October was busy, reversing the seasonal slow down by having more pending sales than September. Low inventory continues to drive prices up. The average median price for the first 10 months of this year is 11% higher than last year.
At month end, there were 2,204 active listings in the MLS database, 352 less than September’s 2,556 inventory, and 13.5% less than 2,548 homes and condos listed a year ago. MLS brokers added 1,441 new listings to inventory during October, 228 less than last month, but 115 more than the same month a year ago.
October’s 1,934 pending sales were 9% higher than September’s 1,775 mutually accepted offers, and 13% higher than 1,710 pending sales last October.
Pierce County MLS members reported 1,546 closed sales during October. This is a 4.4% decrease from last month’s 1,617 closed sales, but a 15.6% increase from 1,338 completed transactions in October a year ago.
The median price for October’s closed sales of single family homes and condominiums (combined) was $309,000. This is up 12% from the October 2016 figure of $275,000. The average time on market for properties that sold was 35 days, compared to 34 days last month and 40 days this month last year. Pierce County has a 1.4 month supply of housing inventory on the market. (4-6 months is considered a balanced market.)