Tacoma Real Estate Market Update
updated February 12, 2019
What kind of year is this going to be? Spring is when generally begin to understand that. We are not quite there yet. But here is a quick look at the inventory picture north Tacoma. There is currently nothing for sale under $200,000. As of this writing, the lowest price home in the north end is a small, 2 bedroom fixer for $245,000.
Looking at the pending percentages below tells me how well each price range is fixed for inventory compared with the number of buyers we know are out there (pending sales) and therefore gives a good indication of what the market will be like in the short term. I consider 50% to 60% pending percentage to be balanced.
$200,000 to $399,000: 35 Pending / 24 Active = 145%…………. Too little inventory
$400,000 to $599,000: 38 Pending / 12 Active = 316% ……….. WAY too little inventory
$600,000 to $799,000: 4 Pending / 9 Active = 44% ………… Slight Buyer’s market
$800,000 and over: 8 Pending / 14 Active = 57%………….. Balanced
Clearly, the hot price range if you are seller is $400,000 to $599,000. There are way more buyers out looking in this price range than there are homes for sale presently. There were 10 closed sales in the past 30 days in this price range, so the 12 homes on the market today represent just over a one month supply of homes! If you are thinking of selling a home in this price range please give us a call! This market needs you and will likely reward you with a fast sale at a great price.
Things are looking fairly balanced in the upper end market and may actually be in “buyer’s market” territory.
Windermere’s Chief Economist, Matthew Gardner, reports home prices in Western Washington are higher than last year but are slowing. Fourth Quarter sales prices in Pierce County were up 6.7% over last year. It took an average of 36 days on market here to find a buyer.
He predicts 2019 will be a year of restoring some balance to the real estate market and that sellers may still be quite optimistic about the value of their home whereas buyers will feel less pressure to buy.