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Monthly Market Watch for Pierce County

Monthly Market Watch for Pierce County. An overview of what is happening in the Pierce County real estate market (using July 2011 statistics). Provided by Keller Williams Realty Puyallup – Statistics from NWMLS.

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Monthly Market Watch for Pierce County

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  1. Monthly Market Watch forPierce County An overview of what is happeningin the Pierce Countyreal estate market(using July 2011 statistics) Provided by Keller Williams Realty Puyallup – Statistics from NWMLS

  2. Report overview:This report includes MLS data for thepast 24 months in Pierce County onlyas provided by the NWMLS and BrokerMetrics.Please note that searches fluctuate daily when running these reports; these figures were obtained on 8/8/11. A reminder that you need to meet with a real estate professional to see how statistics impact the area where you are considering selling or buying – blended statistics will not be as accurate as a more detailed report that your real estate professional can provide to help you with your decision making. Provided by Keller Williams Realty Puyallup – Statistics from July 2011 MLS

  3. Provided by Keller Williams Realty Puyallup – Statistics from July 2011 MLS Closed Sales

  4. Closed Sales Report Analysis: Sellers:Number of sold homes in July saw the first decrease in 5 month. July ended with 745 homes sold. Historically, we have seen a decrease in number of homes sold between June and July. This year, the decrease was considerably less than the previous year. It will be important to watch this trend to see how buyers are responding to their opportunities to buy.Buyers:For buyers, this means that there were less buyers that closed on a home in July than the month prior. Overall buyer activity remains high… there were nearly 200 more successful home sales this July than in the year before. Buyers should monitor the number of homes sold along with pending sales and average price to gauge the competitiveness of available homes. Provided by Keller Williams Realty Puyallup – Statistics from July 2011 MLS

  5. Provided by Keller Williams Realty Puyallup – Statistics from July 2011 MLS Distressed Sales 11% REO Provided by Keller Williams Realty Professional Partners – Statistics from February 2011 MLS 21% Shot Sale 68% Non Distressed

  6. Distressed Sales Analysis (For Sale): A bank owned/foreclosure home is one that the seller no longer owns – it has been taken over by the lender(s) who had a note on the home. Short sales are homes where the seller is negotiating with the bank to “forgive” a portion of the debt in order to avoid foreclosure. July did not see a shift between the percentages of bank owned, short sales, and traditional homes sales. Sellers and buyers need to monitor this trend to see how the banks respond in 2011 AND how they treat the shadow inventory that currently exists but has not yet been made available to buyers. Provided by Keller Williams Realty Puyallup – Statistics from July 2011 MLS

  7. Provided by Keller Williams Realty Puyallup – Statistics from July 2011 MLS Distressed Sales 35% REO Provided by Keller Williams Realty Professional Partners – Statistics from February 2011 MLS 54% Non Distressed 11% Short Sale

  8. Distressed Sales Analysis (Sold): July statistics saw a increase in the percentage of short sales (up 3%), a decrease in the percentage of REO (down 3%), while Traditional home sale remained the same as last month.When comparing distressed to non distressed properties the comparison between For Sale and Sold will change greatly. Carefully monitor this trend to see how banks respond in 2011. Provided by Keller Williams Realty Puyallup – Statistics from July 2011 MLS

  9. Provided by Keller Williams Realty Puyallup – Statistics from July 2011 MLS Pending Sales

  10. Pending Sales Report Analysis:Sellers:July saw the highest number of pending homes since April of last year. Following last years peak, we saw an immediate fall off in pending sales. This year, the number of pending sales continues to steadily increase as we head through the summer months. This increase indicated a higher demand on competitively priced properties. Sellers should monitor this information to see how the increase in pending homes sales will effect the average home price along with list to sale price ratio.Buyers:Buyers are definitely listening to the good news… they are hearing about great prices, on homes that offer the amenities they want. With interest rates remaining low, affordability is at an all time high, and buyers are taking action. They are not waiting to see what happens in the future because they know any shift could cause them to pay even more in the long run. Provided by Keller Williams Realty Puyallup – Statistics from July 2011 MLS

  11. Provided by Keller Williams Realty Puyallup – Statistics from July 2011 MLS Average Sales Price

  12. Average Sold Price AnalysisSellers:The 4 month downward trend came to an end last month. In July, the average home in pierce county sold for $232,929… a considerable increase from June. Demand for competitively priced properties has been increasing over the past few months and increase has had a positive impact on homes prices. Sellers need to carefully monitor this trend and meet with their real estate professional to see how home prices are trending in their local neighborhood. Buyers:The increase in home prices is a result of an increase in buyer activity. The increased number of homes that moved to pending status will be a statistic to continue to watch … will this increased activity continue to have an impact on home prices? No one knows when this trend will change, and we won’t know that the trend has reversed until several months after the recovery. For that reason, it is more important than ever that you are consulting with a real estate professional to watch this trend and determine what price is appropriate for a home based on what the seller is asking. Provided by Keller Williams Realty Puyallup – Statistics from July 2011 MLS

  13. Provided by Keller Williams Realty Puyallup – Statistics from July 2011 MLS Average Dayson Market

  14. Average Days on Market AnalysisSellers: This statistic means that the average homes is taking 97 days to receive a mutually accepted offer. This is slightly above the past 2 year average of 91 days. This increase mirrors the same increase we has this time last year. For sellers, this will be a statistic to continue to watch as this shows how long buyers are taking to preview homes before making an offer. Buyers:Buyers need to be aware of this number because it is an indicator of how long sellers are having to wait to go under contract. The higher the number, the more control a buyer normally has. Even if we have an addition of homes to the market via foreclosures, buyers need to understand that competition for great homes continues to remain very high, especially in the lower price ranges. The importance of having a reliable lender AND real estate professional to guide you through this process has never been more important. Provided by Keller Williams Realty Puyallup – Statistics from July 2011 MLS

