Pierce County’s tight housing supply persists, but April median price down slightly

Home sales results offered a bit of relief in Pierce County for April.

The median closed home sale price in Pierce County for April hit $357,900, according to the latest Northwest Multiple Listing Service report. That’s up 4.96 percent from the same time last year but down from March’s median of $363,084.

Don’t get too excited by the slightly lower price. A similar April dip was seen last year, only to rebound the next month.

For condos in Pierce County, median closed home sale price was $247,495, up 11.74 percent from last year.

Inventory in April was slightly above a month’s worth for homes and under a month’s worth for condos.

With inventory so tight, the county is still in bidding war territory, particularly for homes under a certain price point.

According to Bobbie Chipman, office leader for the John L. Scott Puyallup office, “There isn’t a specific area in Pierce County that has homes garnering multiple offers, but it’s the price point that is driving multiple-offer situations. Our office has been finding anything priced under $400,000 has a greater chance of soliciting multiple offers, based on condition, proper pricing and neighborhood.”

Outlying areas with more inventory saw double-digit percentage increases in their median closed home sale prices. Mason County in April hit $273,775, up nearly 25 percent from last year. Skagit County saw a more than 17 percent increase in its median closed home sale price in April, at $382,750.

When will normal conditions return? As observers have noted before, subtle market shifts can eventually have a big effect.

“We are very slowly trending away from a complete seller’s market,” said Mike Grady, president and chief operating officer of Coldwell Banker Bain, in NWMLS’ Monday news release.

He cited single-digit increases in sales prices, “instead of double-digit increases we saw in 2018,” and the lack of inventory.

“We believe these two considerations will now move sellers who have been waiting to sell in order to take advantage of equity gains to finally take action,” Grady said.

Other county median closed home sale prices for April and percentage increase/decrease over same time last year:

King: $690,000, minus-3.22 percent.

Snohomish: $500,000, 5.26 percent.

Kitsap: $350,000, 5.26 percent.

Thurston: $330,000, 8.16 percent.