November statistics continued to show year-over-year gains in closed sales and prices. Mutually accepted offers again surpassed the number of new listings, keeping listing inventory low. 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, contributing to upward price pressure.
At month end, there were 1,830 active listings in the MLS database, 374 less than October’s 2,204 inventory, and 15.8% less than 2,173 homes and condos listed a year ago. MLS brokers added 1,035 new listings to inventory during November, 406 less than last month, but 19 more than the same month a year ago.
November’s 1,478 pending sales were 23.6% lower than October’s 1,934 mutually accepted offers, and 1% lower than 1,495 pending sales last November.
Pierce County MLS members reported 1,385 closed sales during November. This is a 10.4% decrease from last month’s 1,546 closed sales, but a 7% increase from 1,294 completed transactions in November a year ago.
The median price for November’s closed sales of single family homes and condominiums (combined) was $301,900. This is up 7.3% from the November 2016 figure of $281,335. The average time on market for properties that sold was 39 days, compared to 35 days last month and 43 days this month last year. Pierce County has a 1.3 month supply of housing inventory on the market. (4-6 months is considered a balanced market.)