November statistics continue to show year-over-year gains in pending sales, closed sales and prices. Inventory continues to decline, maintaining a sellers market with a 2.74 month supply of listing inventory. (Four to six months is considered to be a balanced market.) The median home price in Pierce County is half that of King County, causing buyers priced out of the King County market to look South, creating some upward price pressure.
At month end, there were 2,635 active listings in the MLS database, 10% less than October’s 2,929 inventory, and 22% less than 3,385 homes and condos listed a year ago. MLS brokers added 979 new listings to inventory during November, 365 less than last month, but 19 more than the same month a year ago.
November’s 1,281 pending sales were 281 less than October’s 1,562 mutually accepted offers, but 11% higher than 1,152 pending sales last November.
Pierce County MLS members reported 963 closed sales during November. This is a 20.4% decrease from last month’s 1,209 closed sales, but a 6.5% increase from 904 completed transactions in November a year ago.
The median price for November’s closed sales of single family homes and condominiums (combined) was $245,000. This is up 8% from the November 2014 figure of $227,000. The average time on market for properties that sold was 59 days, compared to 57 days last month and 71 days this month last year.