Median home prices in Pierce County continued a year-over-year slide in March as nearby counties also saw price declines.
Pierce County’s median price for houses and condos was $258,405, amounting to a 6.02 percent decrease from March 2007, according to figures released last week by the Northwest Multiple Listing Service. Prices declined for the sixth time in the past seven months.
Price drops here, however, pale in comparison to areas around the country seeing double-digit decreases, including communities in Florida, Southern California and the Midwest. Median price means half of all homes sell for more and half for less.
Year-over-year prices also were down in Kitsap and Snohomish counties and flat in Thurston County. King County median prices were up 1.4 percent.
The selection of Pierce County homes available to buyers remains plentiful, with more than 8,000 listed – 22.2 percent more than the same time last year. King County, on the other hand, saw a huge spike in inventory in March with 14,260 homes for sale, amounting to a 63.9 percent increase.
Sales activity in Pierce County also continued a months-long trend of dropping from year-ago levels, though not as steeply as in previous months. There were 804 homes sold countywide in March, 32.9 percent fewer than March 2007, according to the MLS.
Some local areas did better than others in March.
• University Place, Browns Point, the DuPont area and the Gig Harbor area, which includes the Key Peninsula, were among the few that saw year-over-year price increases. All, however, also had many fewer sales, with Browns Point seeing 13 closed sales – a decline of 63.9 percent.
• Among the places with the biggest price drops were Eatonville, Parkland and Central Tacoma.
• None of the 17 Pierce County areas tracked by the MLS had more sales in March than the same month a year ago, except Anderson Island, where one home sold in March. But the Eatonville area got close with 38 sales – one fewer than last year.
Devona Wells: 253-597-8652
blogs.thenewstribune.com/realestate
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