Feb '23 Market Update for Pierce, Thurston, and Lewis Counties in Washington State
New Listings: 801
Total Active: 923 units
Months Supply: 0.9
Avg Sale Price: $574,288
New listings for February 2023 were 801, an increase from the month prior (Jan ’23) by 13%, but were down y2d by 32.8%.
Total active units on the market during Feb were 923, down from numbers seen in January by 20%, but were up 68.1% y2d - these numbers still reflect a low number of inventory with there being 0.9 months of supply of inventory on the market in Feb.
Pendings showed an increase over January’s pendings by 4.1% at 945, and were down y2d by 12%.
Closed transactions were up for the month of Feb over the month prior by by 30.2% with a total of 647; y2d down by 19.3%
Days on Market (DOM) had minimal movement in the downward direction as it dropped from January’s high of 51 days to 50 days for Feb, and up 194.1% from last year’s low of 17 days on market.
Average sale price in Pierce Co was up slightly by 0.5% from the month prior to $574,288, and up y2d by 1.1%
New Listings: 219
Total Active: 296
Months Supply: 0.8
Average Sale Price: $522,683
New listings in Thurston County for the month of February totaled 219 new units on the market - a decrease by 6 percent from the month prior, and y2d down 44.3 percent.
Total active units on the market during February was 296, a decrease from the previous month by 20.4 percent, and an increase y2d by 72.1 percent.
Pending units totaled 297, an increase by 5% from Jan, and a decrease y2d of 18.6 percent.
Closed home sales totaled 207 units, up 33.5% from January, and y2d, a decrease of 30.5 percent.
Days on market totaled 57 days, up from 50 days in January, and up from 16 days in Feb of last year.
Average sales price for Thurston Co was up 15k over average sale price seen in January, an increase of 3% month-to-month, and an increase of 0.5% y2d.
New Listings: 87
Total Active: 173
Months Supply: 1.8
Average Sales Price: $419,668
New listings in Lewis Co totaled 87 new units, an increase in 33.8% from January, and a decrease from new units last February by 22.3%.
Total units on the market in Feb came in at 173, a decrease in 5.5% from January, and y2d, an increase of 66.3%.
Lewis County stayed pretty consistent on months supply of inventory seen in that market from January to February, as there was only a drop of a tenth from 1.9 to 1.8 months.
Pending residential transactions totaled 92, a decrease of 6.1% from January, and an 11.5% decease y2d.
Closed units totaled 59, a 9.2% increase month-to-month, and a 28% decrease from Feb one year ago.
Days on market were 75, a 27.1% increase from January, and a 78.6% increase from one year ago.
Average sales price in Lewis County totaled $419,668, a 2% increase over January, and a 9.1% increase y2d.
For sellers, we can see that days on market it still hovering up there at highs not seen in years. What that means is you have to approach your plan like we haven’t had to do in years - it may take several weeks for your home to sell, so the sooner we can get that house prepped and on the market, the better. For sure the factor of time needs to be used in the calculation of your move, your sale, and current mortgage payment plan. The best way to help ensure your home sells faster than the average is to accurately price your home.
Speaking of pricing, sellers, we can see the values for home prices are not far off of highs seen before the market adjusted, but they are not selling at over ask very often at this time, either. Pierce Co transactions for the month of Feb closed at 99.4% of list price, Thurston at 99.3%, and Lewis at 97.9%. So depending on your pricing strategy (ie., your asking price is above the sweet spot for the condition, location, and prep level put into the home), sellers can be prepared to sell around ask, and many sellers are still paying for closing costs or interest rate buy-downs to incentivize buyers.
For buyers, we see that the market is moving: it's continuing with the trends and momentum we saw in January as we came out of the holiday slow, and it is moving along and picking up steam as we head into the spring market. Buyers are out buying and in some areas, we are seeing the resurfacing of multiple offer situations. The days of watching a house for weeks for price drops is over; or at least a buyer does so at their own peril - that is for sure a possible f around and find out situation where when you find out, you lose the house that you wanted to make your home.
So, if you are a buyer, move into the market with planning and intention: get that pre-approval in hand, have your buying strategy worked out with your agent, and be ready to move on that sweet house that pops on the market.
For more information or to stay up to date with what's happening in these markets, including tips and tricks when prepping to buy or sell, PCS or move, subscribe to my email list!