It was a busy month, with the highest December volume in many years! New sales continued to outpace new listings, further reducing inventory. Now is a good time for sellers to take advantage of low inventory. Now is a good time for buyers to avoid anticipated rising home prices and interest rates.
At month end, there were 2,961 active listings in the MLS database, 424 less than November’s 3,385 inventory, and 91 less than 3,052 homes and condos listed a year ago. MLS brokers added 819 new listings to inventory during December, 141 less than last month, and 45 less than the same month a year ago.
December’s 1,018 pending sales are 134 less than November’s 1,152 mutually accepted offers, and 13% higher than pending sales last December.
Pierce County MLS members reported 979 closed sales during December. This is an 8.3% increase from last month’s 904 closed sales, and an 8.7% increase from 901 completed transactions in December a year ago.
The median price for December’s closed sales of single family homes and condominiums (combined) was $225,000. This is up 9.7% from the December 2013 figure of $205,000. The average time on market for properties that sold was 79 days, compared to 71 days last month and 77 days this month last year.