August started to show a little cooling off as we head into the usual fall season with fewer new listings and pending sales than last month and a slowing of appreciation rates. Low inventory is still driving the market, but the less active months ahead may give buyers more opportunity than they had through the spring and summer.
At month end, there were 2,555 active listings in the MLS database, 2.2% more than July’s 2,499 inventory, and 14.5% less than 2,987 homes and condos listed a year ago. MLS brokers added 1,959 new listings to inventory during August, 138 less than last month, and 6 less than the same month a year ago.
August’s 2,123 pending sales were 4% lower than July’s 2,208 mutually accepted offers, and 4.6% higher than 2,030 pending sales last August.
Pierce County MLS members reported 1,763 closed sales during August. This is a 7.8% increase from last month’s 1,635 closed sales, and a 12% increase from 1,576 completed transactions in August a year ago.
The median price for August’s closed sales of single family homes and condominiums (combined) was $306,000. This is up 8% from the August 2016 figure of $283,225. The average time on market for properties that sold was 27 days, compared to 27days last month and 37 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.)