Pierce County home sales outgained new listings again in October as they have for over two years now, keeping the supply of listing inventory at under 2 months, as it has been since March. (Four to six months is considered a balanced market.) Provided low interest rates continue, we expect 2017 real estate activity to take off early with continued housing shortages leading to continued price increases.
At month end, there were 2,548 active listings in the MLS database, 11% less than September’s 2,863 inventory, and 13% less than 2,929 homes and condos listed a year ago. MLS brokers added 1,333 new listings to inventory during October, 191 less than last month, and 11 less than the same month a year ago.
October’s 1,779 pending sales were 1.4% lower than September’s 1,805 mutually accepted offers, but 13.9% higher than 1,562 pending sales last October.
Pierce County MLS members reported 1,339 closed sales during October. This is a 11% decrease from last month’s 1,508 closed sales, and a 10.8% increase from 1,209 completed transactions in October a year ago.
The median price for October’s closed sales of single family homes and condominiums (combined) was $275,000. This is up 9.6% from the October 2015 figure of $251,000. The average time on market for properties that sold was 41 days, compared to 37 days last month and 56 days this month last year.