An increasing number of new homes are being placed on the market each month as we have an early start to the spring season, but the well prepared and well priced ones sell quickly. Pierce County is starting the year with only 77% of the inventory it had last year because pending sales continue to take more homes of the market than new sellers add.

At month end, there were 1,575 active listings in the MLS database, 10.7% less than December’s 1,763 inventory, and 23% less than 2,040 homes and condos listed a year ago.   MLS brokers added 1,141 new listings to inventory during January, 334 more than last month, and 17 more than the same month a year ago.

January’s 1,530 pending sales were 27% higher than December’s 1,201 mutually accepted offers, and 12.5% higher than 1,360 pending sales last January.

Pierce County MLS members reported 1,099 closed sales during January.  This is a 17% increase from last month’s 1,326 closed sales, and a 21.6% increase from 904 completed transactions in January a year ago.

The median price for January’s closed sales of single family homes and condominiums (combined) was $267,000. This is up 11.3% from the January 2016 figure of $240,000.  The average time on market for properties that sold was 54 days, compared to 52 days last month and 67 days this month last year.