Year over year home sales activity in Tacoma’s North End was down in the first quarter of 2020, but there was a surprising surge in the days leading up to the Governor’s “Stay Home” order in late March, which will likely yield a year over year increase in closed sales in the second quarter.
First Quarter Market Update for North Tacoma
Sales activity was down in North Tacoma in the first quarter of 2020, but home prices continued to rise. The median home price for zip codes 98403, 98406 and 98407 is 10% higher now than it was a year ago.
The pace of the market continues to quicken. On average, homes have been selling in 3-4 weeks. Inventory levels remain extremely low. Unless available inventory increases dramatically during the COVID-19 pandemic, pent up demand should help to stimulate the market when things return to normal.
What’s happening with the broader economy?
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What impact will the pandemic and associated recession have on home values? That remains to be seen, but we’re guardedly optimistic.
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Because the housing market was strong when the COVID-19 pandemic began and because the federal government has implemented measures to keep the housing market strong as we head into a recession, we’re guardedly optimistic that home values will remain stable. If we do see a drop in home prices, that drop should be modest.
Given the uncertainty associated with the current health crisis, it’s critical for buyers and sellers to seek expert advice. If you’re thinking about buying or selling a home in the area, please contact us to discuss how we can put our knowledge and experience to work for you.
Mark Pinto is a top-producing Realtor with Windermere Chambers Bay, specializing in residential real estate in Tacoma, Gig Harbor, University Place and Lakewood.
Mark Pinto: (253) 318-0923
MarkPinto@windermere.com
