Both closed sales and prices surged in April as the spring market kicked into high gear. Closed sales were a whopping 38% higher than last April! Listing inventory held steady this month after a year-long descent. The Pierce County market has only 2.14 months supply of listing inventory, down from 3.6 months last April. (Four to six months is considered to be a balanced market.)
At month end, there were 2,796 active listings in the MLS database, 38 more than March’s 2,758 inventory, and 580 less than 3,376 homes and condos listed a year ago. MLS brokers added 1,725 new listings to inventory during April, one less than last month, and 74 more than the same month a year ago.
April’s 1,909 pending sales are 143 less than March’s 2,052 mutually accepted offers, and 22% higher than pending sales last April.
Pierce County MLS members reported 1,307 closed sales during April. This is a 23% increase from last month’s 1,065 closed sales, and a 38% increase from 948 completed transactions in April a year ago.
The median price for April’s closed sales of single family homes and condominiums (combined) was $243,000. This is up 13% from the April 2014 figure of $215,000. The average time on market for properties that sold was 69 days, compared to 80 days last month and 67 days this month last year.