was up compared to August 2006, it’s down compared to levels seen in June, said Dick Beeson, a Multiple Listing Service director and Windermere broker.
“That’s a sign of the balance starting to come back in the marketplace a little bit,” he said.
However, some pockets saw inventories beyond the six-month mark that indicate the difference between a seller’s and buyer’s market. Gig Harbor’s inventory grew to 9.6 months, the Parkland/Spanaway area was at nine months and the Bonney Lake area had seven months of inventory in August, Beeson said.
Thurston County’s median-price drop can be attributed, he said, to a lack of diversity in the mix of homes – very few condos and lots of new construction.
Here’s a look at some of the winners and losers around the region:
• Year-over year prices dropped in the Gig Harbor area (4.2 percent), South Tacoma (2.4 percent) and the Graham area (6.0 percent).
• The biggest price increases favored a couple of communities known for their water views: University Place (15.8 percent) and Browns Point (9.7 percent).
• Sales activity dropped by about half in Parkland and in the Fife area, compared with the same month a year ago.
• Kitsap County had the Puget Sound area’s biggest median price increase at 7.9 percent, beating Pierce County and King County’s 5.9 percent appreciation.
Devona Wells:253-597-8652
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