We continued to have hot weather and a hot real estate market in July with increased pending and closed sales. Average days on market continued to drop. Inventory has slightly improved the last couple months, although still significantly less than last year.

At month end, there were 3,277 active listings in the MLS database, 5.2% more than June’s 3,115 inventory, and 21.5% less than 4,172 homes and condos listed a year ago. MLS brokers added 1,806 new listings to inventory during July, 76 more than last month, and 58 less than the same month a year ago.

July’s 1,865 pending sales were 2 less than June’s 1,867 mutually accepted offers, and 21.1% higher than 1,540 pending sales last July.

Pierce County MLS members reported 1,476 closed sales during July. This is a 5% increase from last month’s 1,405 closed sales, and a 22.5% increase from 1,205 completed transactions in July a year ago.

The median price for July’s closed sales of single family homes and condominiums (combined) was $245,000. This is up 6.5% from the July 2014 figure of $230,000. The average time on market for properties that sold was 52 days, compared to 55 days last month and 60 days this month last year.