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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.)

Building bonanza continues in Tacoma

The past two years have seen a surge of apartment projects in Tacoma, at a pace not seen since the 1980's.

There was a groundbreaking for Tacoma's Town Center last week. This week another groundbreaking is scheduled for a mixed-use development at 1210 Tacoma Ave. S. This 7 story project will include two levels of underground parking, 166 residential units, and ground level retail amenities. 

There are well over 1,000 apartment units under construction or permitted to be built in the Tacoma downtown/Stadium area alone. 

See The News Tribune article for more details

Pierce County Report: NW Multiple Listing Service Stats for September

September continued the seasonal slowdown with less activity than last month.  Pending sales surpassed the number of new listings again, as happened most months this year.  This continuing high demand/low supply dynamic caused year-over-year median prices to surge 14.6%, the highest since 2013.   

At month end, there were 2,556 active listings in the MLS database, only one more than August’s 2,555 inventory, and 10.7% less than 2,863 homes and condos listed a year ago.   MLS brokers added 1,669 new listings to inventory during September, 290 less than last month, but 145 more than the same month a year ago.

September’s 1,775 pending sales were 16% lower than August’s 2,123 mutually accepted offers, and about 1%  lower than 1,791 pending sales last September.

Pierce County MLS members reported 1,617 closed sales during September.  This is an 8.3% decrease from last month’s 1,763 closed sales, but a 7% increase from 1,508 completed transactions in September a year ago.

The median price for September’s closed sales of single family homes and condominiums (combined) was $315,000. This is up 14.6% from the September 2016 figure of $274,900.  The average time on market for properties that sold was 34 days, compared to 27 days last month and 36 days this month last year. Pierce County has a 1.6 month supply of housing inventory on the market. (4-6 months is considered a balanced market.)

5 Pierce County Zip Codes where home prices are rising the fastest

The median home sale price in Pierce County is nearly 10 percent compared to a year ago.  Last month, a median-priced home sold for $313,000, up from $285,000 a year ago.  Not all ZIP codes in the county are seeing the increase equally. Sale prices are skyrocketing in some areas and stagnating in others.

Click here to read the full News Tribune article that lists the 5 zip codes leading the pack.

 

Pierce County Report: NW Multiple Listing Service Stats for August

August started to show a little cooling off as we head into the usual fall season with fewer new listings and pending sales than last month and a slowing of appreciation rates. Low inventory is still driving the market, but the less active months ahead may give buyers more opportunity than they had through the spring and summer. 

At month end, there were 2,555 active listings in the MLS database, 2.2% more than July’s 2,499 inventory, and 14.5% less than 2,987 homes and condos listed a year ago.   MLS brokers added 1,959 new listings to inventory during August, 138 less than last month, and 6 less than the same month a year ago.

August’s 2,123 pending sales were 4% lower than July’s 2,208 mutually accepted offers, and 4.6%  higher than 2,030 pending sales last August.

Pierce County MLS members reported 1,763 closed sales during August.  This is a 7.8% increase from last month’s 1,635 closed sales, and a 12% increase from 1,576 completed transactions in August a year ago.

The median price for August’s closed sales of single family homes and condominiums (combined) was $306,000. This is up 8% from the August 2016 figure of $283,225.  The average time on market for properties that sold was 27 days, compared to 27days last month and 37 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.)

Compare house prices in Pierce County cities

South Sound's real estate prices and the influx of people to the area are getting attention.

Click here for The News Tribune's recent article showing how median home prices have changed in Tacoma, Lakewood, University Place, Puyallup and Bonney Lake, (and Seattle for comparison purposes), over the last year.   

Pierce County Report: NW Multiple Listing Service Stats for May

May was a busy month! A big bump in new listings helped Pierce County to end the month with the highest inventory we’ve had since November, (though still lower than May last year), in spite of pending and closed sales the highest since last summer, (and also higher than May last year).

At month end, there were 1,897 active listings in the MLS database, 18% more than April’s 1,604 inventory, and 15% less than 2,235 homes and condos listed a year ago.   MLS brokers added 2,235 new listings to inventory during May, 473 more than last month, and 246 more than the same month a year ago.

