December statistics show double-digit year-over-year gains in pending sales, closed sales and prices. Declining inventories and increased sales have dropped Pierce County to a new low of only a 1.76 month supply of listing inventory, (still higher than King County’s .84 months). Four to six months is considered to be a balanced market. Pierce County’s sales volume is continuing to increase while King County’s has flattened because this more balanced supply/demand and a lower median home price are drawing people here.
At month end, there were 2,129 active listings in the MLS database, 19% less than November’s 2,635 inventory, and 28% less than 2,961 homes and condos listed a year ago. MLS brokers added 717 new listings to inventory during December, 262 less than last month, and 102 less than the same month a year ago.
December’s 1,172 pending sales were 109 less than November’s 1,281 mutually accepted offers, but 15% higher than 1,018 pending sales last December.
Pierce County MLS members reported 1,209 closed sales during December. This is 25.5% increase from last month’s 963 closed sales, and a 23.5% increase from 979 completed transactions in December a year ago.
The median price for December’s closed sales of single family homes and condominiums (combined) was $249,950. This is up 11% from the December 2014 figure of $225,000. The average time on market for properties that sold was 57 days, compared to 59 days last month and 79 days this month last year.