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Pierce County Housing Report 2016 Recap / 2017 Outlook
The U.S. economy is providing a very positive backdrop of low unemployment, new highs in the stock market, and housing appreciation is firmly on the march. Pierce County is also enjoying it’s share of good news and economic fortune, 2016 was a great year of continued recovery. Looking ahead, Pierce County has some serious considerations that will determine it’s future and the role it plays in our region’s economy. First, here are the end of year end numbers as measured December 31, 2016.
Inventory – DOWN – 17%
Closings – UP – 7.9%
Median Price – UP – 10.5%
New Pending Contracts – UP – 13.8%
Pierce County, by these numbers, has only 1.7 months worth of inventory. We consider 3-5 months worth of inventory to be a balanced market so there is clearly need of more homes to sell in order to satisfy current buyer demand.
Prices in Pierce County are up 26% in the last 3 years (compounded rate of 8% annually) and the median price has fully recovered from the great recession.
As shown by our Pierce County Median Price Index we are at our pre-recession peak. By comparison, King County prices are 13% above their previous peak. The affordability index in Pierce is fully 45 points better than King County.
This recovery in price also means we have far fewer homeowners with negative equity. When a homeowner owes a mortgage balance greater than their home value they have negative equity. In 2011 & 2012 we were seeing negative equity rates in Pierce County upwards of 26% of all mortgages. Measured in the second quarter of 2016 the rate was a much improved 9.7%.
Price recovery is accompanied with Velocity and Volume recovery. Last year Pierce County sold 15,082 residential units representing a 13% increase over 2015. This amounted to just over 5 billion in sales and is expected to top 6 billion in 2017.
I feel bad clouding this good news with the following, but it clearly is an issue that is relevant to the health and future of our Pierce County Housing Market.
Here it is: Jobs, Jobs, Jobs.
The King County market is red, no….white hot! Why? The King County number of jobs per resident is 207, in Pierce County the number of jobs per resident is 82. The unemployment rate in Seattle is 3.7% while in Pierce County it is 6%. Compare Pierce to U.S. with unemployment rate of 4.7% and see the weak recovery path in the graph below.
After each of the 3 previous recessions, Pierce County unemployment recovery was better. In the 90’s Pierce recovered to 4.5% unemployment, the pre-recession recovery was in the 5’s, while the current recovery has only reached 6% and it appears to be a post recovery low.
Pierce County’s per capital income is $45,000 and would not be that good were it not for King County jobs. We are fighting a trend of becoming a bedroom community.
Fully 135,000 Pierce County residents have jobs outside the county. Put another way, 40% of the non-military work force don’t work here.
The effect on real estate is the commuter buyer/renter is a big part of our market and will continue to be that way until Pierce County improves it’s workforce skill and attracts new businesses.
With the Pierce County shortage of inventory and the pressure of high prices in King County, homeowners in our area will enjoy another year of increased values, likely in the 9-10% range.
Buyers will need to be fully pre-approved, able to react quickly, and be open to the idea they will likely compete for their dream home.
Yes, it will be a good year for real estate in 2017, but there is work to do if Pierce County wants to be more than just a place for Seattle skilled workers and executives to come home and sleep until they can afford a home closer to their job.
North Tacoma Four Bedroom Bungalow
3816 N Stevens St, Tacoma
The Essentials:
2,716 Total Sq. Ft.
1,612 Finished Sq. Ft.
1,104 Sq. Ft. Unfinished Basement
6,360 Sq. Ft. Lot
4 Bedrooms / 1. 75 Bathrooms
1 Car Detached Garage
Commencement Bay View
Offered for $419,000
Click here to view the listing
Perched on a lot adjacent to Sherman Elementary halfway between Proctor and Point Ruston
this 1916 home is what you have been waiting for.
The charming front porch welcomes you to this North Tacoma bungalow overlooking Commencement Bay.
Gleaming original hardwood floors greet you as you pass through the foyer into the generous dining room.
There are original craftsman details throughout the home such as the beautiful white mill work and
boxed beam ceilings. The dining room flows effortlessly into the living room, ideal for entertaining.
