Dwelling gross sales continued to outpace new listings in Pierce County in October.
Pierce County as soon as once more noticed residence costs leap upward almost 21 % in October over the earlier 12 months, with stock nonetheless abysmal at lower than a month’s price in the marketplace.
In his month-to-month recap, J. Lennox Scott, chairman and CEO of John L. Scott Actual Property, forecast that patrons “will face constrained stock till March 2022” within the Puget Sound area.
In keeping with October gross sales figures launched Thursday from the Northwest A number of Itemizing Service, Pierce County’s median closed residence sale worth was $520,000, the best but this 12 months. That compares with $506,650 in September and $430,000 a 12 months in the past.
The county first hit $500,000 median closed sale worth for single household houses in April.
King and Snohomish counties are constantly costlier than Pierce, and October was no exception, with King County’s median closed sale worth at $824,270, up 10.64 % from final 12 months, and Snohomish County at $695,000, up 19.83 % from 2020.
Kitsap County was at $508,250, up 16.30 % from final 12 months, and Mason County rounded out the highest 5 at $380,000, up 14.86 % from a 12 months in the past.
Each of these counties had been talked about in Thursday’s NWMLS launch in reflections of various market traits.
“Some patrons aren’t shopping for now as a result of they suppose there will likely be a worth collapse in our future, however the nagging query is what would trigger one?” mentioned Frank Wilson, Kitsap regional supervisor and department managing dealer at John L. Scott Actual Property.
NWMLS director Frank Leach, dealer/proprietor at RE/MAX Platinum Providers in Silverdale, mentioned in Thursday’s launch: “Kitsap County continues to have restricted stock and a large number of patrons outstripping provide.”
He famous that traders “are contacting everybody who owns a house or land in Kitsap and Mason counties providing money and a fast shut (and desiring to convert some properties into leases) as a result of they know the worth of this market.”
Scott, in his evaluation of Pierce County, mentioned gross sales had been “approaching spring 2021 ranges,” and the market was “nearly bought out to the $1.5 million worth level.”
The county is also seeing “sturdy luxurious gross sales exercise above $3 million.” Scott wrote.
Within the Gig Harbor space, 100% of the houses on the market between $250,000-$300,000 had contracts pending within the first 30 days, in response to Scott’s report. For many different worth factors, contracts had been pending within the first 30 days amongst 70-75 % of houses. For these priced at $1 million or extra, it was almost 75 %.
For Pierce County as an entire, 83.7 % of houses priced $250,000-$350,000 had contracts pending in 30 days or much less.
Debbie Cockrell has been with The Information Tribune since 2009. She studies on enterprise and growth, native and regional points.