  15. Provided by Keller Williams Realty Puyallup – Statistics from July 2011 MLS Average List to Sales Price Ratio

  16. List to Sale Price Ratio AnalysisSellers:The month of July saw a decrease of 1.2% in the list to sales price ratio. This statistic reveals how close the actual sales price was to the original list price on a home. It is important to note that distressed properties can impact this number quite a bit. Continue to watch this trend, as it will impact how homes should be priced in the current market in order to appeal to the buyers.Buyers: Buyers need to pay careful attention. This decrease means that, overall, buyers have a little more buying power than they did in the month of June. Although, on lower priced/highly desirable properties buyers may still have to pay at or even above list price. Make sure your real estate professional helps you understand the competitiveness of the list price of the home you are wanting to purchase. You also need to be aware of the interest and sales activity in the area where you are wanting to buy and how the offer you are making competes with the market AND with any trends relative to the price at which homes are actually selling in the areas you have an interest. Provided by Keller Williams Realty Puyallup – Statistics from July 2011 MLS

  17. Provided by Keller Williams Realty Puyallup – Statistics from July 2011 MLS Monthly Expired Listings

  18. Expired Listings AnalysisSellers: The number of expired listings in the month of July increased 11% over the month of June. This means 633 homes were removed from the market without successfully selling. Buyers had less homes from which to choose than in prior months. Serious sellers need to pay attention to all of the numbers this month … days on the market, the average sales price, and homes expiring from having a market presence due to lack of buyer interest means sellers need to pay very careful attention to how homes are priced so they can bethe first choice of buyers. Buyers: For buyers, be aware that there are 633 fewer homes to consider. This means buyers will have to be more patient with homes still active AND be prepared to act quickly on available homes. Continue to watch this trend, as this, combined with price, days on market, and list to sales price ratio are an important indicator of what buyers need to do in order to be successful in closing on the home of their dreams. Provided by Keller Williams Realty Puyallup – Statistics from July 2011 MLS

  19. INVENTORY OVERVIEWFollowing is an overview of what is happening with the inventory of homes currently available in Pierce County and the MLS. Provided by Keller Williams Realty Puyallup – Statistics from July 2011 MLS

  20. Provided by Keller Williams Realty Puyallup – Statistics from July 2011 MLS New Listings

  21. New Listings AnalysisSellers:July saw a slight decrease in the number of new homes entering the market. This statistic means there were 1,352 NEW properties available to buyers – they could be traditional sales OR they could be distressed sales. This number is still considerably less than the number of pending homes sale for the same month. For sellers, a competitive original asking price is greatly important to successfully selling. It is important that you monitor the average sales price along with talking with your real estate professional about local home sales in your neighborhood.Buyers:This is important news for buyers, as it means there has been an decrease in new properties available for buyers to choose from. It is very important that you continue to spend time with and listen to your real estate professional to develop your strategy for succeeding in a market that is constantly changing. Be prepared: a change in the number of new listings could be great news if there are more homes from which to choose OR it could present challenges if the inventory continues to decrease. Provided by Keller Williams Realty Puyallup – Statistics from July 2011 MLS

  22. Provided by Keller Williams Realty Puyallup – Statistics from July 2011 MLS Active Listings

  23. Active Listings AnalysisSellers:The total number of active listings is continuing to show signs of stability. We have been averaging around 7,000 active listings for the entire year. The month of July ended with 7,082 available homes on the market. The stability in active listings along with an increase in both average sold price and pending sales shows signs of overall market strength improving. For potential home sellers, now could be a good time to enter the market.Buyers:The uptick in pending home sales along with similar numbers in active listings in July means that inventory is decreasing. This means that buyers are going to have less homes to choose from and will need to act quickly when they find a home of their liking. In lower price ranges, competition for desirable homes is high. As always, market activity is local and should be researched with your real estate professional to determine the activity and desirability of homes that are of interest to you. Provided by Keller Williams Realty Puyallup – Statistics from July 2011 MLS

  24. Provided by Keller Williams Realty Puyallup – Statistics from July 2011 MLS Months of Inventory

  25. Months of Inventory Analysis:(This report has been generated by taking the number of active listings and dividing it by SALES for the past month)Sellers:Since January, the average months of inventory in Pierce County has been bellow the national average. With the month of July ending at 5.2 months of inventory. This statistic means we are in what is called a “balanced market” that is identified when this statistic reflects 5 months or more of inventory. This means sellers have a little more competition for buyers. It continues to be very important for you and your real estate professional to monitor this number so that you can make sure your home is priced accordingly in order to become the choice of the buyer pool.Buyers:Buyers will want to seriously monitor this, as it indicates a shift away from a buyers market.– a balanced market traditionally gives equal control to the sellers and buyers. However, the type of market will vary from price range to price range and even area to area. Work with your real estate professional to make sure you understandthe type of market you are in. Provided by Keller Williams Realty Puyallup – Statistics from July 2011 MLS

  26. IMPORTANT INFORMATION:Although these reports are beneficial in understanding the general market in Pierce County, it is essential that you meet withyour real estate professional to study these same figures in your area, as statistics will vary from neighborhood to neighborhood.As you make decisions related to the purchase or sale of a home, it is important that you understand how the current real estate trends will impact your decisions. Your real estate professional is available to help you monitor and interpret them to make sure that you are taking advantage of the current market whether you are selling OR buying. Provided by Keller Williams Realty Puyallup – Statistics from July 2011 MLS Summary Comments

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