Optimists are starting to emerge and with good cause, signs of a thaw foretell a much needed warming in the market that has been icy for nearly two years. Sales are up and supply of inventory is down.
According to May figures, 140 homes are under contract compared to 94 homes in May 2008. Months Supply of Inventory is now 187 days, the lowest it has been for over two years. “I feel we’ve finally hit the market price point, said Jim Acklin Broker of Century 21 Real Estate Center in Puyallup. “Buyers are finding a great supply of affordable homes. Plus, there’s the $8,000 tax credit for first time buyers. They really don’t want to miss out on these opportunities.”
Price and Value: The market plateau is seen across the price value. The price per square foot ($140) and median list price ($274,950) have both been reasonable stagnant since February 2009. The median homes price peaked at ($330,000) in July 2007 and homes values have decreased in value by approximately 15-20% depending on zip codes within Puyallup as of May 2009. The average List Price of Homes in Puyallup is currently $324,589. Median price and price per Sq. Ft. is a leading indicator before the market moves up from these levels. Median homes prices in the lower end of the market ($199,375) and ($274,725) days on market are now 171 & 158 respectfully.
Often one end of the market (e.g. the low end) will improve and signal a strengthening market before the whole group changes. Home sales have been exceeding new inventory for several weeks. If the supply and demand trends continue, the market we are likely to see upward pressure on pricing. With several months of inventory available buyers should find ample choice.
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