Listing BlogsPierce County Housing Reports February 10, 2017

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.

Listing BlogsNorth EndPierce County Housing ReportsTacoma February 10, 2017

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

Listing BlogsNorth EndPierce County Housing ReportsTacoma August 8, 2016

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

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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

 

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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. 

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The handsome woodwork continues into the living room. 

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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. 

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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.

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Enjoy a casual meal while overlooking the backyard. 

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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.

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Back inside you'll find a sun drenched office on the main floor as well as a 1/2 bathroom.

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Upstairs there is a spacious master bedroom with two closets, and two more bedrooms. 

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There is also a fully remodeled five piece bathroom upstairs. The crisp white presentation is sure to please. 

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Downstairs is the unfinished basement which is where the laundry is located along with ample storage space! 

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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. 

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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. 

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Click here to schedule a showing

Listing BlogsPierce County Housing Reportsuniversity place July 18, 2016

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

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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.

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The large front window allows ample natural light and the wood insert fireplace will keep you cozy all year round.

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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! 

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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.

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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

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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. 

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Lush tropical landscaping throughout the backyard, you'll feel as though you've escaped to the islands! 

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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.

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Full bathroom with ample storage and extensive tile work. 

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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. 

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Detached two car garage provides plenty of space for storage. The large driveway also offers RV parking. 

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Click here to schedule a showing

 

Listing BlogsNorth EndPierce County Housing ReportsTacoma June 10, 2016

Charming 3 Bedroom North Tacoma Craftsman Home!

1216 N Steele St, Tacoma

The Essentials:

1,276 Sq. Ft. 

3,750 Sq. Ft. Lot 

3 Bedrooms /1.5 Bathrooms

Detached 1 Car Garage

Offered for $295,000

 Click here to view the listing

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This charming North Tacoma craftsman home was built in 1908 and is conveniently located between the University of Puget Sound and Stadium District

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Upon entering the foyer you are greeted by newly refinished hardwood floors. They are found throughout most of the home. Craftsman details are stil intact such as the coved doorways, leaded glass front window, and period light fixtures.

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There is a large bay window in the dining room providing ample natural light. The layout is comfortable and ideal for entertaining guests. 

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The spacious kitchen has been updated with handsome new cabinets with 'soft close' doors and drawers. The countertops are solid surface Quartz, and the new stainless steel appliances stay with the home. 

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If you're taking the night off as chef you are within minutes of a plethora of dining choices! Take Steele St South to 6th Avenue. Grab sandwiches to go from the infamous MSM Deli or enjoy the creative bunch menu at Dirty Oscar's Annex. For finer dining try Asado Restaurant, an Argentine steakhouse. Pick up your groceries at Dave's Meats & Produce on the corner of N Steele St and N I St, it's less than a 10 minute walk there! Play a game of pool and enjoy one of the beers on tap at Magoo's Annex, it is also a 10 minute walk away!  Take your 4-legged friend with you and you can continue to Garfield Park, which is tucked between to Annie Wright School and the Tacoma Lawn and Tennis Club. From Garfield Park you can take the trails down and explore the gulch and waterfront via the connecting trails. 

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The full bathroom has been updated with tile floors and tub surround. 

There are 3 bedrooms, this bedroom has an attached 1/2 bathroom and gleaming hardwood floors. 

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Upstairs you'll find the finished attic with plenty of room for storage, a home office, artistic retreat, or…? 

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Downstairs the unfinished basement offers more storage and houses the electric water heater as well as the electric forced air furnace. 

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The partially fenced yard has a small patio, perfect for the BBQ  and a detached 1 car garage. 

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 Click here to schedule a showing

 

Listing BlogsNorth EndPierce County Housing Reports May 26, 2016

North Tacoma 3 Bedroom Classic Craftsman Bungalow!

3606 N 8th St, Tacoma

The Essentials:

3 Bedrooms / 1.75 Bathrooms 

2,410 Total Sq. Ft. 

1,850 Finished Sq. Ft. 

6,000 Sq. Ft. Lot 

2 Car Detached Garage 

Offered for $389,900

Click here to view the listing

"We raised our family here, being part of a school community that helped create a successful launch to college. " – Current Seller

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Sitting proudly on a 6,000 sq. ft. lot in North Tacoma nestled between the 6th Avenue Business District, Proctor District, and the Univeristy of Puget Sound, this charming craftsman bungalow could not have a better location. Grab your favorite espresso drink from Valhalla Coffee and relax on the front porch. 

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As you pass through the foyer and into the living room you are greeted by crisp white millwork and gleaming fir floors. Unique period details are intact throughout the home, such as the built in bookcases. 

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Continue into the generous dining room where you will find a large window seat, perfect for relaxing, and the beautiful built in hutch with leaded glass.  Continue into the kitchen with crisp white cabinets and plenty of storage space. 

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The breakfast nook overlooks the sunny backyard and deck. If you're taking the night off as chef there is a plethora of options within walking distance! 