The elegant, yet comfortable living room overlooks Commencement Bay.
The wood burning fireplace and double pane windows will keep you cozy.
The updated kitchen is sure to please with crisp white cabinets and granite tile counter tops.
The breakfast bar is ideal for a casual meal and the door to the right of the stove leads to the
huge unfinished basement with ample storage and built in shelves. Perfect for your dry goods!
There are two bedrooms on the main floor and a full bathroom.
Upstairs you will find the master suite with two closets, one of which is a walk in that leads to the 3/4 bathroom.
The tranquil master bedroom. One of the closets is to the left.
The walk in closet leads to the private 3/4 bathroom. Soak away your worries at the end of the day.
There is also a bonus room upstairs with a Commencement Bay view. This makes a lovely
addition to the master suite, or could be a play room, art studio, home office…?
You will also find the 4th bedroom upstairs.
Outside in the easy to maintain backyard you will find the detached one car garage.
Easily accessed from the alley with an additional parking spot to the left.
If you’re looking for more room to roam Jane Clark Park is a quick 8 minute walk away.
You can also walk south to N 36th St and you can meander your way down to Ruston Way
where you can enjoy a multitude of restaurants and two miles of paved paths along the waterfront.
In the Proctor District you can stroll the quaint shops and grab a bite to eat. Don’t miss the
Saturday Farmer’s Market which runs from 9 am – 2 pm.
Click here to schedule a showing
University Place 3 Bedroom Rambler Blocks from Town Center!
7701 37th St W, University Place
The Essentials:
1,474 Sq. Ft.
10,600 Sq. Ft. Lot
3 Bedrooms / 1.5 Bathrooms
2 Car Attached Garage
Click here to view the listing
University Place gem! 1,474 sq. ft. 3 bedroom rambler that has been meticulously maintained and recently updated by the owner of 22 years.
Sitting proudly on a 10,600 sq. ft. fully landscaped lot with a sprinkler system and lighting which makes it look magical after dark.
As you enter the foyer there are tile floors underfoot which are ideal for the wet Pacific Northwest weather!
Continue into the living room and admire the gleaming hardwood floors, they are orignial to the home.
The large front window bathes the room in soft natural light.
Enjoy the ease of a natural gas fireplace as well, no need to stock the wood box here!
Just up the road is the University Place Library where you can pick up the latest best seller to enjoy by the fire!
The hardwood floors continue into the dining room.
Open the French doors and dine alfresco under the covered outdoor room on the entertainment size deck overlooking the lush backyard.
The kitchen has been tastefully updated with refaced cabinets, Corian counter tops, and easy to maintain tile floors.
The casual dining area overlooks the backyard, enjoy a steaming cup of coffee or tea and keep an eye out for deer lounging under the evergreens.
Step out the French doors in the dining room and enjoy the tranquility of the landscaped backyard.
Maintenance is easy with a mowing edge and in ground sprinkler system.
Other upgrades include the high efficiency gas furnace, central air conditioning, one year new gas hot water tank, and the galvanized piping has been replaced as well.
This home sits on a dead end street and the mature landscaping provides plenty of privacy from the friendly neighbors.
The University Place School District will not disappoint you. It’s a quick walk to the Town Center where you will find Jersey Mike’s Subs, Whole Foods Market, Traders, Joes, and Starbucks.
Pick up something special for your 4 legged friend at Mudd Bay.
If you’re looking for more room to roam Chambers Bay Regional Park is nearby, or play like the pros at Chambers Bay Golf Course.
Click here to schedule a showing
One Level Turn-Key Condo in the Heart of Steilacoom!
704 Stevens St, Steilacoom
The Essentials:
1,549 Sq. Ft.
8,350 Sq. Ft. Lot
3 Bedrooms / 2 Bathrooms
2 Car Attached Garage
12′ x 34′ Detached Garage ~ Perfect for RV / Boat Storage!
Click here to view the listing
Pass into the foyer of this turn-key low maintenance 3 bedroom condo in the heart of Steilacoom and you are greeted by gleaming hardwood floors. The laundry room is conveniently to the right (perfect for wet weather!) and leads to the attached 2 car garage.
