Real estate’s seasonal slowdown began in August with fewer new homes on the market, fewer pending sales and fewer closed sales than in July. There is a 2.45 months supply of listing inventory in Pierce County, a slight uptick from the last few months, but still a seller’s market. (Four to six months is considered to be a balanced market.)
At month end, there were 3,307 active listings in the MLS database, barely 1% more than July’s 3,277 inventory, but 21.6% less than 4,218 homes and condos listed a year ago. MLS brokers added 1,569 new listings to inventory during August, 237 less than last month, and 22 less than the same month a year ago.
August’s 1,722 pending sales were 143 less than July’s 1,865 mutually accepted offers, and 11.1% higher than 1,550 pending sales last August.
Pierce County MLS members reported 1,352 closed sales during August. This is an 8.8% decrease from last month’s 1,476 closed sales, and a 7% increase from 1,264 completed transactions in August a year ago.
The median price for August’s closed sales of single family homes and condominiums (combined) was $250,000. This is up 6.4% from the August 2014 figure of $235,000. The average time on market for properties that sold was 52 days, compared to 52 days last month and 59 days this month last year.