Good news for sellers: Average days on market continue to drop, and home prices continue to rise. Good news for buyers: Interest rates are remaining low, and the number of active listings is continuing to inch upward a bit, although still last than this time last year.
At month end, there were 2,486 active listings in the MLS database, 11% more than May’s 2,235 inventory, but 20.2% less than 3,115 homes and condos listed a year ago. MLS brokers added 2,015 new listings to inventory during June, 26 more than last month, and 285 more than the same month a year ago.
June’s 2,055 pending sales were 1% lower than May’s 2,082 mutually accepted offers, and 10% higher than 1,867 pending sales last June.
Pierce County MLS members reported 1,558 closed sales during June. This is an 8% increase from last month’s 1,442 closed sales, and a 11% increase from 1,405 completed transactions in June a year ago.
The median price for June’s closed sales of single family homes and condominiums (combined) was $280,000. This is up 11.3% from the June 2015 figure of $251,500. The average time on market for properties that sold was 37 days, compared to 44 days last month and 55 days this month last year.