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Blog  ·  November 10 2022

Wait... Prices Increased Last Month?

As we know, the market has shifted to a more healthy market, and the overall macro market sentiment has been negative for a large part of the year.

Despite all of that, median prices in different parts of Pierce County… increased?

At Abode, we keep track of data on the different micro-neighborhoods monthly, and this is what we found for month over month data for October 2022. (Please note that there are cities mixed in with sections of Tacoma together in the data we keep)

The prices in the areas shown above all increased from September to October. All other median prices for areas we follow in Pierce County went down month over month from September to October, which is what I believe most of us expected.

These were areas that did not change in their median price. One thing that’s notable is how Tacoma breaks down, and how it averages itself out.

Does this means prices are trending up?! Not Quite…

Another data point we keep track of is your ‘chance to sell.’ Using this data point, 55% is considered an equal market; anything below is a buyers market and anything above is considered a sellers market. In the last couple years we have seen 200, 300 and 400% chance to sell at some point! We use this so we can understand pending versus active property data. Of all the areas we track (largely Pierce County, mixed in with surrounding counties)

This table shows the areas with a higher than 55% chance to sell, and not by a wide margin. This means most other markets are a buyers market. In a buyer’s market, prices typically trend down, as the buyers have more options and sellers must be more mindful of the home prep before hitting the market.

As seen in this article however, the price and chance of selling depends on the property, the prep, the location, and what’s currently happening in the mortgage market. These are reasons why hiring a realtor is vital in this process.

If you have questions, ask one of our brokers for assistance navigating this market! Or you can email Dave Jones at davidjones@windermere.com.