Home buyers are catching spring fever before sellers are, causing inventory to be at its lowest in over a decade, and causing year-over-year pending sales to decline for the first time since March 2016. The median price of homes in Pierce County is about 55% of the price in King County, making it attractive to buyer’s being priced out of the King County market.
At month end, there were 1,416 active listings in the MLS database, 10% less than January’s 1,575 inventory, and 24% less than 1,861 homes and condos listed a year ago. MLS brokers added 1,217 new listings to inventory during February, 76 more than last month, and 96 less than the same month a year ago.
February’s 1,616 pending sales were 5.6% higher than January’s 1,530 mutually accepted offers, but 5.3% lower than 1,707 pending sales last February.
Pierce County MLS members reported 985 closed sales during February. This is a 10.4% decrease from last month’s 1,099 closed sales, but a 13.7% increase from 866 completed transactions in February a year ago.
The median price for February’s closed sales of single family homes and condominiums (combined) was $274,950. This is up 10.3% from the February 2016 figure of $249,250. The average time on market for properties that sold was 57 days, compared to 54 days last month and 65 days this month last year.