The median home price in University Place and Fircrest in the second quarter of this year was $625,000 - 12% lower than it was last spring. Home prices are rising again on a month to month basis, but we’ll probably continue to see year over year “losses” until 2024. The important thing to remember is that the housing market is in recovery mode.
Only 87 single family homes were sold in zip codes 98466 and 98467 in the second quarter of 2023 – a 34% decrease in sales activity when compared to the second quarter of 2022. Sales activity isn’t as slow now as it was in late 2022, but we definitely did NOT have a traditional spring market this year.
Homes in University Place and Fircrest haven’t been selling as fast as they once did, but they’re still selling pretty quickly – moving from active to pending within 2-3 weeks on average.
Housing inventory levels remain extremely low in UP and Fircrest. A lot of home owners are reluctant to let go of their super low interest rates in order to make a move, which means they’re not putting their houses on the market. Inventory levels are unlikely to improve until and unless interest rates drop.
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.