Pierce County real estate market is cooling. July home sales report shows by how much
July’s home sales numbers showed the real estate cool down continuing in terms of inventory and sales, particularly for Pierce County.
The Northwest Multiple Listing Service, in its July report, listed Pierce County closed median sale price at $575,000, up from $568,575 in June and up 12.75 percent from a year ago.
It’s down from $582,000 the county saw in May.
King County’s median closed sale price of $890,000 was up slightly more than 2 percent from a year ago, and Snohomish County was at $770,000, up 10 percent from 2021.
Kitsap County was at $538,000 for closed median sale price.
The number of listings were up again in Pierce County, with more than 2,200 total active listings in July, up 111 percent from a year ago, and nearly 2 months’ worth of inventory. The county’s uptick in listings kicked in starting in February, the data show.
A market slowdown was evident in July’s numbers, as pending and closed sales were both down more than 20 percent from a year ago.
John L. Scott Tacoma University Place broker Tim Bartlett responded to questions about the how the market is doing from his perspective, and said he’s seen the cooling-off firsthand.
“There is more hesitancy in today’s market and buyers tend to spend a bit longer looking for properties than before,” he told The News Tribune via email. “I have not heard of a local property in the last two to three weeks that has attracted multiple offers. This is due in part to interest rates ticking upward, as well as inflation and the overall economy.”
He added, “The $400,000 to $450,000 price range is traditionally a really hot segment of the market in Pierce County. Whereas many homes in this price range previously would attract numerous offers, most homes in this price range will sit on the market for 10 or so days before receiving an offer.”
John L. Scott Real Estate’s Pierce County market analysis showed 64.7 percent of homes priced $350,000-$500,000 listed in June going under contract in the first 30 days. That compares with 49.5 percent for those $500,000-750,000, 40 percent of those priced $750,000-$1 million and 37.6 percent for those $1 million-$1.5 million.
For those listed in May, 77 percent of the $350,000-$500,000 were under contract in first 30 days, 67.9 percent for those $500,000-$750,000, 54 percent for the $750,000-$1 million homes and 52.9 percent for those $1 million to $1.5 million, according to the agency in its June recap.
For condos, the listings were up more than 66 percent from a year ago, with pending sales down more than 15 percent and closed sales down 18.75 percent. The median closed sale price was $412,500, up more than 16 percent from 2021.
In comparison, King County’s median closed sale price for condos was $490,000 and $500,000 in Snohomish County.
Some sellers are still receiving offers over their asking price, according to NWMLS in its Thursday release.
“Buyer and seller expectations have changed. It feels like things are starting to normalize a little,” Dick Beeson, managing broker at RE/MAX Northwest Realtors in Gig Harbor, said in the release.
Despite the higher median price overall in July, he added that sellers “are starting to see that overpricing just ain’t in the cards right now.”
It’s still possible to get more than your asking price. NWMLS noted, “Sellers in half the 26 counties accepted full price or above asking price offers. Based on the sales price to list price ratio, sellers of homes in Thurston County received 103.1 percent of their listing price to top the list.”
It added, ”The other 12 counties where homes sold at or above the list price were Chelan, Clark, Cowlitz, Franklin, King, Kitsap, Mason, Pierce, San Juan, Skagit, Snohomish, and Whatcom.”
John Deely, executive vice president of Coldwell Bank Bain, said in Thursday’s release, “We are coming off the fevered pitch of a market that had tremendous velocity over the last few years. With listings starting to build again we are seeing a bit of a natural slowdown, yet still very much a seller’s market.”
Bartlett added that one particular segment was also keeping the local market active.
“Due to our proximity in Pierce County to two military bases, we often see service members looking to buy and sell,” Bartlett said. “In my experience, these buyers have shown less hesitancy than traditional buyers.”
He added, “We are still a ways away from a balanced or buyer’s market.”
For people wondering where they might find inventory available, Bartlett shared this:
“I am seeing more opportunities for buyers with increased inventory on the Eastside of Tacoma, areas that are just west and east of I-5. Additionally, buyers can find increased selection just north of Joint Base Lewis-McChord.”
He added that inventory in North Tacoma and University Place “is still relatively low due to high demand.”
This story was originally published August 5, 2022 at 5:00 AM.
