Sales continue to be way higher, and inventory continues to be way lower than last year. It’s still a seller’s market with buyers scrambling to buy a home. The median price for closed sales in the first five months of 2015 is 7.8% higher than the first five months of 2014. But May was a little less crazy than April.
At month end, there were 3,001 active listings in the MLS database, 205 more than April’s 2,796 inventory, and 661 less than 3,662 homes and condos listed a year ago. MLS brokers added 1,831 new listings to inventory during May, 106 more than last month, and 42 less than the same month a year ago.
May’s 1,855 pending sales were 2.8% lower than April’s 1,909 mutually accepted offers, and 12.8% higher than 1,645 pending sales last May.
Pierce County MLS members reported 1,267 closed sales during May. This is a 3% decrease from last month’s 1,307 closed sales, and an 11.4% increase from 1,137 completed transactions in May a year ago.
The median price for May’s closed sales of single family homes and condominiums (combined) was $250,000. This is up 9% from the May 2014 figure of $229,000. The average time on market for properties that sold was 68 days, compared to 69 days last month and 69 days this month last year.