Signs of the upcoming holiday/winter season were evident in October with fewer new listings than we’ve seen since February. The trend toward a more balanced market encouraged buyers, shown in increased pending and closed sales over the previous month, although still not as high a volume as we had last October. Increased average days on market and slowing price increases are additional signs that things are starting to shift.
At month end, there were 2,474 active listings in the MLS database, 268 less than September’s 2,742 inventory, and 12.3% more than 2,204 homes and condos listed a year ago. MLS brokers added 1,407 new listings to inventory during October, 150 (9.6%) less than last month, and 34 less than the same month a year ago.
October’s 1,652 pending sales were 2.5% higher than September’s 1,612 mutually accepted offers, but 14.5% lower than 1,934 pending sales last October.
Pierce County MLS members reported 1,427 closed sales during October. This is 4.4% higher than last month’s 1,367 closed sales, and 119 (7.7%) less than 1,546 completed transactions in October a year ago.
The median price for October’s closed sales of single family homes and condominiums (combined) was $331,000. This is up 7% from the October 2017 figure of $309,000. The average time on market for properties that sold was 37 days, compared to 32 days last month and 35 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.)