After our post last week on Downtown Puyallup’s Real Estate Market in 2011, we wanted to turn our focus to South Hill. Many real estate reports link them together, but the data shows that they are different in important ways. Homes on South Hill tend to be larger and built more recently. They also tend to cost a bit less, the average sale price in Downtown Puyallup was $209,000 in 2011. On South Hill it was only $193,000.
One of the most interesting changes in the South Hill market is the reduction in homes. Local Realtor Erin Dobrinski (who lives in Southwood Estates in Sunrise) says is important, “South Hill now has about a 5 month inventory of homes. That represents a 34.4% reduction in the number of homes on the market from 2010.”
What does that reduced inventory mean for home sellers? “I believe that this means that while prices on South Hill will most likely decline a bit more, it will be less than last years 14%,” says Erin. “Having said that there are pockets of South Hill that are sellers markets. These are highly desirable areas where homes will sell quickly if they are appropriately priced because there is not much inventory.”
According to Erin, neighborhoods in South Hill that are popular with buyers are Manorwood, Crystal Ridge, Deer Creek, Deer Ridge, Sunrise, and Gem Heights.
