March’s big increase in new listings couldn’t keep pace with an even bigger increase in pending sales. Pierce County has only a 2.6 month supply of inventory, the lowest in years. (Four to six months is considered to be a balanced market.) We are starting to feel the effects of a more volatile King County market whose 1.3 month supply and steeper price increases are encouraging buyers to look further South.
At month end, there were 2,758 active listings in the MLS database, 78 less than February’s 2,836 inventory, and 442 less than 3,200 homes and condos listed a year ago. MLS brokers added 1,726 new listings to inventory during March, 506 more than last month, and 158 more than the same month a year ago.
March’s 2,052 pending sales are 577 more than February’s 1,475 mutually accepted offers, and 31% higher than pending sales last March.
Pierce County MLS members reported 1,065 closed sales during March. This is a 35% increase from last month’s 789 closed sales, and a 15.9% increase from 919 completed transactions in March a year ago.
The median price for March’s closed sales of single family homes and condominiums (combined) was $240,000. This is up 7.7% from the March 2014 figure of $222,950. The average time on market for properties that sold was 80 days, compared to 77 days last month and 78 days this month last year.