The main reason for the speed: Lack of inventory.
The number of homes for sale in Tacoma was down nearly 24 percent year over year in January which of course was very low in 2020.
Half of all homes for sale in Tacoma went pending in just seven days last month, down from 23 days a year earlier.
“Denver and Grand Rapids, Michigan, were the next fastest markets with 9 median days on market each, followed by Seattle (10) and Oakland, CA (12),”.
Tacoma’s sales are tracking with a national trend for the four-week period ending Feb. 14, where a record 42 percent of homes nationally were on the market one week or less.
“The most competitive market in January was Oakland, California, where 67.1 percent of homes sold above list price, followed by 57.7 percent in Tacoma,” according to a local report.
“None of this surprises me. As an affordable alternative to our big sister up north, more and more buyers are shifting their focus to our market down south. Tacoma is a happening city that’s catching on fast to those who want a wonderful place to live and an alternative to the bigger city. This is very evident with our record sales and lack of inventory
January home prices in Tacoma were up nearly 16 percent, and sales up about 8 percent from the previous year, according to data. Comparatively, nationwide home prices were up 14 percent and sales up 20 percent.
“It’s a good time for sellers – the best in my dozen years in the business. Given the activity on the Peninsula, Kitsap and Mason County, 2021 will be very active.”