On January 1st of this year, there were only 9 single family homes available for sale in zip codes 98403, 98406 and 98407 combined. Nine houses total. That’s less than a week’s worth of inventory. A balanced market requires 4-6 months of inventory. The current market favors sellers like no market we’ve ever seen. More new listings are expected to hit the market as we head into the first few months of the year, but strong buyer demand is likely to absorb that new inventory quickly, continuing to push home prices higher.
181 single family homes were sold in zip codes 98403, 98406 and 98407 in the fourth quarter of 2020 – essentially equal to the number of homes sold in the fourth quarter of 2019 in spite of limited supply. The average time on market was less than three weeks.
In the current real estate marketplace, it remains 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.