The number of homes on the market in Pierce County managed to creep up a bit last month, even while pending and closed sales were way higher than last August. Inventory levels are still less than last year though, and we still have less than 2 months of inventory on hand. (Four to six months is considered a balanced market.)
The August median sale price in Pierce County is up 18% from January, and at 2007’s pre-bubble burst levels. The price gap between Pierce County and King County is narrowing as demand shifts to more affordable homes here.
At month end, there were 2,987 active listings in the MLS database, 6% more than July’s 2,819 inventory, but 9.7% less than 3,307 homes and condos listed a year ago. MLS brokers added 1,957 new listings to inventory during August, 82 less than last month, but 406 more than the same month a year ago.
August’s 2,040 pending sales were 2.8% lower than July’s 2,098 mutually accepted offers, but 18.5% higher than 1,722 pending sales last August.
Pierce County MLS members reported 1,576 closed sales during August. This is a 5% increase from last month’s 1,499 closed sales, and a 16.6% increase from 1,352 completed transactions in August a year ago.
The median price for August’s closed sales of single family homes and condominiums (combined) was $283,225. This is up 13.3% from the August 2015 figure of $250,000. The average time on market for properties that sold was 38 days, compared to 32 days last month and 51 days this month last year.