Pierce County saw its anemic real estate inventory improve a bit in April compared with the same time last year, but more so among condominiums than existing homes.
The latest figures were released Monday by the Northwest Multiple Listing Service , which covers 26 counties in Washington state.
Months of available homes for sale in Pierce County was at 1.4 months, up from 1.1 a year ago, while condo inventory was at 2 months’ supply compared with 1.3 months a year ago. A healthy supply for a balanced market is considered anywhere from 4-6 months.
Median closed sale price for existing single-family homes in April in Pierce County was $565,000, up from $525,000 a year ago.
For condominiums, the median closed sale price was $415,000, up from $369,475 in 2023.
Pending sales for existing homes were up nearly 9.3 percent from the same period last year; condo sales were relatively unchanged.
A separate report from John L. Scott Real Estate noted that in Pierce County, there remained a “severe” shortage of homes below $750,000, with more than half of those listed in March pending in the first 30 days.
For listings a $1 million to $1.5 million, the agency said just under half were pending within the first 30 days.
Mason Virant is associate director of the Washington Center for Real Estate Research at The University of Washington. He said in Monday’s NWMLS release that the market might finally be adjusting to higher interest rates.
With improving inventory across multiple markets, he noted, “It may take 4 to 6 months to be realized, but higher levels of for-sale inventory should soon have an impact on stabilizing price levels.”
Here’s how those prices compare with other counties (dollar amounts listed are for median closed sale prices for homes and condos, respectively):
▪ King: $980,000, $580,000
▪ Snohomish: $799,500, $525,000
▪ Kitsap: $550,000, $399,250
▪ Thurston: $512,400, $310,500
▪ Mason: $415,000, $433,000
New homes coming to area
With the tight inventory among existing homes, new home development appears to be taking off. Recent announcements include Heritage Gardens in Tacoma’s Eastside , starting in the low $420s, and Benston Landing in the Graham area, starting at $1 million.
On Monday, The Rush Companies, based in Gig Harbor, announced work has begun on a planned community in Kitsap County.
Royal Valley development is planned for Silverdale and work started May 3.
“The first phase of the community includes the development of 66 single family lots with vertical construction slated for the fall of 2025 and homes ready for move-ins beginning in 2026,” the company said in a release Monday.
It added, “While the final details of future phases are still being developed, the Royal Valley community will preserve approximately half of the 116 acres as open space; including 50 acres of nature preserves with enhancement of critical natural buffers.”
A Kitsap County hearing examiner’s decision in 2021 conditionally approved the project. It described the development’s plan to “subdivide two parcels totaling 46.09 acres into 159 single family residential lots, with associated improvements, located to the northeast of the intersection at Central Valley Road NW and state Route 303/NE Waaga Way.”
While no prices were listed Monday, Rush said that the project ”will include a mix of housing types, styles and price ranges providing demographic diversity for a more vibrant community and richer interaction of residents.”
It added, “There will also be many parks, nodes, and trails that connect the community and provide a variety of recreational and fitness opportunities for residents, within a short walk of their front door.”
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