Tacoma Real Estate Market Update

Real Estate Market Update

Updated December 4, 2019

Interest rates remain very low and our market here in Tacoma remains a seller’s market with inventory low nearly across the board. As is typical, the extreme upper end shows less of an inventory problem. But even in the $600K to $700K range we are seeing a large number of pending sales compared with a small number of actively listed properties. It isn’t until you crest that $700,000 plateau that things start to open up for buyers. There is by no means a lot of inventory in that range, but there are very few pending sales, so less competition. In fact there are only 4 pending sales in north Tacoma over that mark at the moment.

Matt and I just listed a home in that highly contested $300K to $400K range and it had 8 offers and was bid up well over asking price with a waived inspection, all cash! So, yeah, that is still happening. :/

 

North Tacoma Pending Percentage – Single Family Homes

Pendings Actives Pending %
Under $200K 0 0 N/A
$200K-$300K 3 0 N/A
$300K-$400K 28 6 467%
$400K-$500K 18 19 95%
$500K-$600K 6 7 86%
$600-$700K 8 4 200%
$700K-$800K 1 2 50%
$800-$900K 1 9 11%
$900K-$1M 1 6 17%
$1M+ 1 3 33%

 

Pierce County as a whole looks a lot like the north end. The hottest price range here is the $200K to $300K. Nearly 300 pending sales compared with just 74 homes for sale. Not a fun price range to be hunting if you are a buyer.

 

Pierce County Pending Percentage – Single Family Homes

Pendings Actives Pending %
Under $200K 36 29 124%
$200K-$300K 293 74 396%
$300K-$400K 571 210 272%
$400K-$500K 355 268 132%
$500K-$600K 212 213 100%
$600-$700K 130 131 99%
$700K-$800K 63 88 72%
$800-$900K 26 47 55%
$900K-$1M 9 31 29%
$1M+ 15 68 22%

 

Here is a ski slope to explore. Double black diamond.

 

 

 

And you need a chair lift for this one.

 

 

The next downturn in the economy, if I had to predict, will not be real estate driven like the last one, will not contain the element of bundled mortgages, nor a wave of foreclosures. I think we will eventually level off and, worst case, see a modest decline in property values. I don’t think that will happen right away. Too many people are priced out of Seattle. Looking at 2020 right now, we might just see another 11% of value appreciation like we saw in the past year.

 

 

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