Continue into the living room that is bathed in soft natural light and overlooks the private, maintenance free backyard. The HOA dues cover the cost of outside maintenance, lawn care, insurance, and water, sewer, garbage. The open yet cozy layout provides a warm atmosphere for entertaining guests. Or, curl up in front of the gas fireplace with a book, it ignites with the flip of a switch.
Overlooking the living room is the well appointed kitchen with gleaming hardwood floors, crisp white cabinets, and stainless steel appliances that stay with the home, including the French door refrigerator!
Gaze out the large window in the dining room at the manicured backyard. Dining alfresco is easy with the door leading to the patio.
Continue to the spacious master suite. There is ample closet space so no need to worry about sharing. Access to the backyard through the glass slider. Breathe in the salt air from the Puget Sound and relax in your private retreat.
Dual closets lead to the attached 5 piece master bathroom with a double vanity and jetted tub.
There are two additional bedrooms and a full bathroom, ideal for guests.
Enjoy the fully landscaped yard with no worry of maintaining it yourself, set up your hammock or a comfortable chair and relish in the ease of living here!
Be sure to check out the 12′ x 34′ detached garage that is included in the sale. The ideal spot to store your RV, boat, collector car, or …?
Living in Steilacoom is an easy choice to make! Whether you are retired or working this active community has a lot to offer. There are 12 public parks maintained by the city for you to enjoy. Cherrydale Park offers basketball and tennis courts as well as picnic tables. Meander through Farrells Marsh, a heavily wooded area which includes 3,500 ft. of fresh water shoreline, and you’ll feel as though you’re transported back in time. You can find wagon ruts from more than 150 years ago. There are two beachfront parks, Sunnyside Beach and Saltars Point Park, with saltwater access you won’t want to miss. They offer stunning views of the Puget Sound and hours of fun. There is easy access to Joint Base Lewis McCord without having to use the highway, it’s a quick 10 minute drive! The current owners will especially miss their quiet and friendly neighbors as well as the quaint businesses, restaurants, and cafes Steilacoom offers. Grab a steaming cup of coffee from Espresso by the Bay, or enjoy some live entertainment at Steilacoom Pub & Grill where you can also watch the ferries come and go from Anderson and Ketron Islands. Don’t miss Bair Bistro, a living museum that also serves up comfort food for breakfast, lunch, or dinner. It is houses is located within the historic Bair Drug and Hardware building, which was built in 1895.
Click here to schedule a showing
Whitley Hills 4 Bedroom Home!
7613 44th St Ct NW, Gig Harbor
The Essentials:
2,895 Sq. Ft.
13,232 Sq. Ft. Lot
4 Bedrooms / 2.5 Bathrooms
Den & Bonus Rooms
3 Car Attached Garage
Landscaped Lot with Sprinkler System
Offered for $529,500
Click here to view the listing
As you approach this handsome Whitley Hills home nestled in the maritime city of Gig Harbor you are greeted by mature landscaping that is easy to maintain with a sprinkler system.
Pass into the foyer and notice the gleaming hardwood floors underfoot. The floor plan is ideal for entertaining with ample space for everyone. The den is to the right and there is also a powder room, ideal for guests, on the main floor.
The living room has a gas fireplace to keep you cozy and the dining room overlooks the backyard and territorial views.
Continue past the dining room and into the updated kitchen with crisp white cabinets and granite counters.
The family room is immediately beyond the kitchen and is the perfect spot to curl up with a book or watch a movie marathon in front of the gas fireplace!
The deck is just off the kitchen ideal for BBQs and dining alfresco! Enjoy your favorite beverage in the hot tub after a long day. There is green space behind the property which provides great privacy!
Head upstairs and you’ll find a spacious master suite behind French doors.
The master bathroom with not disappoint with crisp white cabinets, a tile shower, and matching tub surround – unwind in the tub overlooking the backyard!
There are 3 more bedrooms and a full bathroom as well as a bonus room upstairs. Explore the expansive backyard. The sprinkler system makes watering a breeze! Enjoy a brisk hike just 10 minutes away at Kopachuck State Park where you can also watch the sunset over the Puget Sound. If you want to sneak in a round of golf Gig Harbor Golf Club is only 5 minutes away by car.
