Market Update Summer 2014

Spring is generally the craziest time of the calendar year for home sales in and around Tacoma. As we say goodbye to spring it is fair to say that this one certainly fit that mold. We are optimistic that the summer season will also be good, if not quite as frantic. I know there are buyers who wish to get in a home before the school year begins. The North Tacoma market overall is balanced at this time with about half as many pending sales as active listings. See chart below. There are segments favoring sellers and others favoring buyers. Let me touch on a few. If you are trying to sell a house over $700,000 today, things are challenging, with just one pending sale and a number competing homes for sale. The demand for north Tacoma homes under $200,000 is fierce and inventory is scarce. The pickings from $250,000 to $300,000 is also particularly lean relative to the number of buyers. Then there is this outlier range between $650,000 and $700,000 has a better than 50% ratio and therefore favors sellers. If you have a house to sell in any of these ranges, it may be a good time to act.