Edgewood

You hear the term “buyer’s market” a lot these days in the Puget Sound real estate market–lots of homes for sale and interest rates at an all time low.  But if that really is the case, why are so few homes really selling?  The real estate market in Edgewood is a prime example of this “buyer’s market” with not many buyers able to be in the market. 

There are currently 72 single family homes listed for sale on the MLS in Edgewood.  The length of time that these 72 homes have been on the market ranges from 637 days down to only a handful listed during the last 30 days.  During the last 30 days, only 4 MLS listed homes have been sold and another 6 have gone from “Active” status to “Pending”.  Not great statistics for homeowners in Edgewood that want to sell their home.

I think there is one main reasons why Edgewood isn’t showing the typical activity of a real “buyer’s market”.  Edgewood has traditionally been a very desirable place to live and home prices have been slightly higher than the surrounding areas.  The median price on homes that have sold in Pierce County during the last 30 days is $217,000.  Contrast that to the median price of homes that are currently for sale in Edgewood–$380,000–and you can see why home sales are slower in Edgewood than the surrounding area.  People want to spend as little as possible on a new home and want to find the best deal out there.  Those “amazing deals” are hard to find in Edgewood.  Also, first time homebuyers, which make up a big portion of the current buyers in the market, often aren’t able to qualify for enough financing to be able to purchase homes in the $250,ooo+ range.  So the Edgewood market loses out on many of those first time home buyers.

I don’t mean to depress homeowners in Edgewood wanting to sell their home or buyers wanting to purchase a home in Edgewood.  Even though the “buyer’s market” seems a bit slow in Edgewood, there are still some homes selling and great deals to be found.   Definitely the three most important words in Real Estate have changed from “location, location, location” to “price, price, price”.