CJs Market Update March 23rd, 2021

Hi Everyone!

This is CJ’s 4th Blog! This is a Pierce County market update that you can rely on evry 3 weeks coming to you from me, CJ Stewart with the key2see Team! My focus is on the ever-changing real estate market in Pierce County. You can rely on this blog to show you our market's statistics and developing economical and housing information as it pertains to buying or selling a home in our wonderful area.

The average sales price has increased by almost $10,000 in the last 21 days. This is nothing new for Pierce County as we have been steadily appreciating by approximaterly one percent per month for the last 3 years in a row. We have seen a huge influx of Buyers coming from King county, Oregon, and California into our area. This will make our market even more competitive and continue to yet another contributer to our local market appreciation.

The highest luxury sale in Pierce County was on the low end this time around at only $1,420,000. That sale was a waterfront home in Gig Harbor. The home was just over three thousand square feet, it was four beds and three and a half baths. This home was right off Harborview in downtown Gig Harbor with a small dry dock. This has been the third time out of my last four Market updates where Gig Harbor had the highest sales price in Pierce County. This is likely due to the fact that Tacoma, and University Place all have railroad tracks between homes and the waterfront... So there just isnt nearly as many waterfront homes availalable in other parts of Pierce County. Gig Harbor is home to some of the most beautiful lowbank waterfront in the South Puget Sound with homes facing in all exposures.

The Average days on market dropped another four days! This is the third Market Update in a row where our Days on market has dropped. This is just more evidence that the market is becoming more and more competitive. Most Sales in Pierce County are being listed with and "Offer Review Date". Meaning that Buyers will have 2-5 days to see the home and then the Seller will review all offers on a said date in which Buyers are encourage to submit their highest and best offers. Some might call this "a bidding war". These offer review dates are skewing our "Days on market" stats. Because if there were no Offer Review Dates, then many homes would go pending at zero or one day on market! Without the offer review dates I'm certain our average days on marklet would drastically decrease! However These offer review dates make it so that all Buyers have a fair amount of time to see the listing and make an educated offer on the home.

CJ's FYI:

My FYI this week will be short and sweet. I had a client this week as me If its smarter to buy a fixer upper or a turn key home. My answer was that it totally depends on your circumstance!!

Obviously if you are a first time home buyer, odds are that this first purchase will not be your "forever home" but more so a place to build equity, save, and hopefully sell for a profit one day to go towards your second home. In this case, It is smart to buy a home that is in need of some cosmetic updating, or general TLC. Or if you are very handy, it could work to your benifit to buy a total fixer (if you are willing to live at a job site for a few years.) In any event for a first time home Buyer, you can definately create some additional equity along the way by making updates to the home.

For second or third time home Buyers, you are more likely to be established. Possibly with kids and a better idea of what you want/ need out of a long term home. This is when you likely will not want a home that needs work over time but rather something you fully renovate right away, or something that is turn key.