The number of November pending and closed sales are way ahead of last November, but the number of new listings only moderately so, causing another big drop in the number of active listings and continuing the sellers’ market we’ve been experiencing for over two years now.
At month end, there were 2,173 active listings in the MLS database, 14.7% less than October’s 2,548 inventory, and 17.5% less than 2,635 homes and condos listed a year ago. MLS brokers added 1,017 new listings to inventory during November, 316 less than last month, but 38 more than the same month a year ago.
November’s 1,518 pending sales were 14.7% lower than October’s 1,779 mutually accepted offers, but 18.5% higher than 1,281 pending sales last November.
Pierce County MLS members reported 1,298 closed sales during November. This is a 3% decrease from last month’s 1,339 closed sales, and a 34.8% increase from 963 completed transactions in November a year ago.
The median price for November’s closed sales of single family homes and condominiums (combined) was $280,370. This is up 14.4% from the November 2015 figure of $245,000. The average time on market for properties that sold was 43 days, compared to 41 days last month and 59 days this month last year.