Another regional residential real estate operation issued its 1st Quarter market report today, and it echoes one turned out earlier by the regional multiple listing service – with one positive addition in the South Sound.
Throughout the Puget Sound homes-for-sale marketplace, an abiding theme is the extremely tight inventory, without enough available homes for the number of want-to-be buyers.
“While it is true that popular areas like North Tacoma, University Place and Lakewood have shortages of properties available,” says Mike Flynn, broker in Coldwell Banker Bain’s Tacoma office, “it pays to keep an eye on the big picture. In some areas, more new housing is being built this year than last year and prices are, generally, lower than in job-rich King County.”
Flynn notes, for example, that Puyallup and Bonney Lake, at the end of the first quarter, had 475 homes available at median prices below $400K. In Gig Harbor, there has been a 30 percent increase in newly constructed homes brought to market year-to-date.
Stephanie Callen, a broker in CB Bain’s Puyallup office, notes that almost 12,000 people moved into Pierce County last year. That’s more than into any other of the 3,100 counties in the U.S.
“Only 1,437 homes are available in all of Pierce County,” Callen says. “This is a record low for March. Buyers remain active with 1,806 offers accepted. It’s an extremely competitive market with multiple offers common.”
You can read through the full Coldwell Banker Bain report for Q1 at this link.