Tacoma market report for December

Closed Transactions for December

Here are last month's statistics for North Tacoma, including downtown and University Place. 

Activity picked up again last month. 16% more homes closed in December this year than during the same month last year and closed nearly three weeks sooner


The average sale was down 24% from the same month a year ago. Sellers accepted about  10% less than their original asking price.

Tacoma continues to be a buyers' market.

If you'd like the selling details of the home that closed in your neighborhood, just ask. I'll email you the information.

There are plenty of homes in inventory (354) at every price point, from $45,000to $6,400,000. The average listing price is $292,000 (up from $ 229,000 last month) with a median price of $214,475.

Tacoma market report for September

Closed Transactions for September

Here are last month's statistics for North Tacoma, including downtown and University Place. 

Activity slowed last month. Three percent fewer homes closed in September this year than during the same month last year, and they closed three days sooner.


The average sale was down 29% from the same month a year ago. Sellers accepted about  11% less than their original asking price.

Tacoma continues to be a buyers' market.

Currently 719 single family residences are on the market, 36 fewer than last month. Listing prices range from $45,000 to $7M.  Half the inventory is below the median listing price of $175,000.

If you'd like the selling details of the home that closed in your neighborhood, just ask. I'll email you the information.

Market report for July

Closed Transactions for July

Here are last month's statistics for North Tacoma, including downtown and University Place. 

33% fewer homes closed this month than during July last year, and they closed 11 days sooner.


The average sale was down only 2% from the same month a year ago, an improvement over last month's numbers. Sellers accepted about  11% less than their original asking price.


Tacoma continues to be a buyers' market, but the trend is moving toward neutral.

Currently 748 single family residences are on the market. Listing prices range from $40,000 to $7M. The average listing price is $149,248, with half the inventory under the median price of $185,500.

If you'd like the selling details of the home that closed in your neighborhood, just ask. I'll email you the information.

Second quarter activity below last year, but no tax credit to spur market

Second Quarter Closed Transactions

Activity during the second quarter this year was 20%  lower than the second quarter of last year. 

Transactions closed more quickly.  The average sale price was 30% lower.

In 2010, buyers took advantage of the federal tax incentive. That incentive is gone, so a decline in numbers is not surprising.

If you'd like the selling details of the home that sold in your neighborhood, just ask.

Sellers: Hang on--the buyers are coming!

More first-time homebuyers are on the way

Millions of young adults are beginning to move out of their parents’ homes and create new households at the fastest rate since 2007. Some housing experts are predicting these young adults may provide a major jump to U.S. housing starts–possibly by more than 50 percent, even by next year–and increase housing consumption at a rate nearly double that of the past two years. 


In 2011, between 750,000 and 1 million new households are expected to be created, says UBS Securities LLC’s Maury Harris and IHS Global Insight’s Patrick Newport. In the year ended March 2010, new households stood at 357,000–the lowest on record, according to U.S. Census data. The “depressed rate” in new household formation has continued to jeopardize the housing market’s recovery, experts say. But as the employment picture continues to improve, more young adults are leaving Mom and Dad’s house and making a new home for themselves. 


The “moving-back-in-with-Mom-and-Dad phenomenon” had caused a backlog of pent-up households, Charles Lieberman, chief investment officer with Advisors Capital Management LLC in Hasbrouck Heights, N.J., told Bloomberg News. “Improved economic conditions” will “enable these households to split up and resume living in their own residences.”


Housing starts are expected to get a boost to about 648,000 this year and near 900,000 in 2012 (it stood at 586,800 last year), says Brad Hunter, chief economist and national director of consulting for Metrostudy. The increase in housing starts, he says, reflects a “shadow demand” for new homes among family members who have moved in together because of economic conditions. 

Source: Bloomberg News

Prediction: home sales to increase this season

Expect More Home Sales This Season

Our housing market is poised for an  increase in home sales during the traditional spring buying season, as employment improves and rates remain low, Freddie Mac said in its April 2011 economic outlook. 

Overall, home sales should increase 5% in 2011 compared to 2010 — a projected 4.9 million home sales nationally. Freddie Mac estimates that number will rise 12.2% to 5.5 million homes sales in 2012. 

The Federal Reserve’s current monetary policy and Treasury note purchase program are keeping rates low, according to Frank Nothaft, chief economist at the agency. 

On a monthly comparative basis, homes sales are expected to be lower this month than April 2010 because sales last year were inflated by the first-time homebuyer tax credit, Nothaft said. 

Short-term rates are especially supportive of household borrowing, Nothaft said, adding that he expects adjustable-rate loans to account for 7% of all 2011 sales. This is up from 5% in 2010.  

Source: HousingWire

Related articles

• Freddie Mac April 2011 U.S. Economic and Housing Market Outlook (benzinga.com)

January closings 25% ahead of last January in Tacoma

Closed Transactions Month of January

Here are last month's statistics for North, Central, and South Tacoma. 

Nearly 25% more homes closed this month than during the same month last year.  We expect this trend to continue as we move into the spring.


The average sale was down only 2%. Sellers accepted about 11% less than their original asking price.


Tacoma continues to be a buyers' market, but the trend is moving toward neutral.  

