September continued the seasonal slowdown with less activity than last month. Pending sales surpassed the number of new listings again, as happened most months this year. This continuing high demand/low supply dynamic caused year-over-year median prices to surge 14.6%, the highest since 2013.
At month end, there were 2,556 active listings in the MLS database, only one more than August’s 2,555 inventory, and 10.7% less than 2,863 homes and condos listed a year ago. MLS brokers added 1,669 new listings to inventory during September, 290 less than last month, but 145 more than the same month a year ago.
September’s 1,775 pending sales were 16% lower than August’s 2,123 mutually accepted offers, and about 1% lower than 1,791 pending sales last September.
Pierce County MLS members reported 1,617 closed sales during September. This is an 8.3% decrease from last month’s 1,763 closed sales, but a 7% increase from 1,508 completed transactions in September a year ago.
The median price for September’s closed sales of single family homes and condominiums (combined) was $315,000. This is up 14.6% from the September 2016 figure of $274,900. The average time on market for properties that sold was 34 days, compared to 27 days last month and 36 days this month last year. Pierce County has a 1.6 month supply of housing inventory on the market. (4-6 months is considered a balanced market.)