March 2, 2021

February 2021 Puyallup Real Estate Market Conditions

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The final January numbers give us a full picture of the real estate market here in Puyallup, WA. With all the events swirling chaotically through the year there was one constant- home prices marching steadily upward each month. Appreciation for 2020 in Pierce County was 15%. This is the second-highest rate ever recorded, only eclipsed by 19% during the heady times of 2005.

Currently, there are 41 homes for sale in Puyallup. Within the last 30 days, 174 homes were sold. This figure includes stick-built homes, condos, and manufactured homes. We are seeing a slight dip in inventory as we usually do in the winter months.

The chart below shows 1/31/2021 compared to 1/31/2020 data for each Puyallup zip code.

Months Inventory             Average Sale Price                          Days on Market

2021       2020               2021                    2020                  2021       2020      

98371    0.8          1.4              $552,663             $491,017             20           46

98372    0.4          0.8              $549,596             $441,181             18           31

98373    0.3           1.1              $473,975            $414,328             40           19

98374    0.1           0.6             $452,541             $424.156             17           46

It’s interesting to see the difference in days on market is so much higher in zip code 98373, this could be due to slow underwriting practices with lenders or sellers holding out for higher offers. Zip code 98374, in the South Hill area, is red hot with only one week of inventory and a mere 17 days on market from list to close.

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