Tacoma Real Estate Market Update
updated April 12, 2018
The numbers for March show much of the same things we have been seeing for quite some time now. The Tacoma market continues to be an extreme seller’s market with just 1.26 months worth of inventory. Multiple offer situations are common. This is causing values to escalate rapidly. How much have values come up?
The market has probably not appreciated 20%, as this chart suggest.
This sample of sales is somewhat misleading because we are seeing more high end sales than before. The market for homes over half a million is very active right now. We are seeing fierce buyer competition in this price range just as we have been in lower price ranges over the past few years. Even homes over $1 million are selling!
Last March there were just five sales over $1,000,000. This March saw 12 sales over a million. A larger number of very high end sales pulls the average and median price up more than can be explained by market appreciation. Actual appreciation is probably closer to 10% than 20%. That is still a huge gain on what, for most, is a leveraged asset. For example, if you put 10% down on a home purchase last year, you likely doubled your investment (not accounting for closing costs).