Click here to schedule your showing
NW Contemporary Timber Framed Gig Harbor Waterfront Home!
10122 36th St NW, Gig Harbor
The Essentials:
4 Bedrooms / 4.5 Bathrooms
4,230 Sq. Ft.
1.57 Acre Gated Lot
83+ Ft of No Bank Waterfront on the Puget Sound
2 Car Attached Garage
Offered for $2,190,000
Click here to view the listing
Tucked away on a 1.57 acre gated lot in Gig Harbor this exquisite 4,230 sq. ft. 4 bedroom, 4.5 bathroom timber frame home is unsurpassed in quality and construction.
Pass through the foyer to the dining room. The beautiful hardwood floors can be found throughout most of the home.
Continue into the living room with a floor to ceiling propane fireplace as the centerpiece.
Step out onto the sun drenched deck and soak in the breathtaking Puget Sound view.
Dining alfresco is easy with the chef's kitchen only steps away.
High end Viking appliances, slab granite counter tops, and slate floors underfoot with a Puget Sound view to enjoy while cooking.
The main floor master is your own private retreat with a library / den attached and a spa like 5 piece bathroom as well as a private deck with Mt. Rainier views.
Imagine waking up to sweeping views and enjoying a steaming cup of coffee on the deck.
The propane fireplace will keep you cozy in the private den / library.
The master bathroom will not disappoint with a beautifully tiled shower with multiple shower heads, a soaking tub, dual vanities, and a large walk in closet.
There are three more bedrooms upstairs, one of which could function as a separate living quarters with an attached 3/4 bathroom and kitchenette.
Downstairs in the daylight walk out basement is the family room with a wet bar which makes entertaining a breeze as the outdoor kitchen is just steps away on the covered deck!
The covered deck overlooks the waterfront and beach and includes a beautiful water feature that culminates at the infinity hot tub which overlooks the water.
Step onto the manicured lawn and make you way to the beach! There is 83+ feet of waterfront which includes tideland rights. Drop your boat at the Horsehead Bay public boat launch and fill your cooler up at the Arletta Store on your way for a fun filled day on the water!
View of the impressive home and lot from the water. Although you may feel as though you're on vacation, you're only 10 minutes away from Hwy 16! The level lot also allows room for a second garage if you desire.
Click here to schedule a showing
Immaculate 3 Bedroom Home with American Lake Easement and Shared Dock!
8918 Frances Folsom St SW, Lakewood
The Essentials:
4,924 Sq. Ft.
14,750 Sq. Ft. Lot
3 Bedrooms / 3.5 Bathrooms
Easement to American Lake
Shared Dock with 3 other homeowners
Click here to view the listing
Immaculate Lakewood home. 4,924 sq. ft. 3 bedroom home with an easement to American Lake. Sitting proudly on a landscaped 14,750 sq. ft. lot this home has been fully updated and carefully maintained. After you pass through the foyer you are greeted by the living room. Gleaming hardwood floors are underfoot and the gas fireplace will keep you cozy.
Continue into the kitchen and you will not be disappointed. Beautiful two tone cabinets and slab granite countertops as well as stainless steel appliances await. Grocery shopping is easy with Lakewood Towne Center a quick 10 minute drive away.
The dining room easily accommodates a large table for gatherings! This could also be used as a family room off the kitchen.
The sunny breakfast nook leads to the amazing outdoor room.
Step down to the patio and you'll feel as though you're living at a resort! The impressive floor to ceiling fireplace is perfect for gathering around on cool summer evenings. Roast hot dogs and s'mores for a late night snack. Enjoy dining al fresco no matter the weather and gaze up through the skylights at the stars! Mature landscaping provides privacy for the backyard. American Lake Park is less than a 1/2 mile away with 5 acres to stretch your legs, a playground for the little ones, and a public boat launch, making it ultra convenient to launch your boat when it is not moored at the shared dock!
