Tacoma Real Estate Market Update
updated Dec 8, 2018
Matt and I went to the Windermere Professional Partners holiday party last night and rubbed shoulders with a lot of Realtors. The consensus is that we brokers are not terribly busy right now. Things have slowed considerably. We think it is partly seasonal and partly a change in the market. We will understand better in March when things SHOULD be busy again. I believe there is enough demand for homes in western WA that we will see only a modest shift toward balance rather than a declining market.
Right now we have a 1.84 month supply of homes in Pierce County, as compared with 1.35 at this time last year. That is STILL a seller’s market by definition. We would need to pile up at least a 4 month supply to be in neutral territory.
So in a seller’s market prices should be rising, right? Well, they did not. While the average price IS up from one year ago (8.65%) we are flat when compared to last month. I attribute that to there being a LOT more high end sales in October than November.