There were more new listings added to the market in May than any month in the last 10 years, helping month end inventory to be higher than the previous year for the first time since 2014. This is a welcome sign of a potential shift to a more balanced market. It’s a good time for buyers to act and avoid continued home price and interest rate increases.
At month end, there were 1,929 active listings in the MLS database, 457 more than April’s 1,472 inventory, and 1.7% less than 1,897 homes and condos listed a year ago. MLS brokers added 2,380 new listings to inventory during May, 505 (27%) more than last month, and 145 more than the same month a year ago.
May’s 2,151 pending sales were 9% higher than April’s 1,977 mutually accepted offers, but 3% less than 2,215 pending sales last May.
Pierce County MLS members reported 1,559 closed sales during May. This is a 16% increase from last month’s 1,343 closed sales, but 28 less than 1,587 completed transactions in May a year ago.
The median price for May’s closed sales of single family homes and condominiums (combined) was $350,000. This is up 16.7% from the May 2017 figure of $300,000. The average time on market for properties that sold was 27 days, compared to 35 days last month and 34 days this month last year. Pierce County has a 1.24 month supply of housing inventory on the market. (4-6 months is considered a balanced market.)