The Pierce County housing market ended the year on a sour note as median home prices once again fell by a double-digit margin in the year-over-year December period, according to data released Wednesday by the Northwest Multiple Listing Service.
That’s good news for the prospective home buyer in search of a deal, but tough on the home seller trying to sell as values continue to plummet.
Median home prices fell 18.68 percent to $175,199 last month from $215,450 in December 2010, the combined single-family residence and condominium data show.
After several months of falling prices, Pierce County now has one of the lowest median prices in the region. In December, King County median prices finished the year at $291,000; Kitsap County at $228,000; and Thurston County at $212,000.
Lower median prices, however, likely have helped to stimulate Pierce County home sales, which rose 12.84 percent to 791 units from 701 units, the combined data show. Pending sales rose 21.45 percent to 923 units from 760 units; the total number of homes for sale fell 16.37 percent to 4,280 units from 5,118 units; and new listings in December fell to 846 units from 1,035 units.
Allen Realtors of Lakewood President Mike Larson said as long as Pierce County is home to distressed properties — short sales and foreclosures — “values will continue to erode and decrease,” he said.
A short sale is when the home is sold for less than the value of the mortgage, something that has to be agreed to by the lender and that can take time to process.
Washington Realtors Association past president Phil Harlan has heard that more than 50 percent of home sales in Pierce County are distressed properties, while it’s 30 to 35 percent in Thurston County.
But Larson said if a prospective buyer has the patience for the short sale process and can qualify for the loan, there are deals to be found.
Rolf Boone: 360-754-5403 rboone@theolympian.com
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