May’s 2,215 pending sales were 15% higher than April’s 1,920 mutually accepted offers, and 6.4%  higher than 2,082 pending sales last May.

Pierce County MLS members reported 1,587 closed sales during May.  This is a 23% increase from last month’s 1,289 closed sales, and a 10% increase from 1,442 completed transactions in May a year ago.

The median price for May’s closed sales of single family homes and condominiums (combined) was $300,000. This is up 11% from the May 2016 figure of $270,500.  The average time on market for properties that sold was 35 days, compared to 40 days last month and 44 days 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.)

Pierce County Report: NW Multiple Listing Service Stats for April

April’s pending sales and closed sales were both lower than last month (unusual for April), and lower than April last year. These reduced sales are a result of reduced inventory; new listings in April are also lower than the previous month and the same month a year ago.  The only upward trending numbers are on median sale prices in this ‘supply & demand’ driven seller’s market.

At month end, there were 1,604 active listings in the MLS database, 4.6% more than March’s 1,533 inventory, and 22% less than 2,050 homes and condos listed a year ago.   MLS brokers added 1,762 new listings to inventory during April, 53 less than last month, and 177 less than the same month a year ago.

April’s 1,920 pending sales were slightly lower than March’s 1,928 mutually accepted offers, and 3.4%  lower than 1,987 pending sales last April.

Pierce County MLS members reported 1,289 closed sales during April.  This is a 5% decrease from last month’s 1,361 closed sales, and a 4.2% decrease from 1,346 completed transactions in April a year ago.

The median price for April’s closed sales of single family homes and condominiums (combined) was $290,500. This is up 10% from the April 2016 figure of $264,000.  The average time on market for properties that sold was 40 days, compared to 52 days last month and 48 days this month last year.

Pierce County Report: NW Multiple Listing Service Stats for March

March saw a huge bump in the number of new listings, but the month ended with only a small (but welcome!) increase in total inventory from the previous month because of the increased number of pending sales.  There is only 1.13 months supply of listing inventory in Pierce County – a new low.  (Four to six months is considered a balanced market.)

At month end, there were 1,533 active listings in the MLS database, 8.3% more than February’s 1,416 inventory, and 16% less than 1,824 homes and condos listed a year ago.   MLS brokers added 1,815 new listings to inventory during March, 598 more than last month, and 118 more than the same month a year ago.

March’s 1,928 pending sales were 19.3% higher than February’s 1,616 mutually accepted offers, but 2.6% lower than 1,980 pending sales last March.

Pierce County MLS members reported 1,361 closed sales during March.  This is a 38% increase from last month’s 985 closed sales, and a 7.4% increase from 1,267 completed transactions in March a year ago.

The median price for March’s closed sales of single family homes and condominiums (combined) was $290,000. This is up 11% from the March 2016 figure of $261,000.  The average time on market for properties that sold was 52 days, compared to 57 days last month and 61 days this month last year.

Pierce County Report: NW Multiple Listing Service Stats for February

Home buyers are catching spring fever before sellers are, causing inventory to be at its lowest in over a decade, and causing year-over-year pending sales to decline for the first time since March 2016.  The median price of homes in Pierce County is about 55% of the price in King County, making it attractive to buyer’s being priced out of the King County market.

At month end, there were 1,416 active listings in the MLS database, 10% less than January’s 1,575 inventory, and 24% less than 1,861 homes and condos listed a year ago.   MLS brokers added 1,217 new listings to inventory during February, 76 more than last month, and 96 less than the same month a year ago.

February’s 1,616 pending sales were 5.6% higher than January’s 1,530 mutually accepted offers, but 5.3% lower than 1,707 pending sales last February.

Pierce County MLS members reported 985 closed sales during February.  This is a 10.4% decrease from last month’s 1,099 closed sales, but a 13.7% increase from 866 completed transactions in February a year ago.

The median price for February’s closed sales of single family homes and condominiums (combined) was $274,950. This is up 10.3% from the February 2016 figure of $249,250.  The average time on market for properties that sold was 57 days, compared to 54 days last month and 65 days this month last year.

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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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