From here follow the easement down to American Lake for endless hours of fun! The dock is shared with 3 other homeowners. Pick up some coffee and sandwiches from Lake City Perk Cafe and enjoy a carefree day on the lake!
Swimming, sun bathing, fishing, boating and kayaking are all steps away from home! Gaze across the lake at the stunning grounds of Thornewood Castle.
Back inside you'll find a luxurious and spacious master suite. Handsome gas fireplace and built in cabinets and bookcases. Escape upstairs to curl up with a book.
The attached master bathroom has dual vanities and a large jetted tub.
Separate commode and walk in shower provide privacy.
There are two additional bedrooms and another full bathroom upstairs as well as the laundry room.
Head downstairs and you'll find plenty of space for fun when the weather isn't cooperating! Large family room for hours of movie marathons!
Game room with a wet bar and lots of additional storage!
There is also a spacious office that could be a craft room, home gym, artistic retreat, or …? Three quarter bathroom on the lower level as well.
The beautiful landscaping is easy to maintain with a sprinkler system and the handsome fence and mature landscaping provide privacy.
Click here to schedule a showing
North Slope Updated 3 Bedroom Craftsman Home!
708 North I St, Tacoma
The Essentials:
1,904 Finished Sq. Ft.
560 Sq. Ft. Unfinished Basement
6,500 Sq. Ft. Lot
3 Bedrooms / 1.5 Bathrooms
1 Car Detached Garage with Alley Access
Offered for $459,950
Click here to view the listing
Sitting elevated proudly on a 6,500 sq. ft. lot in the North Slope neighborhood of Tacoma this handsome 3 bedroom craftsman home was built in 1903 and has much of it's old world details intact. Lovingly updated by the current owners it is fondly remembered as;
"The house we brought all of our children home to after they were born. It grew with us for a long while before we just got to be too much family! We loved the beauty and flow of the house, how it could always accommodate a crowd, and the feel of the neighborhood." – Current Owners
The wide front porch welcomes you to the home. This is the perfect spot to enjoy a steaming cup of coffee in the morning as you watch the day unfold. There is even a peek-a-boo view of Puget Sound to enjoy! As you pass through the front door into the foyer you are greeted by gleaming hardwood floors and beautiful original woodwork.
The handsome woodwork continues into the living room.
Spacious formal dining room is beyond the living room. There is plenty of space for entertaining in this home! The bay window bathes the room in soft natural light.
You will not be disappointed as you step into the fully remodeled kitchen. New cabinets with recessed lighting, solid surface counter tops, and stainless steel appliances await! It's about a 10 minute walk to Dave's Meats and Produce, where you can find organic produce and a full service butcher! Enjoy sweeping views of Commencement Bay on the way! If you're taking the night off as chef there are a plethora of dining options in Stadium District, Downtown Tacoma, and bustling 6th Avenue. Shake Shake Shake is the perfect spot to bring the whole family for burgers, fries and shakes, or stroll down the street to The Parkway Tavern for a frothy craft beer.
Enjoy a casual meal while overlooking the backyard.
Step out the backdoor onto the covered back porch, this is the ideal spot for the BBQ! There is plenty of space in the backyard for gardening and playing.
Back inside you'll find a sun drenched office on the main floor as well as a 1/2 bathroom.
Upstairs there is a spacious master bedroom with two closets, and two more bedrooms.
There is also a fully remodeled five piece bathroom upstairs. The crisp white presentation is sure to please.
Downstairs is the unfinished basement which is where the laundry is located along with ample storage space!
There is a 1 car garage with alley access at the back of the lot. This is a dead-end alley with low traffic, perfect for a game of basketball or bike riding.
If you're looking for more room to roam you're only a 5 minute walk from North Slope Historic District Park, this 'Pocket Park' features a playground and was created in 2002.
Just Listed! 4 Bedroom Whitley Hills Home!
4105 74th Ave Ct NW, Gig Harbor
The Essentials:
3,812 Sq. Ft.
