This article “Market won’t bottom out till next year, experts say”, http://www.thenewstribune.com/business/realestate/story/397011.html , found in The News Tribune, a local Tacoma, WA paper, begins by saying that housing prices nationally are falling at the sharpest rate ever. As I have stated before, Real Estate is NOT a national market. Even within a given market (whether that market is doing well or not) there are pockets that are contrary to what the market is doing.
The author compares this year’s Real Estate market with last year’s. We all know there has been an adjustment in the overall Real Estate market in the U.S. including the Puget Sound/Pierce County Area over the last couple of years. From information gotten from the NWMLS web site, it can be seen that the average home in Pierce County has gone up in price 3.47% from January to May of this year. During this time, the “Pending” home ratio, (the percentage of the active homes on the market in relationship to the number of homes that have contracts on them - homes that people want to purchase), in Pierce County has risen from 8% to 10%. This shows that although this is not the inflated 2005 market (which was not a healthy housing market environment), the local market here continues to correct. If the house is priced accurately, it will sell in our market.
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