December ended the year with the lowest inventory of homes in a decade. Despite this, there were still slightly more pending sales and closed sales recorded than in December last year. Rising prices and shorter days on market will continue as long as the imbalance of supply and demand continues.
At month end, there were 1,500 active listings in the MLS database, 330 less than November’s 1,830 inventory, and 15% less than 1,763 homes and condos listed a year ago. MLS brokers added 872 new listings to inventory during December, 163 less than last month, but 65 more than the same month a year ago.
December’s 1,248 pending sales were 15.6% lower than November’s 1,478 mutually accepted offers, but 4% higher than 1,201 pending sales last December.
Pierce County MLS members reported 1,356 closed sales during December. This is a 2% decrease from last month’s 1,385 closed sales, and a 2% increase over 1,326 completed transactions in December a year ago.
The median price for December’s closed sales of single family homes and condominiums (combined) was $314,995. This is up 12.3% from the December 2016 figure of $280,500. The average time on market for properties that sold was 47 days, compared to 39 days last month and 51 days this month last year. Pierce County has a 1.1 month supply of housing inventory on the market. (4-6 months is considered a balanced market.)