February 2012 Real Estate Market Update
The real estate market in DuPont, WA (in Pierce County) is holding steady.
In February 2012, there were six single family home sales with an average sales price of $307,250. Year-to-date, the average home sales price is $298,011.
In all of 2011, the average sales price was $285,349.
In all of 2010, the average sales price was $313,576.
With Pending Sales up, buyers believe we may have hit bottom. Pending Sales means there is an increase in activity. Buyers are making offers on homes and sellers are accepting those offers. Not every pending sale results in a closed sale but nonetheless, buyers are showing their confidence.
According to Lynn Franco, director of The Conference Board Consumer Research Center, consumers were more optimistic about the short-term outlook than they were a month ago.
“Consumers are considerable less pessimistic about current business and labor market conditions than they were in January. And despite further increases in gas prices, they are more optimistic about the short-term outlook for the economy, job prospects, and their financial situation.”
Nationally, the overall direction for the housing market is positive, according to analysts with the National Association of Realtors. Its latest figures show the past few months of contract activity are the highest in more than four years. The market isn’t as strong as it could be because of overly restrictive lending standards and contract cancellations due in part to appraised values coming in below a negotiated price. Locally, others believe that the only reason why we are not in a hot, thriving market is because of short sales and foreclosed properties, which represent about one-third of the transactions.
About Northwest Landing in Dupont, WA
Northwest Landing in Dupont, WA is located just minutes from Joint-Base Lewis McChord (JBLM) on the west side of Interstate 5.
Northwest Landing is still expanding and growing, and when fully built out, there will be approximately 12,000 homes. The residential section of Northwest Landing consists of single family homes, condos, townhomes as well as rental apartments and 55+ housing.
While Northwest Landing is a large community, the design of the neighborhood was carefully planned to create continuity and promote green living. With an extensive system of sidewalks, bike lanes and walking trails, Northwest Landing encourages leaving the car at home when visiting the city center with amenities such as shopping, restaurants, and other services.
Some of the design elements you’ll notice in Northwest Landing are:
- Streets are narrow to slow traffic and make pedestrian crossing easier.
- Many homes have front porches with garages in alleys so cars won’t hit pedestrians while backing out.
- Multifamily housing is designed to look like the single family homes, and blends in with the neighborhood.
(All data compiled from the Northwest Multiple Listing Service. Data is deemed accurate but not guaranteed.)
Interested in living in Northwest Landing? Call me today to find your next home. In the meantime, check out the current DuPont WA homes for sale.