What’s coming our way in the South Sound
Uncertainty is never great for the real estate market, so as you might imagine, January & February felt like riding a see-saw for us industry folks. Many Buyers & Sellers chose to wait out stiffening interest rates and employment news; at one point, the busy Spring season we’d anticipated seemed like it might be in jeopardy.
But March arrived like the lion it’s said to be, bringing with it stormy skies and bidding wars. The early winners look like Sellers who invested in preparation during those quiet Winter months and Buyers who acted with certainty (also those who didn’t have their funds tied up in the stock market!) The bump in sales activity is clearly reflected in the Pierce County pending data. Thirty one percent of the sales in the first two weeks of March had multiple offers, resulting in a 101% list price to sales price ratio. Sixty eight percent of those pending contracts retained an inspection contingency – which means, Buyers might negotiate further concessions from Sellers prior to closing. The median sales price for this time frame was $584,000.
Compare those stats to King County during the same period of time where the median sales price was $1,000,000 and the list price to sales price ratio was 103%. Only 31% of the pending sales had an inspection contingency (meaning everything else was pre-inspected or waived) and a little more than half had a contingency for financing.
So what does that mean for Buyers & Sellers in the South Sound? Realtor.com says the “Best Time to Sell” is actually the second week of April and we wouldn’t disagree. Inventory remains painfully low around the county (even though it’s up year-over-year). The challenge for Pierce County residents is that affordability is straining at the seams – and the competition from King County Buyers (with higher paying tech jobs) will likely continue, particularly as more commute options become available. In 2026, we’ll see the new Federal Way Link Light Rail extension opening as well as the addition of 500 parking spaces in Sumner at the Sounder Station.
