November 2011 Pierce County Housing Report

The current real estate market in Pierce County is complex. While each neighborhood has it’s own unique micromarket- sometimes it can be beneficial to step back and look at all of Pierce County to see what direction our local market is heading in. Windermere Professional Partners Owner and Realtor Michael Robinson recently broke down the numbers:

As of October 2011 active inventory was 5,059, a 15% decrease from October 2010. There were 757 closings in October 2011, 12% above October 2010. Months of Inventory was 6.7, down from 8.79 in October 2010. Median price of sold homes was $180,000 for the month of October 2011, down 16% from October 2010. The median price was last at this price level in January of 2004. Pierce County had 1,103 new properties under contract in October 2011, up 15% from October 2010. – NWMLS

“With a reduction in inventory and an increase in Pending activity we start to see the fundamentals needed for price stabilization.” says Michael. “As more and more of the distressed inventory clears we get closer to a balanced market with sufficient footing to look forward to better times for sellers and the door closing on buyers who want the best buy in decades.”