Again this month, pending and closed sales outgained the same month last year by double digit percentages, and inventory is 18% lower than this time last year. This continued imbalance between listings and sales means shrinking “months of supply”, now down to 2.2 months, and is impacting average days on market, which is lower than it’s been in many years at 55 days.
At month end, there were 3,115 active listings in the MLS database, 3.8% more than May’s 3,001 inventory, and 18.4% less than 3,815 homes and condos listed a year ago. MLS brokers added 1,730 new listings to inventory during June, 101 less than last month, and 31 less than the same month a year ago.
June’s 1,867 pending sales were 12 more than May’s 1,855 mutually accepted offers, and 20.1% higher than 1,555 pending sales last June.
Pierce County MLS members reported 1,405 closed sales during June, the highest in many years. This is an 11% increase from last month’s 1,267 closed sales, and a 29.5% increase from 1,085 completed transactions in June a year ago.
The median price for June’s closed sales of single family homes and condominiums (combined) was $251,500. This is up 9.4% from the June 2014 figure of $229,950. The average time on market for properties that sold was 55 days, compared to 68 days last month and 66 days this month last year.