The spring market has sprung with a March surge in new listings and sales compared to February. Continued supply/demand pressures pushed us to unheard of stats for Pierce County that sound more like King County a year ago: Less than one month’s supply of inventory and an 18% year-over-year median price increase.
At month end, there were 1,350 active listings in the MLS database, 161 more than February’s 1,189 inventory, and 12% less than 1,533 homes and condos listed a year ago. MLS brokers added 1,767 new listings to inventory during March, 556 (46%) more than last month, but 48 less than the same month a year ago.
March’s 1,856 pending sales were 15% higher than February’s 1,617 mutually accepted offers, and 3.7% less than 1,928 pending sales last March.
Pierce County MLS members reported 1,369 closed sales during March. This is a 30.5% increase from last month’s 1,049 closed sales, and almost equal to 1,361 completed transactions in March a year ago.
The median price for March’s closed sales of single family homes and condominiums (combined) was $342,500. This is up 18% from the March 2017 figure of $290,000. The average time on market for properties that sold was 43 days, compared to 47 days last month and 51 days this month last year. Pierce County has a .99 month supply of housing inventory on the market. (4-6 months is considered a balanced market.)