East Pierce County Real Estate Market Update - January 2021
We are seeing homes move at an historical pace throughout East Pierce County. Interest rates took another drop, inventory is down 61%, and buyer demand is up by 20%!
What is going on in the Pierce County Real Estate Market? Overall, in East Pierce County, December home prices stayed right around $482,000 which was about 11% over where they were in December of 2019. We are currently seeing that trend in January stick. It is still a seller’s market. What that means is buyer demand outweighs inventory. Right now, in East Pierce County, we're seeing about .3 months of supply.
What that means is that if no market conditions changed, no new listings came on market, interest rates did not drop, buyer demand did not change, it would take us less than two weeks to sell out of all currently active homes. If you watched my update last month, you'll remember that in order for it to be a balanced market where it's fair for both buyers and for sellers, we'd like to see between 3-5 months of inventory. We still have a long way to go. Homes in Auburn, Bonney Lake, Buckley, Puyallup, and Sumner took about 6 days to sell in the month of December and yes, they saw multiple offers.
You may be wondering what does this mean for me? Well, what this means, is whether you're thinking about buying or selling a home in 2021, now is the time to start making a plan. Sellers: put your home on the market, price it right, it is likely going to sell fast. Buyers: I'm a huge advocate for making sure that you have an agent on your side who represents you and your best interest, and knows how to get your offer beat out against multiple other offers. Interest rates are historically low, and we do anticipate that they will rise by the end of 2021. Watch my monthly series to learn more about what to expect in the 2021 real estate market. If there's any other questions I can answer for you, don't hesitate to reach out. You can find me at lyneacarver.com. And remember, whether you're buying a home or selling a home it all starts with a dream. Let's dream together!