Tax law revisions and gradually climbing interest rates haven’t slowed down sales activity. Pending sales continue to outpace new listings, bringing 16% year-over-year price increases and reducing inventory to a 1.1 month supply. (4-6 months is considered a balanced market.)
At month end, there were 1,189 active listings in the MLS database, 171 less than January’s 1,360 inventory, and 16% less than 1,416 homes and condos listed a year ago. MLS brokers added 1,211 new listings to inventory during February, 22 less than last month, and 6 less than the same month a year ago.
February’s 1,617 pending sales were 3% higher than January’s 1,570 mutually accepted offers, and almost even with 1,616 pending sales last February.
Pierce County MLS members reported 1,049 closed sales during February. This is a 5% increase from last month’s 998 closed sales, and a 6.5% increase from 985 completed transactions in February a year ago.
The median price for February’s closed sales of single family homes and condominiums (combined) was $320,000. This is up 16% from the February 2017 figure of $274,950. The average time on market for properties that sold was 47 days, compared to 47 days last month and 56 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.)