Northwest Landing in DuPont, WA – January 2012 Market Update
January 2012 Real Estate Market Update
The good news about the real estate market in Northwest Landing in DuPont (in Pierce County) is the average home price has remained stronger than the rest of Pierce County. From the peak in 2008 to 2011, Northwest Landing home values saw an average decrease of 14% compared to Pierce County (during the same period), which saw average home prices drop 26%.
For the last year and half, the DuPont market has stabilized. This could be an indicator that this area has “hit bottom” as far as this is the lowest home prices will be and that a slight uptick in home prices are to come. This is a bold prediction however with several months of positive job growth, it boosts consumer confidence and potential buyers are becoming home owners.
Home Sales Growth from 2010 to 2011
There is a correlation between home prices and the number of sales. In looking at the top counties in Western Washington, Pierce County is #3 for the number of home sales. Pierce County saw a 17% increase in home sales from 2010 to 2011. But their home prices fell 32% from the peak of the market in August 2007.
What this means is sellers need to price their home right. There are buyers out there, but buyers will pass on a home if it is overpriced for the market.
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.
2012 Real Estate Market Prediction for Northwest Landing?
Northwest Landing in DuPont is still expanding with new construction of single family homes, townhomes and condos. Right now, new construction is a popular choice for home buyers. This neighborhood will continue to have a strong draw for buyers, especially military buyers, due to its excellent location to JBLM as well as it is a mid-point for commuters who need to get to Olympia or Tacoma.
My prediction is home values will see a slight increase for 2012 in this area. I don’t anticipate any future downsizing in the military ranks to affect JBLM nor the housing market in Northwest Landing.
(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.