April brought us a slight uptick in inventory, but not enough to slow down prices that are still climbing at double-digit rates. It’s doubtful we’ll see improved affordability any time soon as demand continues to be strong, and interest rates gradually increase.
At month end, there were 1,472 active listings in the MLS database, 122 more than March’s 1,350 inventory, and 8% less than 1,604 homes and condos listed a year ago. MLS brokers added 1,875 new listings to inventory during April, 108 (6%) more than last month, and 113 more than the same month a year ago.
April’s 1,977 pending sales were 6.5% higher than March’s 1,856 mutually accepted offers, and 3% more than 1,920 pending sales last April.
Pierce County MLS members reported 1,343 closed sales during April. This is a 2% decrease from last month’s 1,369 closed sales, and a 4% increase over the 1,289 completed transactions in April a year ago.
The median price for April’s closed sales of single family homes and condominiums (combined) was $337,950. This is up 16% from the April 2017 figure of $290,500. The average time on market for properties that sold was 35 days, compared to 43 days last month and 40 days this month last year. Pierce County has a 1.1 month supply of housing inventory on the market. (4-6 months is considered a balanced market.)