Inventory has been gradually increasing since February. There is now a 1.5 month supply of listings on the market, the highest it’s been since last September. These are signs of relief for buyers, but it will still be a long time before they are on a level playing field with sellers. Pierce County’s 13.8% year-over-year price increase this month was higher than King, Snohomish or Kitsap County. Buyers should consider a move now while they have more home choices and can avoid continued home price and interest rate increases.
At month end, there were 2,413 active listings in the MLS database, 186 more than June’s 2,227 inventory, but 3.4% less than 2,499 homes and condos listed a year ago. MLS brokers added 1,990 new listings to inventory during July, 92 (4%) less than last month, and 107 less than the same month a year ago.
July’s 2,012 pending sales were 1.5% lower than June’s 1,982 mutually accepted offers, and 8.9% less than 2,208 pending sales last July.
Pierce County MLS members reported 1,605 closed sales during July. This is a 9% drop from last month’s 1,772 closed sales, and 30 less than 1,635 completed transactions in July a year ago.
The median price for July’s closed sales of single family homes and condominiums (combined) was $348,450. This is up 13.9% from the July 2017 figure of $306,000. The average time on market for properties that sold was 23 days, compared to 23 days last month and 26 days this month last year. Pierce County has a 1.5 month supply of housing inventory on the market. (4-6 months is considered a balanced market.)