Home prices still going up, but competition from King County buyers may be easing

Pierce County home prices were still on an upward trajectory in November, but there’s some good news.

King County buyers appear to be sticking closer to Seattle.

Northwest Multiple Listing Service’s November home sales report for the region showed the median closed home sale price at $344,950, up 11.27 percent from the same time last year and up from $335,000 in October.

NWMLS director Dick Beeson predicted in Thursday’s news release that “steady, sustained price increases” would continue for the South Sound.

Single-family home prices rose 10.23 percent in Pierce County from January through November, making a bigger percentage leap than King at 2.47 percent, which peaked earlier this year and now is seeing price declines.

Part of that decline might be attributed to King County’s growing inventory. Single-family home inventory for that county increased from 1,879 a year ago to 4,020, while King County’s supply of available condos more than tripled from last year’s numbers, jumping from 355 active listings twelve months ago to last month’s total of 1,221.

This could be beneficial for those looking for homes in Pierce and competing with buyers from King. Pierce’s inventory is just under two months’ worth for single-family homes.

“Buyers who were forced to look at outlying areas in Pierce or Snohomish counties are now coming back to core communities in King County,” George Moorhead, designated broker and owner of Bentley Properties, reported in a news release.

Some other area median closed home sale prices and change from November 2017:

King: $643,913, up 2.09 percent.

Kitsap: $330,000, up 6.45 percent.

Thurston: $315,000, up 9.76 percent.

Mason: $224,150 down 1.80 percent.

Condo price changes from a year ago:

King: $405,000 up 5.20 percent.

Pierce: $253,000, up 11.95 percent.

Kitsap: $252,000, down 37.31 percent.

Thurston: $172,000, down 20.54 percent.

Mason: Not applicable

November median closed home sale prices, followed by October numbers, for areas of Pierce County:

▪ Gig Harbor/Key Peninsula: $485,300 ($469,975)

▪ North Tacoma: $420,500 ($396,000)

▪ University Place/Fircrest: $383,750 ($401,000)

▪ Puyallup: $349,950 ($335,000)

▪ Lakewood: $304,000 ($324,900)

▪ Central Tacoma: $305,000 ($287,450)

▪ South Tacoma: $260,000 ($270,000)