A small caveat before I get started here. If you've been following my monthly market updates, you'll know that I've focused on Pierce County at large. While I will continue to provide market information for Pierce County, I'm going to start drilling down into the Puyallup market by ZIP Code. The graph format is a little different too, but I think you'll find it even more useful.
As for the format, all Puyallup ZIP Codes are presented in this singular post. Give me your feedback - should it stay as it is, or would you prefer to see each ZIP Code in its own post? OK, on with it now.
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ZIP Code: 98371
The median price decreased for the third month following the high in May. The median price index dropped to $316k from last month's figure of $319k. Despite this temporary correction, home values have increased year-over-year. We ended November 2006 at $280k. A major price plunge doesn't seem very likely.
The average cumulative days on market - total time a home is for sale, from listing to closing - jumped drastically to 120 days, up from 85 days the previous month. Buyers are continuing to work sellers asking price down in their offer, as the average sale price to original list price dropped to 91%, down from 96% in October.
Listing inventory continued to fall from the all time high reached in August. The NWMLS reported 133 homes for sale at the end of November. Lower inventories will ultimately benefit sellers by balancing supply and demand. In the meantime, sellers must remain committed to competitive pricing, even though the number of homes sold doubled to 12.
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ZIP Code: 98372
The median price decreased after edging upward last month. The median price index dropped to $285k from last month's figure of $306k. Home values have decreased slightly year over year. We ended November 2006 at $317k. A major price plunge doesn't seem very likely.
The average cumulative days on market - total time a home is for sale from listing to closing - fell to 79 days, down from 90 days the previous month. Buyers are continuing to work sellers asking price down in their offer, as the average sale price to original list price dropped to 93%, down from 96% in October.
Listing inventory stayed pretty flat from the previous month. The NWMLS reported 159 homes for sale at the end of November. Lower inventories will ultimately benefit sellers by balancing supply and demand. In the meantime, sellers must remain committed to competitive pricing, as the number of homes sold dropped to 11.
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ZIP Code: 98373
The median price decreased for the third month following the high in June. The median price index dropped to $267k from last month's figure of $292k. Home values have decreased slightly year over year. We ended November 2006 at $280k. A major price plunge doesn't seem very likely.
The average cumulative days on market - total time a home is for sale from listing to closing - jumped drastically to 171 days, up from 148 days the previous month. Buyers are continuing to work sellers asking price down in their offer, as the average sale price to original list price dropped to 90%, down from 95% in October.
Listing inventory continued to fall from the all time high reached in September. The NWMLS reported 170 homes for sale at the end of November. Lower inventories will ultimately benefit sellers by balancing supply and demand. In the meantime, sellers must remain committed to competitive pricing, as the number of homes sold dropped to 13.
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ZIP Code: 98374
The median price decreased sharply after reaching an all-time high in October of $335k. The median price index dropped to $292k. Home values edged down slightly year-over-year. We ended November 2006 at $306k. A major price plunge doesn't seem very likely.
The average cumulative days on market - total time a home is for sale from listing to closing - dove to 85 days, down from 124 days the previous month. Buyers are continuing to work sellers asking price down in their offer, even though the average sale price to original list price rose to 93%, up from 92% in October.
Listing inventory finally came down after hovering in the 300 range for five months. The NWMLS reported 285 homes for sale at the end of November. Lower inventories will ultimately benefit sellers by balancing supply and demand. In the meantime, sellers must remain committed to competitive pricing, as the number of homes sold dropped to 20.
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ZIP Code: 98375
The median price stayed fairly flat this month. The median price index dropped to $271k from last month's figure of $279k. Home values have decreased slightly year-over-year. We ended November 2006 at $282k. Major discounts and concessions from builders have contributed to this fall.
The average cumulative days on market - total time a home is for sale from listing to closing - fell drastically to 98 days, down from 161 days the previous month, as sellers got serious about asking price. Buyers are continuing to work sellers asking price down in their offer, as the average sale price to original list price dropped to 94%, down from 98% in October.
Listing inventory continued to fall from the all time high reached in July. The NWMLS reported 405 homes for sale at the end of November. Lower inventories will ultimately benefit sellers by balancing supply and demand. In the meantime, sellers must remain committed to competitive pricing, as the number of homes sold dropped to 26.
* Homes sold - single-family homes, both resale and new construction, but not condos or vacant land.
** Median home price - the middle price in a given sequence of prices, taken as the average of the two middle prices when the sequence has an even number of homes.
*** SP/Orig LP% - Sale price divided by original list price.
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