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Pierce County Report: NW Multiple Listing Service Stats for July

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.)

Pierce County Report: NW Multiple Listing Service Stats for June

In June, there was a drop in new listings added to the market, but there was a drop in pending sales too, so we ended the month with increased inventory. Year over year price comparisons show the appreciation rate slowed down too. These are welcome signs of a potential shift to a more balanced market. It’s a good time for buyers to act while they have more home choices and can avoid continued home price and interest rate increases.  

At month end, there were 2,227 active listings in the MLS database, 298 more than May’s 1,929 inventory, and 4.3% less than 2,326 homes and condos listed a year ago.   MLS brokers added 2,082 new listings to inventory during June, 298 (13%) less than last month, and 213 less than the same month a year ago.

June’s 1,982 pending sales were 8% lower than May’s 2,151 mutually accepted offers, and 7.5% less than 2,143 pending sales last June.

Pierce County MLS members reported 1,772 closed sales during June.  This is a 14% increase from last month’s 1,559 closed sales, and 58 more than 1,714 completed transactions in June a year ago.

The median price for June’s closed sales of single family homes and condominiums (combined) was $346,975. This is up 10.2% from the June 2017 figure of $315,000.  The average time on market for properties that sold was 23 days, compared to 27 days last month and 30 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.)

Pierce County Report: NW Multiple Listing Service Stats for May

There were more new listings added to the market in May than any month in the last 10 years, helping month end inventory to be higher than the previous year for the first time since 2014. This is a welcome sign of a potential shift to a more balanced market. It’s a good time for buyers to act and avoid continued home price and interest rate increases.  

At month end, there were 1,929 active listings in the MLS database, 457 more than April’s 1,472 inventory, and 1.7% less than 1,897 homes and condos listed a year ago.   MLS brokers added 2,380 new listings to inventory during May, 505 (27%) more than last month, and 145 more than the same month a year ago.

May’s 2,151 pending sales were 9% higher than April’s 1,977 mutually accepted offers, but 3% less than 2,215 pending sales last May.

Pierce County MLS members reported 1,559 closed sales during May.  This is a 16% increase from last month’s 1,343 closed sales, but 28 less than 1,587 completed transactions in May a year ago.

The median price for May’s closed sales of single family homes and condominiums (combined) was $350,000. This is up 16.7% from the May 2017 figure of $300,000.  The average time on market for properties that sold was 27 days, compared to 35 days last month and 34 days this month last year. Pierce County has a 1.24 month supply of housing inventory on the market. (4-6 months is considered a balanced market.)

Pierce County Report: NW Multiple Listing Service Stats for April

April brought us a slight uptick in inventory, but not enough to slow down prices that are still climbing at double-digit rates. It’s doubtful we’ll see improved affordability any time soon as demand continues to be strong, and interest rates gradually increase.

At month end, there were 1,472 active listings in the MLS database, 122 more than March’s 1,350 inventory, and 8% less than 1,604 homes and condos listed a year ago.   MLS brokers added 1,875 new listings to inventory during April, 108 (6%) more than last month, and 113 more than the same month a year ago.

April’s 1,977 pending sales were 6.5% higher than March’s 1,856 mutually accepted offers, and 3% more than 1,920 pending sales last April.

Pierce County MLS members reported 1,343 closed sales during April.  This is a 2% decrease from last month’s 1,369 closed sales, and a 4% increase over the 1,289 completed transactions in April a year ago.

The median price for April’s closed sales of single family homes and condominiums (combined) was $337,950. This is up 16% from the April 2017 figure of $290,500.  The average time on market for properties that sold was 35 days, compared to 43 days last month and 40 days this month last year. Pierce County has a 1.1 month supply of housing inventory on the market. (4-6 months is considered a balanced market.)

