Is it still a buyer’s market today in Puyallup? As experts in the Puyallup real estate market, we get asked this question a lot.
The answer isn’t as simple as yes or no.
The State of the Market for Buyers in Puyallup Washington
First off, it really depends on the property type and location.
Single-family homes in great locations that are priced well have been flying off the shelves. There’s a lot of demand in the market for certain areas, while others can seem like ghost towns.
Buyers are often looking for the same thing – good neighborhoods, access to transportation, shopping, good schools, close to work, etc. Properties that deliver all these are definitely a hot commodity. Sellers with a highly desirable property are in control of the market.
But for condos and townhouses – especially those a little off the beaten path, or with some funky features – it can be quite a different story. Prices were down in certain areas of Puyallup, but seem to be rebounding as the rental market increases.
Investment properties are in demand. The massive amounts of foreign cash flooding in to invest in US real estate have impacted the Puyallup market in unique ways.
Overall, those people in a position to pay cash for properties have been picking up the good deals in the marketplace.
Lots of sellers are trying out speculative prices just to see if anyone bites, but most investors are walking away from deals that don’t pencil out.
Overcoming financing challenges is a key concern for buyers in Puyallup. Lenders have tightened their requirements, demanding substantial down payments and sometimes altering terms unexpectedly. It is not uncommon for buyers to face loan cancellations just before closing, although the situation has improved compared to a few years ago.
The real estate market in Puyallup remains highly divided, with significant activity in the luxury and affordable segments, while the mid-range faces the toughest hurdles.
As of July 2024, the Washington State housing market has shown dynamic trends. Here’s a summary of the key statistics:
- Home Prices: The average home value in Washington is $591,148, marking a 3.4% increase over the past year. This steady rise underscores the competitive nature of the market.
- Homes Sold: The number of homes sold has increased by 5.7% year-over-year.
- Median Sale Price: The median sale price for homes in Washington has reached $526,633 as of February 2024.
- Days on Market: Homes in Washington typically go pending in about 11 days, highlighting the fast-paced environment.
- Inventory: As of March 31, 2024, there were 13,203 homes for sale, offering a range of options for buyers.
- New Listings: March 31, 2024, saw 5,655 new listings entering the market, adding fresh inventory and attracting buyer interest.
- Competitive Sales: Approximately 29.3% of sales exceeded the list price as of February 2024, indicating a competitive bidding environment in certain segments.
- Financing Challenges: The market has faced challenges with financing, with banks requiring significant down payments and sometimes changing terms last minute. This has been a barrier for some buyers, though conditions are improving compared to previous years.
Overall, the Washington housing market is polarized, with significant activity at both the high and low ends, while the mid-range market faces more challenges. The limited inventory and strong demand have kept the market favorable for sellers, but buyers can still find opportunities through strategic negotiations and by targeting areas with slower price growth.
For more detailed information, you can check out the sources from Redfin and Norada Real Estate (Redfin) (Norada Real Estate Investments) (Houzeo).
Sound confusing? It is. But We Can Help.
There’s a lot of shakeup in the US economy still taking place, and the markets are moving fast in lots of directions at once.
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