Good news for buyers: The number of active listings is continuing to increase, (although still last than this time last year), and interest rates are remaining low. Good news for sellers: Average days on market continue to drop, and home prices continue to rise.
At month end, there were 2,819 active listings in the MLS database, 13.4% more than June’s 2,486 inventory, and 14% less than 3,277 homes and condos listed a year ago. MLS brokers added 2,057 new listings to inventory during July, 42 more than last month, and 251 more than the same month a year ago.
July’s 2,098 pending sales were 2% higher than June’s 2,055 mutually accepted offers, and 12.5% higher than 1,865 pending sales last July.
Pierce County MLS members reported 1,499 closed sales during July. This is a 3.8% decrease from last month’s 1,558 closed sales, and a 1.6% increase from 1,476 completed transactions in July a year ago.
The median price for July’s closed sales of single family homes and condominiums (combined) was $280,000. This is up 14% from the July 2015 figure of $245,000. The average time on market for properties that sold was 32 days, compared to 37 days last month and 51 days this month last year.