Pierce County Report: NW Multiple Listing Service Stats for March

The spring market has sprung with a March surge in new listings and sales compared to February. Continued supply/demand pressures pushed us to unheard of stats for Pierce County that sound more like King County a year ago: Less than one month’s supply of inventory and an 18% year-over-year median price increase.

At month end, there were 1,350 active listings in the MLS database, 161 more than February’s 1,189 inventory, and 12% less than 1,533 homes and condos listed a year ago.   MLS brokers added 1,767 new listings to inventory during March, 556 (46%) more than last month, but 48 less than the same month a year ago.

March’s 1,856 pending sales were 15% higher than February’s 1,617 mutually accepted offers, and 3.7% less than 1,928 pending sales last March.

Pierce County MLS members reported 1,369 closed sales during March.  This is a 30.5% increase from last month’s 1,049 closed sales, and almost equal to 1,361 completed transactions in March a year ago.

The median price for March’s closed sales of single family homes and condominiums (combined) was $342,500. This is up 18% from the March 2017 figure of $290,000.  The average time on market for properties that sold was 43 days, compared to 47 days last month and 51 days this month last year. Pierce County has a .99 month supply of housing inventory on the market. (4-6 months is considered a balanced market.)

Pierce County Report: NW Multiple Listing Service Stats for February

Tax law revisions and gradually climbing interest rates haven’t slowed down sales activity. Pending sales continue to outpace new listings, bringing 16% year-over-year price increases and reducing inventory to a 1.1 month supply. (4-6 months is considered a balanced market.)

At month end, there were 1,189 active listings in the MLS database, 171 less than January’s 1,360 inventory, and 16% less than 1,416 homes and condos listed a year ago.   MLS brokers added 1,211 new listings to inventory during February, 22 less than last month, and 6 less than the same month a year ago.

February’s 1,617 pending sales were 3% higher than January’s 1,570 mutually accepted offers, and almost even with 1,616 pending sales last February.

Pierce County MLS members reported 1,049 closed sales during February.  This is a 5% increase from last month’s 998 closed sales, and a 6.5% increase from 985 completed transactions in February a year ago.

The median price for February’s closed sales of single family homes and condominiums (combined) was $320,000. This is up 16% from the February 2017 figure of $274,950.  The average time on market for properties that sold was 47 days, compared to 47 days last month and 56 days this month last year. Pierce County has a 1.1 month supply of housing inventory on the market. (4-6 months is considered a balanced market.)

Pierce County Report: NW Multiple Listing Service Stats for January

Inventory fell another 10% from December’s 10 year low. There is only a 1.36 month supply of listing inventory for single family homes in Pierce County; condos are even more scarce with less than a month’s supply.  (Four to six months is considered a balanced market.) These shortages drove prices to an unprecedented 15% year-over-year price jump.

At month end, there were 1,360 active listings in the MLS database, 140 less than December’s 1,500 inventory, and 13.7% less than 1,575 homes and condos listed a year ago.   MLS brokers added 1,233 new listings to inventory during January, 361 more than last month, and 92 more than the same month a year ago.

January’s 1,570 pending sales were 26% higher than December’s 1,248 mutually accepted offers, and 2.6% higher than 1,530 pending sales last January.

Pierce County MLS members reported 998 closed sales during January.  This is a 26% decrease from last month’s 1,356 closed sales, and a 9% decrease from 1,099 completed transactions in January a year ago.

The median price for January’s closed sales of single family homes and condominiums (combined) was $307,250. This is up 15% from the January 2017 figure of $267,000.  The average time on market for properties that sold was 47 days, compared to 47 days last month and 53 days this month last year. Pierce County has a 1.4 month supply of housing inventory on the market. (4-6 months is considered a balanced market.)

Pierce County Report: NW Multiple Listing Service Stats for December

December ended the year with the lowest inventory of homes in a decade. Despite this, there were still slightly more pending sales and closed sales recorded than in December last year. Rising prices and shorter days on market will continue as long as the imbalance of supply and demand  continues.

