Puyallup real estate in the $250,000 and under market is selling and selling well. That’s some long awaited good news for potential home sellers in Puyallup. I’ve seen the market get really competitive for well priced homes in Puyallup over the past few months.
I’ve pulled a few stats from the NWMLS to compare my experiences with the overall sub $250,000 market.
Active listings: 247 with an average days on market of 121
Pending: 217 with an average DOM of 85
Sold: 270 with an average DOM of 79
This is a pretty black and white sign that the sub $250,000 market in Puyallup is no longer a buyer’s market and hasn’t been over the past month.
Let’s look at the absorption rate:
Including pending transactions, we have 81 homes selling on average per month over the past 6 months.
With only 247 active listings in this price range that leaves us with only 3 months of inventory available.
Some buyers may find they’ve missed the boat on the best opportunity to buy I’ve ever seen.
For sellers this data is welcome news as some have suffered through a truly painful drop in home values.
The first time buyer market is the “canary in the coal mine” in real estate. As prices and inventory continue to stabilize, we’ll see a trickle up affect on higher price ranges in the future. No it won’t happen overnight, but these are steps in the right direction.
This presents owners of homes in the sub $250,000 price range a nice opportunity they truly deserve. Odds are very good that you can now sell your home and move up slightly in price range and buy a whole lot more home. It’s about time we see some relief for the average homeowner in this market!
Overall this is a very healthy trend for the Puyallup real estate market.
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