East Pierce County Local Market Update
Let's just get it out of the way, this real estate market is crazy. It feels a lot like it did in 2016 and 2017. We are seeing homes sell at record pace throughout East Pierce County and really all across the state and the nation. 30-year fixed mortgage interest rates are averaging right around 2.7%, buyer demand is up by 40%, housing inventory is down by 60%.
Hi, my name is Lynea Carver, and I am with the Carver Home Team and John L Scott Real Estate. What's going on with Pierce County Real Estate?
In East Pierce County, we sold 257 homes and ended the month with 110 active homes in the month of January. Compare that to January 2020, when we ended with 310 active homes! Home prices rose to $497,000, which is +12.5% more than this same time frame last year AND an increase of 4% from the month December!
We are in a strong seller’s market with less than 2 weeks of inventory. If buyer demand continues at this rate and no other market changes happen, homes in Auburn, Bonney Lake, Buckley, Puyallup, and Sumner would sell out of all inventory in less than half a month! Homes in East Pierce County took an average of 6 days to sell in January and many saw an excess of 7 offers on them.
You may be asking what does this mean for me?
Sellers. We need inventory! If you've been considering cashing in on your equity, now is prime time.
Buyers: It is still a really good time to buy a home. Interest rates are so low.
In a hot market like this one, it’s not uncommon to feel overwhelmed, exhausted and stressed out. Right now, if you’re in the market or thinking of entering the market, it’s imperative to have a dream agent on your side, someone who can guide you through the ups and downs of the Real Estate Market. If you need some help navigating your way through this market, call me (206)962-0247 and let me show you how wise it is to stick with me. And remember, whether you’re buying a home or selling a home, it all starts with a dream. Let’s dream together!