Pierce Housing market cooling off

Pierce County's housing market shows signs of cooling off

PIERCE COUNTY, Wash. — After months of rising prices, Pierce County’s housing market is finally leveling out.

Data from the Northwest Multiple Listing Service’s latest report shows closed sales year-over-year have declined for a third straight month.

The median closed sale price for a home in Pierce County was $555,000 in August, down from $575,000 in July.

While that’s still nearly 8% higher from the same time last year, the trend may be good news to those looking to finally buy a home.

“It’s the best time we’ve seen for a buyer in a very long time,” said Regina Madiera-Gorden, a managing broker of Windermere Abode Lakewood.

One contributing factor to the shift could be a larger selection of homes, as more properties stay on the market.

“Up until about May, 80% of the homes were selling in four days or less around Pierce County,” Gorden explained. “Now, if you look at pending homes, you’re seeing more stay for 20 days and 30 days.”

NWMLS data shows Pierce County’s housing inventory has grown over 112% since this time last year.

“We have more inventory now than we’ve had in three and a half years,” Gorden said. “We’ve really seen that in all the price ranges.”

Gorden says this gives buyers more to work with and a bit of breathing room to negotiate, and while interest rates have crept higher in recent months, they remain historically low.

“You have some time to make a decision. You have an opportunity to do your due diligence when it comes to the home and the neighborhood,” she said.

But Gorden also advises that just because Pierce County’s market has slowed down a bit doesn’t mean buyers can afford to wait too long.

“Just because market times are longer doesn’t mean it’s going be there for a long time. So get out, see the inventory with your agent, it’s good to be proactive in the process, but it’s a great opportunity to get it done.”