Do you work in Tacoma or Seattle but want to buy a home for under $300,000?
Thurston and Mason counties might become destinations for buyers trying to find something in that price range.
For home sellers, welcome to the time of “galloping appreciation.”
According to Northwest Multiple Listing Service’s latest round of prices for home sales in the region for July:
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▪ Pierce County’s median price for homes was $312,250, up from $285,000 the same time last year.
Other median home prices, for comparison:
▪ King County: $658,000
▪ Snohomish County: $453,085
▪ Kitsap County: $322,450
▪ Thurston County: $295,000
▪ Mason County: $224,250
For some homeowners, low inventory is leading to “galloping appreciation, exhibited most dramatically in King County,” Mike Grady, president and COO of Coldwell Banker Bain, said in the listing service’s announcement of July’s figures.
His attention then turned to the surrounding counties.
“Don’t be surprised if these shrinking inventories pump appreciation up to double digits,” he said, noting Kitsap, Pierce, Skagit and Thurston counties.
In a separate release, Jim Morrison of John L. Scott South Hill Puyallup said Pierce County continues to be a seller’s market, despite an increase in inventory.
“We had 2,500 active listing and 2,200 pending sales in July,” he said, “and we are still seeing multiple offers on most sales but not as many as we saw in May and June.”
Median price for condos in Pierce County was $220,000, well below King County’s median of $370,000.
John L. Scott Real Estate, in its own analysis, pointed out that 33 percent of pending home sales in Seattle were $1 million and over.