Key2See CJ Stewart Market Update May 10th

Hello!

This is a Pierce County market update that you can rely on every 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.

Average Sales Price: Our average sales price in Pierce County has increased by $30,000 in less than three weeks. I do these market updates every three weeks and the trend so far this year has been an average increase of roughly $9,000 per period. So this isover triple our normal increase! I would contribute this to a combination of low inventory (not many homes for sale), high demand (a huge pool of Buyers in need of a home), and also what I have been calling "Buyers desparation". All of these Buyers who have submitted offers multiple times and cannot seem to get a home under contract become more and more desparate and willing to do whatever it takes to win a bidding war. As more and more homes hit the market these first few weeks of spring, many Buyers are finally landing contracts. However, even more of these Buyers are missing out on those same contracts. This results in Buyers becoming more and more wise about this market and hungry to land a sale. They are realizing that List price doesnt matter. Statistically homes in Pierce county are selling for just over 1% of the asking price. That percentage fluctuates up to around 5% in the North end of Tacoma and 6% in Gig Harbor on average. Thats not to say that we havent seen homes sell for hundreds of thousand of dollars over asking price!

Highest Luxury Sale: Our highest luxury sale this month is once again out of Gig Harbor. According to the MLS, this " Southern French style Chateau on Colvos Passage has Sound, Mt Rainier, & Point Defiance views. This builder owned property is replete with Restoration Hardware fixtures, custom wood & iron work, imported Italian porcelain tile, and much more--literally every detail has been attended to. Expansive kitchen and dining to family room showcases the floor to ceiling fireplace. And the kitchen is complete with every must have feature, with easy access to the scullery/prep area and greenhouse. The private master is a dream, with walk in shower, sauna, soaking tub and jaw dropping walk in closet. Along with the ADU, wine cellar and unsurpassed outdoor living spaces". This is the fourth out of my five blog posts to have Gig Harbor representing Pierce Counties highest sale price.. We have seen an incredible increase in competition for "luxury" priced homes meaning homes of an asking price of $1,000,000 +. Personally, of my last 3 luxury home sales I have seen multiple offers in each case and a final sales price of at least $100,000 over asking price.

Our average days on market has floated between 9 and 14 days since the begining of the year. I don't forsee a dramatic increase or decrease in this number anytime soon given the competition and low inventory. The majority of homes for sale are using "offer review dates". Meaning the seller will list their home on a Thursday or Friday, and say they plan to review the following Tuesday or Wednesday. This result is a five or six day market presence for almost all homes utilizing the "offer review date" technique.

CJ's FYI:

I cannot stress how important it is right now to have an experienced REALTOR in your corner right now with the ability to communicate and show homes at the drop of a hat. Homes are moving so quickly and in multiple offer situations you want someone who has a sytanding relationship with other agents in our community. Its truly the difference maker when your offer is one of 10 and your agent knows the listing agent from past transactions.

Myself, Whitney, and Jennifer combine for 30 years of experience. You get the three of us for the price of one! Its almost impossible to find a time where at least one of us cannot show you a home immediately. Please give us a call, we stand behind our level of commitment to you and our level of success in this crazy market. Have a great week everyone!