If you'd like the selling details of the home that closed in your neighborhood, just ask.

Tacoma housing activity down one third in third quarter

Third Quarter Closed Transactions

The number of closed transactions dropped this quarter compared to last year. The average sales price was 13% less.  

Tacoma is still a strong buyers' market. As inventory declines and interest rates increase, transactions will begin to favor sellers.


If you'd like the details of the home that sold in your market, email me.

Bloomberg predicts Tacoma to enjoy a huge upturn in housing market

Bloomberg BusinessWeek predicts that the Tacoma housing market will increase by 33% in the next five years. This is great news for those of you purchasing a home today. If the prediction is at all accurate (and Bloomerg's usually are), you'll have equity by 2014.

Thanks to colleague Mark Falk for calling my attention to this very heartening article. Worth reading!

Lady Gaga planning to move to Tacoma

Well, she is planning a visit to the Tacoma Dome for a one-night stand in three weeks. Now curb your enthusiasm and read the stats:

Closed Transactions July 22-31

Here are this week's stats for North, Central, and South Tacoma.  Closing activity was significantly less (nearly forty percent) than last year at this time.

Selling time (from the date of the original listing to the time of signed purchase and sale agreement) was shorter. Average sales price slipped seven percent. Buyers are still offering less than sellers would like.

Sellers thinking of moving up would do well to realize that if they sell low they can also buy low. Lower taxes, smaller mortgages. And there are buyers out there who want your home!

If you'd like the selling details of the home that closed in your neighborhood, just ask.

North Tacoma Market Report June 15-21

Closed Transactions June 15-21

Sales this week matched those last year at this time.

Transactions closed much quicker on average, selling prices were lower this week. This is good news for buyers.

Sellers are clearly cooperating with the market--only a six percent difference between listing prices and selling prices. 

If you'd like the selling details of the home that closed in your neighborhood,  just ask.

North Tacoma Market Report June 1-7

Closed Transactions June 1-7

The average sale price in North Tacoma apparently showed a very large average increase this week compared to the same period last year, but this apparently increase was skewed because of an unusual $1M sale. That sale also accounts for the apparently increase in time to sell--expensive homes always spend more time on the market because the number of buyers in that market is always much smaller.

If you'd like the selling details of the home that closed in your neighborhood,  just ask.

North Tacoma Market Report May 15-21

Closed Transactions May 15-21

10% fewer closings this week than there were at the same period last year, but transactions closed nearly three months sooner. The average sales price dropped 14%, but buyers and sellers came closer to agreement.

If you'd like the selling details of the home that closed in your neighborhood,  just ask.

North Tacoma Market Report May 8-14

Closed Transactions May 8-14

Although there were 30% fewer closings this week than there were at the same period last year, transactions closed nearly two weeks more quickly, selling prices were up by 28% and there was virtually no change in the percentage of list price to selling price.

If you'd like the selling details of the home that closed in your neighborhood,  just ask.

March 8-14 North Tacoma Home Sales

Closed Transactions: March 8-15

Fewer closings than last year during this time period. Prices up 5%, and buyers offered more. Homes sold in less time. But the numbers are still low. Expect increased activity as the deadline for the federal tax credit approaches.

If you are interested in the details of the home that sold in your neighborhood, contact me.

March 1-7 North Tacoma Home Sales

Closed Transactions: March 1-7

Again, fewer closings than last year during this time period. Prices continue to show a decline and homes took longer to sell. Not yet the end of the world, but given the rainy forecast for the next two weeks I'm starting to wonder a little.

If you are interested in the details of the home that sold in your neighborhood, contact me.

New Feature: Annual Trends

Let's start looking at North Tacoma inventory and sales from a higher level. Every quarter I'll update this report for you. Here are the stats for the last two years. Activity is clearly increasing. 

Some terms:

• inventory is real estate jargon for homes currently for sale.
• pended means homes under contract (these homes become sold when the county records the fact that the seller has received proceeds and the title has passed from seller to buyer)

If you have any questions at all on how to interpret this graph and chart, please call me at 253-534-4159 or email me. I'll waive my usual $400/hour consult fee for my subscribers.

Feb 22-28 North Tacoma Home Sales

Closed Transactions: Feb 22-28

Activity just over half of what it was last year during this time period. Prices continue to show a decline, but buyers offered nearly full listing price, which indicates that successful sellers have a grasp of the market. Another bit of good news: offers were accepted more quickly than they were last year.

If you are interested in the details of the home that sold in your neighborhood, contact me.

Feb 15-21 North Tacoma Home Sales

Closed Transactions: Feb15-21

A 75% increase in activity this week, and again a much faster buying cycle. The average selling price and  sale to list ratio suggest that these transactions are between first-time home buyers and sellers concerned about foreclosure.

If you are interested in the details of the home that sold in your neighborhood, contact me.

Home sales in North Tacoma

Closed Transactions: Feb 8-14

A drop in activity this week, but a much faster buying cycle. Buyers offering less than the sellers wished, but the average selling price and  sale to list ratio suggest that these transactions are between first-time home buyers and sellers concerned about foreclosure.

If you are interested in the details of the home that sold in your neighborhood, contact me.