Real Estate Market Update
Updated May 2, 2022
I checked Becky Thompson of New American Funding (May 2). The approximate interest rate on a 30 year fixed mortgage today would be 5.5%. Bear in mind that can vary by product and qualifications… and it is a moving target.
As discussed in the main story this issue, we’re in a seller’s market and watching for signs of cooling.
This chart shows the pending percentage by price range in Pierce County. For awhile the middle price ranges were very hot. They have cooled a bit. The upper end of the range is approaching balance; balance occurring around 60% where we see no upward or downward pressure on pricing. We listed a house just above Old Town last week at $1.1M. It received more than 20 showings and 4 offers. It sold quite a bit over asking price with no contingencies. That home fell into the 133% grouping below, however it had a lot of great selling points such as neighborhood and classic curb appeal. Not all homes in the price range are selling in the first week. About half of the active listings in this price range have been on the market for one month or longer.