Here’s how the Pierce County housing market performed in July
Interesting changes occurred in the Pierce County housing market in July, but it is too early to say if they will continue.
For single-family home sales, total active listings fell year over year to 9.94%. But that’s up from declines in May (41.79 percent) and June (24.47 percent), according to the Northwest Multiple Listing Service’s July home sales report.
Pierce County‘s median closing selling price for existing single-family homes fell to $ 510,000 from $ 516,000 in June, but still up 20% from a year ago.
For condominiums, Pierce County’s median selling price was $ 355,250, down from $ 369,500 in June, but still up 15.62% from a year ago.
Is the market cooling down? As always, it depends on where you are looking.
“Despite the extreme shortage of inventory and robust selling activity, there appears to be some slowing in the market frenzy,” said Gary O’Leyar, broker / owner of Berkshire Hathaway HomeServices Signature Properties of Seattle, in the NWMLS ‘released Thursday. “In my opinion, this is due to a typical mid-summer summer market combined with some buyer fatigue.”
When it comes to home prices, housing affordability “has left the building,” according to Dick Beeson, management broker at RE / MAX Northwest Brokers of Tacoma-Gig Harbor.
He cited slowdowns in the building supply chain and the shortage of skilled workers to build homes. In the May Unemployment Report, WorkForce Central said data showed that in Pierce County, 17% of claims filed were for construction and quarrying workers.
Beeson said he estimated that about 75% of all properties sold in the past six months in Pierce County as well as Kitsap and Thurston counties sold in a week or less.
“It can’t go much faster. The three counties have barely two weeks of inventory, ”he said in Thursday’s update.
Here are the median closed sale prices for existing homes in surrounding counties in July:
▪ King: $ 871,000
▪ Kitsap: $ 510,000
▪ Mason: $ 386,000
▪ Snohomish: $ 700,000
▪ Thurston: $ 465,000
And median closed sale prices for condominiums:
▪ King: $ 460,000
▪ Kitsap: $ 315,000
▪ Mason: $ 515,000 (a registered sale)
▪ Snohomish: $ 473,000
▪ Thurston: $ 269,000
Coldwell Banker Bain CEO Mike Grady said in Thursday’s statement that he expected more of the same in the coming months, noting that the time it would take to sell all the homes in stock (offer of the month) has only increased by about three days since June and is still well under three weeks in most markets.
“It’s a long way, a long way from a ‘balanced’ market of four to six months of inventory,” he said.