2018 is being described as a transition year with some balancing of the market, although it is still seller-leaning due to lack of housing inventory for a job-expanding regional economy. Predictions for 2019 include a continuing trend toward a more balanced market with home prices continuing to rise, but at a more moderate rate, with cautious buyers and activity moving from urban center’s higher prices to lower priced areas.
At month end, there were 1,728 active listings in the MLS database, 458 less than November’s 2,186 inventory, and 15% more than 1,500 homes and condos listed a year ago. MLS brokers added 680 new listings to inventory during December, 356 (34%) less than last month, and 192 less than last December.
December’s 1,056 pending sales were 19% lower than November’s 1,308 mutually accepted offers, and 15.4% lower than 1,248 pending sales last December.
Pierce County MLS members reported 1,134 closed sales during December. This is 6% lower than last month’s 1,207closed sales, and 222 (16%) less than 1,356 completed transactions in December a year ago.
The median price for December’s closed sales of single family homes and condominiums (combined) was $339,838. This is up 8% from the December 2017 figure of $314,995. The average time on market for properties that sold was 47 days, compared to 39 days last month and 45 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.)