In June, there was a drop in new listings added to the market, but there was a drop in pending sales too, so we ended the month with increased inventory. Year over year price comparisons show the appreciation rate slowed down too. These are welcome signs of a potential shift to a more balanced market. It’s a good time for buyers to act while they have more home choices and can avoid continued home price and interest rate increases.
At month end, there were 2,227 active listings in the MLS database, 298 more than May’s 1,929 inventory, and 4.3% less than 2,326 homes and condos listed a year ago. MLS brokers added 2,082 new listings to inventory during June, 298 (13%) less than last month, and 213 less than the same month a year ago.
June’s 1,982 pending sales were 8% lower than May’s 2,151 mutually accepted offers, and 7.5% less than 2,143 pending sales last June.
Pierce County MLS members reported 1,772 closed sales during June. This is a 14% increase from last month’s 1,559 closed sales, and 58 more than 1,714 completed transactions in June a year ago.
The median price for June’s closed sales of single family homes and condominiums (combined) was $346,975. This is up 10.2% from the June 2017 figure of $315,000. The average time on market for properties that sold was 23 days, compared to 27 days last month and 30 days this month last year. Pierce County has a 1.26 month supply of housing inventory on the market. (4-6 months is considered a balanced market.)