A market correction is underway, giving buyers some relief, but it is still a seller’s market. Pierce County isn’t feeling the swing as strongly as King County: Buyers seeing that in Pierce County they can buy twice the house for about half the price, are keeping inventory low and prices continuing to appreciate in Pierce County.

At month end, there were 2,045 active listings in the MLS database, 45 more than May’s 2,000 inventory, and 8% less than 2,227 homes and condos listed a year ago.   MLS brokers added 1,892 new listings to inventory during June, 455 (19%) less than last month, and 190 less than last June.

June’s 2,017 pending sales were 3% lower than May’s 2,081 mutually accepted offers, and 1.8% higher than 1,982 pending sales last June.

Pierce County MLS members reported 1,622 closed sales during June.  This is 10% higher than last month’s 1,470 closed sales, and 150 (8.5%) less than 1,772 completed transactions in June a year ago.

The median price for June’s closed sales of single family homes and condominiums (combined) was $372,500. This is up 7.4% from the June 2018 figure of $346,975.  The average time on market for properties that sold was 28 days, compared to 33 days last month and 22 days this month last year. Pierce County has a 1.26 month supply of housing inventory on the market. (4-6 months is considered a balanced market.)

Spring is here and the real estate market is heating up with increased inventory and sales, and reduced days on market.  James Young, Director of the WA Center of Real Estate Research at UW, expects interest rates to remain low and prices to continue to rise throughout the peak season.

At month end, there were 2,000 active listings in the MLS database, 498 more than April’s 1,502 inventory, and 3.7% more than 1,929 homes and condos listed a year ago.   MLS brokers added 2,347 new listings to inventory during May, 636 (37%) more than last month, and 33 less than last May.

May’s 2,081 pending sales were 12.7% higher than April’s 1,847 mutually accepted offers, and 3.3% lower than 2,151 pending sales last May.

Pierce County MLS members reported 1,470 closed sales during May.  This is 14% higher than last month’s 1,286 closed sales, and 87 (5.7%) less than 1,559 completed transactions in May a year ago.

The median price for May’s closed sales of single family homes and condominiums (combined) was $365,000. This is up 4.3% from the May 2018 figure of $350,000.  The average time on market for properties that sold was 33 days, compared to 36 days last month and 27 days this month last year. Pierce County has a 1.36 month supply of housing inventory on the market. (4-6 months is considered a balanced market.)

That's what an article in the May 8 issue of The Stranger says.

Click here to read the full article.

"Yes, the entire nation.

The report cites Seattle’s high prices for the continuing drive southward".

Click here for the full article in The News Tribune.

Pierce County homes are appreciating at a higher rate than King, Snohomish and Kitsap counties.  Supply and demand explains it: Those counties have had huge inventory gains while Pierce County homes sales kept pace with increased new listings in April, causing only a slight increase in total listings at month end.  Our 1.17 month supply of housing inventory is the second lowest in the state.

At month end, there were 1,502 active listings in the MLS database, 28 more than March’s 1,474 inventory, and 2% more than 1,472 homes and condos listed a year ago.   MLS brokers added 1,711 new listings to inventory during April, 144 (9%) more than last month, and 164 less than last April.

April’s 1,847 pending sales were 5% higher than March’s 1,759 mutually accepted offers, and 6.6% lower than 1,977 pending sales last April.

Pierce County MLS members reported 1,286 closed sales during April.  This is 5% higher than last month’s 1,226 closed sales, and 57 (4%) less than 1,343 completed transactions in April a year ago.

The median price for April’s closed sales of single family homes and condominiums (combined) was $355,000. This is up 5% from the April 2018 figure of $337,950.  The average time on market for properties that sold was 36 days, compared to 46 days last month and 35 days this month last year. Pierce County has a 1.17 month supply of housing inventory on the market. (4-6 months is considered a balanced market.)

March, the start of prime-time selling season, showed big jumps from February in new listings and sales activity, keeping the number of active listings fairly constant. Pierce County’s 1.2 month supply of housing inventory is lower than King, Kitsap or Snohomish Counties.  Sellers benefit from a tight market. Buyers are benefiting from low interest rates and more selection. It’s a good time for both to be in the market.

At month end, there were 1,474 active listings in the MLS database, 12 less than February’s 1,486 inventory, and 9% more than 1,350 homes and condos listed a year ago.   MLS brokers added 1,567 new listings to inventory during March, 542 (53%) more than last month, and 200 less than last March.

March’s 1,759 pending sales were 36% higher than February’s 1290 mutually accepted offers, and 5% lower than 1,856 pending sales last March.

Pierce County MLS members reported 1,226 closed sales during March.  This is 36% higher than last month’s 901 closed sales, and 143 (10.5%) less than 1,369 completed transactions in March a year ago.

