May statistics continue to show year-over-year gains in pending sales, closed sales and prices. Increased new listings are helping to keep the inventory relatively stable, although still significantly lower than last year, continuing a seller’s market with only 1.55 month’s supply of inventory in Pierce County. (Four to six months of inventory is considered a balanced market.)
At month end, there were 2,235 active listings in the MLS database, 9% more than April’s 2,050 inventory, and 25.5% less than 3,001 homes and condos listed a year ago. MLS brokers added 1,989 new listings to inventory during May, 50 more than last month, and 158 more than the same month a year ago.
May’s 2,082 pending sales were 5% higher than April’s 1,987 mutually accepted offers, and 12% higher than 1,855 pending sales last May.
Pierce County MLS members reported 1,442 closed sales during May. This is a 7% increase from last month’s 1,346 closed sales, and a 14% increase from 1,267 completed transactions in May a year ago.
The median price for May’s closed sales of single family homes and condominiums (combined) was $270,500. This is up 8.2% from the May 2015 figure of $250,000. The average time on market for properties that sold was 44 days, compared to 49 days last month and67 days this month last year.