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Continue upstairs and you'll find a huge bedroom and 3/4 bathroom. This would make an excellent master suite, artistic retreat, home office, or…? 

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Step out onto the sun drenched deck and enjoy the privacy provided by the mature landscaping. The current owners have used this as a 3-season space to host guests, or unwind by the fire pit. 

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There is also green space beyond the deck perfect for playing! Garden space along the detached garage as well. If you're looking for more room to roam you're practically steps away from the University of Puget Sound which has manicured grounds to stroll, a track to run when it's not in use, and lively sporting events to attend, and is open to the general public.  Jefferson Park is also just up the street and is the perfect place to walk your 4-legged companion or let your little ones cool off at the Sprayground

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Beyond the backyard is the two car garage with alley access! There is also RV parking! 

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Click here to schedule a showing

Listing BlogsNorth EndPierce County Housing ReportsTacoma May 19, 2016

Perfect North Slope 4 Bedroom Craftsman

520 N Sheridan Ave, Tacoma

The Essentials: 

3,270 Total Sq. Ft. 

2,968 Finished Sq. Ft. 

6,500 Sq. Ft. Lot 

4 Bedrooms / 2 Bathrooms 

Detached 2 Car Garage 

Offered for $469,900

Click here to view the listing 

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Looking for a turn key 4 bedroom craftsman with original unpainted woodwork intact? You've found it here in this charming home sitting proudly on a landscaped 6,500 sq. ft. lot. Nestled in the North Slope neighborhood minutes from Stadium District, Downtown Tacoma, and bustling 6th Avenue the location could not be better.  Enter the light and bright foyer and one of the main floor bedrooms is directly in front. Gleaming hardwood floors are underfoot. 

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Continue into the living room and marvel at the impressive woodwork. Wood burning fireplace will keep you cozy. 

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Generous dining room beyond the living room. Perfect for entertaining your guests. 

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Impressive chef's kitchen with plenty of character! High end stainless steel appliances and beautiful marble countertops. Casual dining area in the kitchen is perfect for enjoying a steaming cup of coffee in the morning. 

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Step out onto the large deck and enjoy the fully landscaped backyard. BBQ on the deck, relax in the hot tub, add some raised beds and grow your own fruit and veggies! There is plenty of room to roam back here. Detached 2 car garage with alley access is in the rear of the yard. Countless amenities are just minutes away. Stroll to Wright Park where you can visit the 27 acre arboretum with a rich collection of over 600 trees, or let the little ones play in the Sprayground may through September. Grab a burger and craft beer at a local favorite, The Parkway Tavern, also within walking distance! Pick up fixings for dinner at Stadium Thriftway and relax in the sunny backyard. 

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Click here to schedule a showing

Listing BlogsPierce County Housing ReportsTacoma May 3, 2016

4 Bedroom Home in Gated Pointe Woodworth!

1710 Pointe Woodworth Drive NE, Tacoma 

The Essentials: 

2,744 Sq. Ft. 

12,576 Sq. Ft. Lot 

4 Bedrooms / 2.5 Bathrooms 

3 Car Garage 

Click here to view the listing

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Proudly sitting in North East Tacoma this handsome 2,744 sq. ft. 4 bedroom traditional home was built by Norris Homes in 2003. In the foyer you are greeted by gleaming hardwood floors. The den is to the left and could be a great home office, library, or artistic retreat. 

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Generous formal dining room with architectural features is ideal for entertaining and opens to the great room. 

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The gas fireplace will keep you cozy all year round. Surround sound is built in making it easy to enjoy your favorite movies! 

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Chef's kitchen with granite tile counters, coordinated natural stone backsplash, and stainless steel appliances including a gas range/oven. If you're taking the night off as chef there are a plethora of dining options.  Enjoy breathtaking views of Tacoma and Mt. Rainier while overlooking Commencement Bay from The Cliff House. Enjoy a casual meal at Browns Point Diner then meander down to Browns Point Lighthouse Park for more stunning views and to watch the ship traffic headed to the Port of Tacoma. The eating nook is perfect for keep on eye on outdoor activities in the fully landscaped backyard. 

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Spill out onto the covered patio, there is 5,000 sq. ft. of stamped concrete outside perfect for all your outdoor activities! The sprinkler system makes maintaining the manicured lawn a breeze. 

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Backing to green space the private backyard is perfect unwinding at the end of the day. If you're looking for more room to roam it's a quick 15 minute drive to Dash Point State Park where you can hike, bike, stroll the beach for treasures, or fish off the public pier

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Upstairs there is a generous master suite with a spa like master bathroom and walk in closet. 

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There are three more bedrooms, a full bathroom, and a generous bonus room are also upstairs. The bonus room is your ideal flex space above the garage. 

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Another view of the stamped concrete patio. Mature landscaping provides privacy. Minutes from all major conveniences nestled between Downtown Tacoma and Federal Way commuting is a breeze. It's a 5 minute drive to QFC where you can pick up all your groceries. 

