Buyers are snapping up Pierce County homes faster than in almost any other area in the country, according to real estate data firm Redfin.
Pierce County is tied with the Portland area for the third-fastest-moving housing market in the nation, according to Redfin. That’s a record fast turnover, according to Redfin data stretching back to 2012.
As of April, homes in the county, sellers found a buyer in a median of just 10 days — faster than since any other time in the past several years, Redfin data show.
“The market tends to accelerate through June so I wouldn’t be surprised if new records for speed and competition are reached in May and June given what we are seeing now,” said Nela Richardson, Redfin chief economist.
Denver-area buyers have homes under contract in just six days, while Seattle-area buyers — people who made an offer on homes in King and Snohomish counties — did so in a median of seven days.
In April, Thurston County sellers found buyers on average in 17 days once placed on the market, the data show.
Nationwide, the typical home went under contract in 40 days, 10 days faster than a year before.
Meanwhile, home prices continue to surge amid lagging inventory in the South Sound.
April saw a slight uptick in the number of homes for sale in Pierce County compared with March — up to 1.3 months worth of inventory verses 1.1 months worth, according to data by Windermere Professional Partners and the Northwest Multiple Listing Service.
A balanced market — where the buyer and seller are on equal footing — has four to six month’s worth of inventory available.
Home and condo sale prices in Pierce County surged to a median price of $257,000 — up 9.4 percent from a year ago, Redfin data show. Almost 60 percent of Pierce County homes sold in April went for above the asking price.
Million-dollar-plus homes are also selling at a faster clip than in years. If the trend continues, sales of pricey homes could eclipse a record set a decade ago.