The story of the downtown Puyallup real estate market in 2011 could easily be summarized as a “Good News/Bad News” kind of year. The bad news for home sellers is that home prices are down. In downtown Puyallup (we also included Edgewood in these numbers) home prices fell 14% from this same time last year. While this is bad news for home sellers, this creates an incredible opportunity for home buyers looking to take advantage of the low interest rates on home mortgages. The average sales price of a home in downtown Puyallup was $209,000- very affordable for such a popular area.
According to Puyallup real estate agent Erin Dobrinski there is some good news for sellers looking for a light at the end of the tunnel. ”In downtown Puyallup there was a 42.5% reduction in inventory since this time last year,” says Erin. “The drop in prices combined with the drop in inventory has led to more houses selling more quickly. There were 32.6% more homes sold in 2011 compared to 2010. The number of days a home spent on the market in downtown Puyallup before selling (102 days) is down 21.6% from last year. This is a positive sign.”
To see what homes are going for, check out our post on how to search for homes for sale in Downtown Puyallup.