The seasonal slowdown is rather muted this year as the local real estate market stays strong. Pending sales showed the highest October volume in a decade, and continues to outpace the number of new listings, reducing inventory to its lowest since April. This sellers market is pushing prices up and keeping days on market down.
At month end, there were 2,929 active listings in the MLS database, 6.6% less than September’s 3,135 inventory, and 21.4% less than 3,725 homes and condos listed a year ago. MLS brokers added 1,344 new listings to inventory during October, 64 less than last month, but 110 more than the same month a year ago.
October’s 1,562 pending sales were 30 less than September’s 1,592 mutually accepted offers, but 14.6% higher than 1,363 pending sales last October.
Pierce County MLS members reported 1,209 closed sales during October. This is a 5.8% decrease from last month’s 1,284 closed sales, but a 7.3% increase from 1,127 completed transactions in October a year ago.
The median price for October’s closed sales of single family homes and condominiums (combined) was $251,000. This is up 10% from the October 2014 figure of $228,000. The average time on market for properties that sold was 57 days, compared to 51 days last month and 67 days this month last year.