Continuing falling inventory has finally affected year-over-year comparisons of pending sales; after double digit increases all last year, this January didn’t even quite match last January. The reduced supply continues to create challenges for buyers with fewer choices, increased competition and prices trending upward.
At month end, there were 2,040 active listings in the MLS database, 4% less than December’s 2,129 inventory, and 29.7% less than 2,903 homes and condos listed a year ago. MLS brokers added 1,124 new listings to inventory during January, 407 more than last month, and 86 less than the same month a year ago.
January’s 1,360 pending sales were 188 more than December’s 1,172 mutually accepted offers, and slightly lower than 1,363 pending sales last January.
Pierce County MLS members reported 904 closed sales during January. This is 25% decrease from last month’s 1,209 closed sales, and a 19.6% increase from 756 completed transactions in January a year ago.
The median price for January’s closed sales of single family homes and condominiums (combined) was $240,000. This is up 10.5% from the January 2015 figure of $217,250. The average time on market for properties that sold was 68 days, compared to 57 days last month and 78 days this month last year.