The Puyallup market has mixed reviews for the month of September 2008. For the first time this year, sales cracked the 100 homes sold and 10% of listed homes sold in September. Pending sales were also up in September as compared to previous months.
On the flip side, the median sales price dropped $19,000 from August to $249,950 and the average sales price dropped $20,000 from the August average.
If buyers continue to gain confidence and more homes are sold, we should see the median sales price increase in the coming months. However, if buyers fall back into the "fear of the market crashing" mentality, then we will see drops in sales and in prices.
Being that the holiday season is just around the corner, it will be interested to see what happens in the Puyallup market in the coming months.
My recommendation is to buy before the holidays, if you have the ability to get approved. Interest rates are near the lowest levels of the year, home prices are at the lowest level of the year, and you can anticipate the inventory to drop as we enter the holiday season. If you want the best rates, the lowest prices, and the best selection now is a great time to be a buyer.
Sellers that need to sell should list if they are ready, willing, and able to price correctly for the market. Consider that home values dropped 7% in a month in the Puyallup market. Sellers must understand the need to price below the market to even have a chance to sell at this time.
*statistics are from a reliable source, but are not guaranteed. For more information regarding your area, contact a full-time real estate specialist.
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