Buy, sell or keep waiting? Here’s a look a Pierce County’s December real estate activity
Home buyers and sellers still appear to await further potential interest rate reductions, but the area’s real estate market did show some life at the end of 2023.
The December market report from Northwest Multiple Listing Service showed in Pierce County there were 1,141 active listings combined for existing homes and condominiums, down more than 25 percent from the same period in 2022. Listings for existing homes alone were down nearly 28 percent from a year ago.
Conversely, there were more active condo listings in Pierce County (113) than in December 2022 (102).
New listings for December in Pierce County for existing single-family homes and condos were slightly ahead of where the market was last year by five, (510 vs 505 in 2022) and pending sales for both categories was also up by five from a year ago (721 vs 716).
In Pierce County, the median closed sale price for existing single-family homes was up 6.4 percent from a year ago, reaching $536,000. For condos, it was $385,000, up nearly 15 percent from the same time a year ago.
Systemwide, NWMLS noted that “While still subject to inventory shortages, condominium sales appear to be less impacted by market woes. Compared to December 2022, the number of condominium sales in the state experienced a mere 6% decrease, while seeing a 7% increase in median sales price.”
In Freddie Mac’s primary mortgage market survey report, it noted Jan. 4 that “Given the expectation of rate cuts this year from the Federal Reserve, as well as receding inflationary pressures, mortgage rates will likely continue to drift downward as the year unfolds.” Its site showed 30-year fixed mortgages averaging 6.62 percent interest, and 15-year fixed mortgages under 6 percent.
Mason Virant, associate director of the Washington Center for Real Estate Research at The University of Washington said in Friday’s report: “Inventory levels continue to be low as current owners with low-rate mortgages remain reluctant to sell. This has led to a continued decline in year-over-year transaction volume and inventory levels in the market.”
NWMLS’ monthly report draws from information in 26 represented counties in the state of Washington.
A separate report from John L. Scott Real Estate reviewing Pierce County continued to show that the higher the price, the slower turnaround for a sale. More than half of those listed in November priced $500,000 or less had contracts pending in the first 30 days, while just over 9 percent of properties priced $1.5 million or more came under contract in the same time frame.
