The median home price in University Place and Fircrest is 25% higher today than it was just 12 months ago, due in large part to strong buyer demand, historically low interest rates and unbelievably low housing inventory levels.
On January 1st of this year, there were only 7 single family homes available for sale in zip codes 98466 and 98467 combined. Seven houses total. That’s less than a week’s worth of inventory. A balanced housing market requires 4-6 months of inventory. 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.
Only 129 single family homes were sold in University Place and Fircrest in the fourth quarter of 2021 – a dramatic 22% decrease in sales activity when compared to the fourth quarter of 2020. This drop in sales activity was almost certainly due to low inventory levels, not a lack of buyer interest.
Homes continue sell quickly in University Place and Fircrest – moving from active to pending in just 2-3 weeks on average.
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.