March saw a huge bump in the number of new listings, but the month ended with only a small (but welcome!) increase in total inventory from the previous month because of the increased number of pending sales. There is only 1.13 months supply of listing inventory in Pierce County – a new low. (Four to six months is considered a balanced market.)
At month end, there were 1,533 active listings in the MLS database, 8.3% more than February’s 1,416 inventory, and 16% less than 1,824 homes and condos listed a year ago. MLS brokers added 1,815 new listings to inventory during March, 598 more than last month, and 118 more than the same month a year ago.
March’s 1,928 pending sales were 19.3% higher than February’s 1,616 mutually accepted offers, but 2.6% lower than 1,980 pending sales last March.
Pierce County MLS members reported 1,361 closed sales during March. This is a 38% increase from last month’s 985 closed sales, and a 7.4% increase from 1,267 completed transactions in March a year ago.
The median price for March’s closed sales of single family homes and condominiums (combined) was $290,000. This is up 11% from the March 2016 figure of $261,000. The average time on market for properties that sold was 52 days, compared to 57 days last month and 61 days this month last year.