Heavy snows curbed real estate activity in February. New sales outstripped new listings for the sixth month in a row, continuing a six month decline in inventory, although inventory is still significantly higher than this time last year. The median price of sales that closed in February was the highest since May, probably a reflection of the December drop in interest rates.
At month end, there were 1,486 active listings in the MLS database, 137 less than January’s 1,623 inventory, and 25% more than 1,189 homes and condos listed a year ago. MLS brokers added 1,025 new listings to inventory during February, 220 (18%) less than last month, and 186 less than last February.
February’s 1,290 pending sales were 9% lower than January’s 1418 mutually accepted offers, and 20% lower than 1,617 pending sales last February.
Pierce County MLS members reported 901 closed sales during February. This is slightly higher than last month’s 895 closed sales, and 148 (14%) less than 1,049 completed transactions in February a year ago.
The median price for February’s closed sales of single family homes and condominiums (combined) was $350,000. This is up 9.4% from the February 2018 figure of $320,000. The average time on market for properties that sold was 53 days, compared to 50 days last month and 47 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.)