16,482 Sq. Ft. Lot
4 Bedrooms / 2.5 Bathrooms
Den, Bonus, Music/ Hobby Rooms
Popular Whitley Hills Location
Offered for $529,000
Click here to view the listing
As you enter the spacious, 3,812 sq. ft., traditional two story + basement Whitley Hills home in the charming maritime city of Gig Harbor you are greeted by gleaming hardwood floors. The living room has a gas fireplace with a handsome brick surround.
There is plenty of space for everyone in this home with 4 bedrooms, a den, bonus room, music/ hobby room, and rec rooms! View of the dining and music rooms from the living room.
Continue through the dining room into the updated kitchen overlooking the large backyard. The cabinets have been refinished with a contrasting island and slab granite countertops. If you're dining out for the evening there are a plethora of options in Gig Harbor to please any palate. Anthony's at Gig Harbor offers a beautiful view of the harbor and fine dining. Uptown Gig Harbor is only 10 minutes away and offers shopping, dining, and the Galaxy Theater.
The kitchen opens to the family room with the second gas fireplace. The glass slider allows easy access to the backyard perfect for BBQs.
There is one bedroom on the main floor. Upstairs you'll find a large bonus room which works great as a media room along with 3 bedrooms more bedrooms including the master suite.
The generous master suite has plantation shutters and an attached 5 piece bathroom.
Dual sink vanity, soaking tub, and plantation shutters in the spa like master bathroom. The shower is not pictured, it is behind the photographer.
There is also a large rec room that could be used as a home gym, game center, home theater, or storage!
Outside you'll find a large backyard with mature plantings. Dine al fresco on the deck.
Walk through the garden arbor and you'll find plenty of space for pets or playing! If you're looking for more room to roam head to Kopachuck State Park, it's only 10 minutes away by car, and is a 109 acre marine park with hiking trails and 5,600 ft. of saltwater shoreline. Go at sunset and watch the sun dip into the sound with a stunning view of the Olympic Mountains as the backdrop. You can also enjoy a round a golf at the Gig Harbor Golf Club, which is a quick 5 minute drive away.
Paradise Awaits! 3 Bedroom + Bonus University Place home with an In-ground Pool!
7413 22nd St W, University Place
The Essentials:
1,492 Sq. Ft.
11,000 Sq. Ft. Lot with In-ground Pool & Spa
3 Bedrooms + Bonus Room / 1.5 Bathrooms
Attached 1 Car Garage
Detached 2 Car Garage
Offered for $279,900
Click here to view the listing
As you approach this 3 bedroom University Place home you are greeted by the fully landscaped yard with mature plantings. As you pass through the foyer into the living room gleaming hardwood floors are underfoot. Just minutes to conveniences and within the University Place School District, the location is ideal.
The large front window allows ample natural light and the wood insert fireplace will keep you cozy all year round.
Continue into the dining room where you can catch a glimpse of paradise, the tropically landscaped backyard complete with an in-ground pool and spa! Stop by Harbor Greens for something fresh and delicious from the deli and dine alfresco next to the pool!
Past the dining room is the updated kitchen with a casual dining space also overlooking the backyard oasis. If you're taking the night off as chef, and dining out, you can enjoy lunch or dinner at Grassi's Ristorante, or a local favorite, Pine Cone Cafe. for breakfast, lunch or dinner.
Step outside and you'll find yourself in "Paradise in U.P." as the owner fondly calls it.
“Don’t ever let anyone tell you having a pool is a hassle! The memories we have of all the family get togethers are ones we will carry with us forever. So much fun…you will not regret living here.” – current owner
You wil not be dissapointed by the beatifully landscapped yard and in-ground pool complete with a spa. There is also a pool cabana making cleaning up after swimming easy! Imagine the memories that will be made in your private oasis.
Lush tropical landscaping throughout the backyard, you'll feel as though you've escaped to the islands!
Back inside you'll find one of the bedrooms is being used as a media room. This cozy spot is perfect for enjoying a movie marathon when the weather isn't cooperating.
Full bathroom with ample storage and extensive tile work.
Upstairs there is a bonus room (with a closet) that could be used as a forth bedroom, office space, playroom, or an artistic retreat. The possibilities are endless.
Detached two car garage provides plenty of space for storage. The large driveway also offers RV parking.
Click here to schedule a showing
