Inventory fell another 10% from December’s 10 year low. There is only a 1.36 month supply of listing inventory for single family homes in Pierce County; condos are even more scarce with less than a month’s supply. (Four to six months is considered a balanced market.) These shortages drove prices to an unprecedented 15% year-over-year price jump.
At month end, there were 1,360 active listings in the MLS database, 140 less than December’s 1,500 inventory, and 13.7% less than 1,575 homes and condos listed a year ago. MLS brokers added 1,233 new listings to inventory during January, 361 more than last month, and 92 more than the same month a year ago.
January’s 1,570 pending sales were 26% higher than December’s 1,248 mutually accepted offers, and 2.6% higher than 1,530 pending sales last January.
Pierce County MLS members reported 998 closed sales during January. This is a 26% decrease from last month’s 1,356 closed sales, and a 9% decrease from 1,099 completed transactions in January a year ago.
The median price for January’s closed sales of single family homes and condominiums (combined) was $307,250. This is up 15% from the January 2017 figure of $267,000. The average time on market for properties that sold was 47 days, compared to 47 days last month and 53 days this month last year. Pierce County has a 1.4 month supply of housing inventory on the market. (4-6 months is considered a balanced market.)