Pierce County’s real estate market is a less extreme version of King and Snohomish County. We are down to only 1.4 months of inventory (4-6 months is a balanced market) – King and Snohomish counties have only 1 and 1.1 months. Our pending sales were down in March compared to last March but not as much as theirs were. Our median closed sale price increased over last March, but not as much as theirs did.
At month end, there were 1,824 active listings in the MLS database, 2% less than February’s 1,861 inventory, and 34% less than 2,758 homes and condos listed a year ago. MLS brokers added 1,697 new listings to inventory during March, 384 more than last month, and 29 less than the same month a year ago.
March’s 1,980 pending sales were 16% higher than February’s 1,707 mutually accepted offers, and 3.5% lower than 2,052 pending sales last March.
Pierce County MLS members reported 1,267 closed sales during March. This is a 46% increase from last month’s 866 closed sales, and a 19% increase from 1,067 completed transactions in March a year ago.
The median price for March’s closed sales of single family homes and condominiums (combined) was $261,000. This is up 8.7% from the March 2015 figure of $240,000. The average time on market for properties that sold was 61 days, compared to 65 days last month and 79 days this month last year.