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Click here to schedule a showing

Listing BlogsPierce County Housing ReportsSouth TacomaTacoma April 26, 2016

Three Bedroom Rambler in South Tacoma

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6440 S Gove St, Tacoma 

The Essentials: 

1,168 Sq. Ft. 

6,900 Sq. Ft. Lot 

3 Bedrooms 

1.75 Bathrooms 

1 Car Detached Garage 

Offered for $199,950

Click here to view the listing 

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Nestled in the Manitou neighborhood of South Tacoma this charming 3 bedroom rambler has been recently refreshed and is move in ready! This commuter friendly location is only 20 minutes to Joint Fort Lewis McCord or Downtown Tacoma

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The light and bright kitchen boasts new contemporary cabinets, slab granite counter tops, and stainless steel appliances that stay with the home.  There is ample storage space. You're only a 10 minute walk from Metro Parks Star Center where you can visit the Treetops Playgrounds, purchase a membership to their fitness center, take a cooking and nutrition class, or on Sundays June 5th – August 28th, visit the South Tacoma Farmers Market and bring home local fruits, vegetables, meats, bakery products or handcrafted items while enjoying live entertainment! When the farmer's market isn't running you can head West on S 74th and you'll find yourself at H&L Produce, a small local grocer that has been a staple in Tacoma since 1985. 

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The dining room is spacious and overlooks the side yard. It is bathed in soft natural light. The living room is to the left through the doorway. If you're taking the night off as chef Montezuma's Mexican Restaurant is only a mile away! Continue on S 56th St and you'll find Starbucks, Stonegate Pizza and Rum Bar or Dawnson's Grill and Bar.

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The full bathroom has been updated as well with a contemporary tile tub surround with an glass tile inlay as well as a new vanity.  This bathroom is located near the kitchen and is ideal for guests.

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There is also an updated 3/4 bathroom shared by the front two bedrooms for convenience! 

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If you are looking for more room to roam than the 6,900 sq. ft. lot then you can cross over I-5 and find yourself at an oasis in the city, Wapato Park. Enjoy strolling around the picturesque lake, or take your four legged friend to the off-leash dog portion of the park! Meadow Park Golf Course is also an excellent option with both Golf and FootGolf courses available as well as professional golf lessons for all ages! 

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Click here to schedule a showing

 

 

Listing BlogsPierce County Housing ReportsTacomauniversity place April 21, 2016

Four Bedroom Craftsman Day Island Home with Dock & Moorage!

2231 E Day Island Blvd W, University Place 

The Essentials

4,208 Sq. Ft. 

14,560 Sq. Ft. Lot 

Built in 2005

4 Bedrooms, 3.5 Bathrooms 

Two Decks

Dock with Moorage 

Offered for $1,050,000

click here to view the listing

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Looking for the quintessential Northwest lifestyle? You will find it here in this stunning 4 bedroom, 3.5 bathroom craftsman home that was built in 2005. Enjoy all that the unique community of Day Island has to offer. You may feel like you're vacationing every day when you step out onto the deck above the dock and overlook the moorage opportunity before you. The dock has served a 32 foot boat year round! 

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When you're not having fun in the sun you can relax in the elegant yet comfortable home. Being newer construction you can rest assured the modern systems will keep you cool in the summer and warm all winter. 

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The foyer and formal dining room open up to the great room which effortlessly flows into the kitchen. Brazilian cherry floors are throughout most of the main floor. 

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Curl up in front of the propane fireplace, or step out onto the waterfront deck to watch the boat traffic go by! 

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High end stainless steel appliances, cherry cabinets, and granite counters are sure to please even the most discerning eye. Enjoy water views while preparing meals! If you need to pick up a missing ingredient you're only a few minutes away from the conveniences in University Place including their award winning schools. Take 27th St W up the hill and soon you'll arrive at Harbor Greens, a specialty grocer that also has fresh deli choices! Grab some lunch to go and enjoy it on your boat when you get home! If you continue South on Bridgeport you'll find a plethora of choices such as Jersey Mike's Subs, Trader Joes, Whole Foods, and Starbucks

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The master suite is also located on the main floor and has access to the waterfront deck. Stunning views can be enjoyed from the master suite. Keep an eye out for eagles soaring overhead! 

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The well appointed master bathroom has custom shower with dual shower heads, jetted tub, and a matching vanity. 

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Upstairs is the loft which makes a great media room, it also has an attached full bathroom. There are two bedrooms upstairs as well. 

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Make your way down to the lower level and you'll find a huge bonus room with access to the lower level deck! 

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This will surely be one of your favorite spaces in the house, especially when it is not ideal boating weather. 

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Looking back at the house from the dock. There is power and water at the dock, perfect for cleaning up after a day of crabbing or fishing! Watch the boat traffic go by from the Day Island Yacht Club

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Grab your crew and climb aboard, if you're taking the night off as chef you can motor over to Boathouse 19 at the Tacoma Narrow's Marina. For a longer adventure take a cruise under the Tacoma Narrows Bridge and head towards Gig Harbor. You can dine at Anthony's or enjoy seasonal dockside service at Tide's Tavern

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Click here to schedule a showing