September statistics show double digit jumps from last year in pending sales, closed sales and price increases. Pierce County price gains in September were higher than surrounding counties and the state average. There is a 2.44 month supply of listing inventory here, close to the state average, and more than King County’s 1.4 months of supply. Continued low inventory, along with affordability concerns, may start to slow things down.
At month end, there were 3,135 active listings in the MLS database, 5% less than August’s 3,307 inventory, and 22% less than 4,019 homes and condos listed a year ago. MLS brokers added 1,408 new listings to inventory during September, 161 less than last month, but 63 more than the same month a year ago.
September’s 1,592 pending sales were 130 less than August’s 1,722 mutually accepted offers, but 11% higher than 1,434 pending sales last September.
Pierce County MLS members reported 1,284 closed sales during September. This is a 5% decrease from last month’s 1,352 closed sales, but a 17% increase from 1,096 completed transactions in September a year ago.
The median price for September’s closed sales of single family homes and condominiums (combined) was $249,925. This is up 11% from the September 2014 figure of $225,000. The average time on market for properties that sold was 51 days, compared to 52 days last month and 63 days this month last year.