The median price for March’s closed sales of single family homes and condominiums (combined) was $359,225. This is up 4.9% from the March 2018 figure of $342,500.  The average time on market for properties that sold was 46 days, compared to 53 days last month and 43days this month last year. Pierce County has a 1.2 month supply of housing inventory on the market. (4-6 months is considered a balanced market.)

Heavy snows curbed real estate activity in February. New sales outstripped new listings for the sixth month in a row, continuing a six month decline in inventory, although inventory is still significantly higher than this time last year. The median price of sales that closed in February was the highest since May, probably a reflection of the December drop in interest rates.  

At month end, there were 1,486 active listings in the MLS database, 137 less than January’s 1,623 inventory, and 25% more than 1,189 homes and condos listed a year ago.   MLS brokers added 1,025 new listings to inventory during February, 220 (18%) less than last month, and 186 less than last February.

February’s 1,290 pending sales were 9% lower than January’s 1418 mutually accepted offers, and 20% lower than 1,617 pending sales last February.

Pierce County MLS members reported 901 closed sales during February.  This is slightly higher than last month’s 895 closed sales, and 148 (14%) less than 1,049 completed transactions in February a year ago.

The median price for February’s closed sales of single family homes and condominiums (combined) was $350,000. This is up 9.4% from the February 2018 figure of $320,000.  The average time on market for properties that sold was 53 days, compared to 50 days last month and 47 days this month last year. Pierce County has a 1.7 month supply of housing inventory on the market. (4-6 months is considered a balanced market.)

Pierce County’s January figures show the lowest year-over-year price gain in over three years, while prices actually dropped in King County, leading some to wonder if the market has peaked.  Inventory continues to be higher than a year ago, but supply is still tight.  Buyers are attracted by lower interest rates, but housing affordability is still a concern, especially for first- time buyers.

At month end, there were 1,623 active listings in the MLS database, 105 less than December’s 1,728 inventory, and 19% more than 1,360 homes and condos listed a year ago.   MLS brokers added 1,245 new listings to inventory during January, 565 (83%) more than last month, and 12 more than last January.

January’s 1,418 pending sales were 34% higher than December’s 1,056 mutually accepted offers, and 10% lower than 1,570 pending sales last January.

Pierce County MLS members reported 895 closed sales during January.  This is 21% lower than last month’s 1,134closed sales, and 103 (10%) less than 998 completed transactions in January a year ago.

The median price for January’s closed sales of single family homes and condominiums (combined) was $326,950. This is up 6.4% from the January 2018 figure of $307,250.  The average time on market for properties that sold was 50 days, compared to 47 days last month and 47 days this month last year. Pierce County has a 1.8 month supply of housing inventory on the market. (4-6 months is considered a balanced market.)

2018 is being described as a transition year with some balancing of the market, although it is still seller-leaning due to lack of housing inventory for a job-expanding regional economy. Predictions for 2019 include a continuing trend toward a more balanced market with home prices continuing to rise, but at a more moderate rate, with cautious buyers and activity moving from urban center’s higher prices to lower priced areas.

At month end, there were 1,728 active listings in the MLS database, 458 less than November’s 2,186 inventory, and 15% more than 1,500 homes and condos listed a year ago.   MLS brokers added 680 new listings to inventory during December, 356 (34%) less than last month, and 192 less than last December.

December’s 1,056 pending sales were 19% lower than November’s 1,308 mutually accepted offers, and 15.4% lower than 1,248 pending sales last December.

Pierce County MLS members reported 1,134 closed sales during December.  This is 6% lower than last month’s 1,207closed sales, and 222 (16%) less than 1,356 completed transactions in December a year ago.

The median price for December’s closed sales of single family homes and condominiums (combined) was $339,838. This is up 8% from the December 2017 figure of $314,995.  The average time on market for properties that sold was 47 days, compared to 39 days last month and 45 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.)

Pierce County’s median home price is about half of King County’s, causing it to experience the balancing of the market in less extreme ways than King County.  The number of active listings hasn’t increased as much, and the month’s supply of inventory is lower. Pending and Closed Sales have not dropped by as much. Prices have continued to rise at a higher rate.   

At month end, Pierce County had 2,186 active listings in the MLS database, 288 less than October’s 2,474inventory, and 19.5% more than 1,830 homes and condos listed a year ago.   MLS brokers added 1,036 new listings to inventory during November, 371 (24%) less than last month, but the same number as last November.

November’s 1,308 pending sales were 21% lower than October’s 1,652 mutually accepted offers, and 11.5% lower than 1,478 pending sales last November.

Pierce County MLS members reported 1,207 closed sales during November.  This is 15% lower than last month’s 1,427closed sales, and 178 (13%) less than 1,385 completed transactions in November a year ago.

The median price for November’s closed sales of single family homes and condominiums (combined) was $337,000. This is up 11.6% from the November 2017 figure of $301,900.  The average time on market for properties that sold was 39 days, compared to 37 days last month and 39 days this month last year. Pierce County has a 1.8 month supply of housing inventory on the market. (4-6 months is considered a balanced market.)