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.)