May was a busy month! A big bump in new listings helped Pierce County to end the month with the highest inventory we’ve had since November, (though still lower than May last year), in spite of pending and closed sales the highest since last summer, (and also higher than May last year).
At month end, there were 1,897 active listings in the MLS database, 18% more than April’s 1,604 inventory, and 15% less than 2,235 homes and condos listed a year ago. MLS brokers added 2,235 new listings to inventory during May, 473 more than last month, and 246 more than the same month a year ago.
May’s 2,215 pending sales were 15% higher than April’s 1,920 mutually accepted offers, and 6.4% higher than 2,082 pending sales last May.
Pierce County MLS members reported 1,587 closed sales during May. This is a 23% increase from last month’s 1,289 closed sales, and a 10% increase from 1,442 completed transactions in May a year ago.
The median price for May’s closed sales of single family homes and condominiums (combined) was $300,000. This is up 11% from the May 2016 figure of $270,500. The average time on market for properties that sold was 35 days, compared to 40 days last month and 44 days this month last year. Pierce County has a 1.2 month supply of housing inventory on the market. (4-6 months is considered a balanced market.)