At month end, there were 1,500 active listings in the MLS database, 330 less than November’s 1,830 inventory, and 15% less than 1,763 homes and condos listed a year ago.   MLS brokers added 872 new listings to inventory during December, 163 less than last month, but 65 more than the same month a year ago.

December’s 1,248 pending sales were 15.6% lower than November’s 1,478 mutually accepted offers, but 4% higher than 1,201 pending sales last December.

Pierce County MLS members reported 1,356 closed sales during December.  This is a 2% decrease from last month’s 1,385 closed sales, and a 2% increase over 1,326 completed transactions in December a year ago.

The median price for December’s closed sales of single family homes and condominiums (combined) was $314,995. This is up 12.3% from the December 2016 figure of $280,500.  The average time on market for properties that sold was 47 days, compared to 39 days last month and 51 days this month last year. Pierce County has a 1.1 month supply of housing inventory on the market. (4-6 months is considered a balanced market.)

Pierce County Report: NW Multiple Listing Service Stats for November

November statistics continued to show year-over-year gains in closed sales and prices.  Mutually accepted offers again surpassed the number of new listings, keeping listing inventory low.  The median home price in Pierce County is half that of King County, causing buyers priced out of the King County market to look South, contributing to upward price pressure.

At month end, there were 1,830 active listings in the MLS database, 374 less than October’s 2,204 inventory, and 15.8% less than 2,173 homes and condos listed a year ago.   MLS brokers added 1,035 new listings to inventory during November, 406 less than last month, but 19 more than the same month a year ago.

November’s 1,478 pending sales were 23.6% lower than October’s 1,934 mutually accepted offers, and 1%  lower than 1,495 pending sales last November.

Pierce County MLS members reported 1,385 closed sales during November.  This is a 10.4% decrease from last month’s 1,546 closed sales, but a 7% increase from 1,294 completed transactions in November a year ago.

The median price for November’s closed sales of single family homes and condominiums (combined) was $301,900. This is up 7.3% from the November 2016 figure of $281,335.  The average time on market for properties that sold was 39 days, compared to 35 days last month and 43 days this month last year. Pierce County has a 1.3 month supply of housing inventory on the market. (4-6 months is considered a balanced market.)

Pierce County Report: NW Multiple Listing Service Stats for October

October was busy, reversing the seasonal slow down by having more pending sales than September. Low inventory continues to drive prices up. The average median price for the first 10 months of this year is 11% higher than last year. 

At month end, there were 2,204 active listings in the MLS database, 352 less than September’s 2,556 inventory, and 13.5% less than 2,548 homes and condos listed a year ago.   MLS brokers added 1,441 new listings to inventory during October, 228 less than last month, but 115 more than the same month a year ago.

October’s 1,934 pending sales were 9% higher than September’s 1,775 mutually accepted offers, and 13%  higher than 1,710 pending sales last October.

Pierce County MLS members reported 1,546 closed sales during October.  This is a 4.4% decrease from last month’s 1,617 closed sales, but a 15.6% increase from 1,338 completed transactions in October a year ago.

The median price for October’s closed sales of single family homes and condominiums (combined) was $309,000. This is up 12% from the October 2016 figure of $275,000.  The average time on market for properties that sold was 35 days, compared to 34 days last month and 40 days this month last year. Pierce County has a 1.4 month supply of housing inventory on the market. (4-6 months is considered a balanced market.)

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Ron & Jeanette Lunceford
Keynote Real Estate
PO Box 64190
University Place, WA 98464
Office: 253-565-1617

Ron: 253-381-6296
Email: Rlunceford@KeynoteRE.com

Jeanette: 253-203-5296
Email: JLunceford@KeynoteRE.com

Phil Mondau: 360-789-5355
Email: PhilM.Keynote@gmail.com


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Ron & Jeanette Lunceford  |  Keynote Real Estate  |  253-565-1617  |  JLunceford@KeynoteRE.com
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