Market’s ‘not to everyone’s liking.’ Here’s August snapshot of Pierce County home sales
Lack of inventory in the area real estate market is continuing to push up prices and reduce year-over-year pace of home sales in Pierce County.
That’s according to Friday’s Northwest Multiple Listing Service report for August sales of existing homes.
NWMLS’ report noted, “Last month’s systemwide tally of new listings was the smallest monthly total since April,” in its 26-county market.
Pierce County alone saw more than 33 percent fewer total active listings than August 2022, according to NWMLS.
The report noted the average interest rate on a 30-year home loan hit 7.23% by Aug. 24, but by Sept. 7 was down to 7.12%, according to Freddie Mac.
“Historically, the number of homes for sale slows in August,” said Windermere chief economist Matthew Gardner in Friday’s release. He noted that “inventory levels were still well below pre-pandemic averages, so the market remains tight.”
The median price for existing single-family homes sold in August in Pierce County was at $549,950, up from $541,000 in July but down from $555,000 in August 2022.
That compares with $906,250 in King County, $730,563 in Snohomish County, $529,950 in Thurston County and $564,947 in Kitsap County.
The median price for existing condominiums sold in August in Pierce County was at $385,000, down from $399,950 in July and $395,000 a year ago.
That compares with $525,000 in King County, $475,000 in Snohomish County, $337,475 in Thurston County and $398,950 in Kitsap County.
“The market is not to everyone’s liking,” said Dick Beeson, managing broker, RE/MAX Northwest, Tacoma-Gig Harbor, in the release. “Nearly every market has had large reductions in inventory, which is causing lots of unhappiness.
“The simple answer for many is that the market needs more existing home sellers to decide to move sooner rather than later, but the reality is that’s not going to happen anytime soon.
“The good news is the median-priced buyer still wants to buy a home despite higher interest rates and they do so within a matter of days in many circumstances.”
In a separate Redfin report, the real estate and data analytics firm noted that among home buyers looking at real estate June-August, Louisville, Kentucky, home buyers “searched to move into Tacoma more than any other metro followed by San Francisco and Los Angeles.”
For those looking to move out of Tacoma, “Spokane was the most popular destination among Tacoma home buyers, followed by Phoenix and Aberdeen.”
That report also showed that just over 48 percent sold above listing price in Tacoma, compared with 43.9 percent associated with price drops. It ranks Tacoma’s market as “very competitive,” with average homes selling for about 1% above list price “and go pending in around 7 days.”
