An increased number of listings were added to the market in February, but the number of listings available at month end continued to drop as the additions were outpaced by the increased level of pending sales. Inventory still reflects a seller’s market with a 2.2 month supply of listing inventory. (Four to six months is considered to be a balanced market.)
At month end, there were 1,861 active listings in the MLS database, 8.7% less than January’s 2,040 inventory, and 34.4% less than 2,836 homes and condos listed a year ago. MLS brokers added 1,313 new listings to inventory during February, 189 more than last month, and 93 less than the same month a year ago.
February’s 1,707 pending sales were 25% higher than January’s 1,360 mutually accepted offers, and 15.7% higher than 1,475 pending sales last February.
Pierce County MLS members reported 866 closed sales during February. This is a 4% decrease from last month’s 904 closed sales, and a 9.8% increase from 789 completed transactions in February a year ago.
The median price for February’s closed sales of single family homes and condominiums (combined) was $249,250. This is up 7% from the February 2015 figure of $233,000. The average time on market for properties that sold was 65 days, compared to 68 days last month and 77 days this month last year.