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.)