The higher home price and sales momentum that showed up toward the end of last year in Pierce County continued into January as both prices and sales rose sharply, according to Northwest Multiple Listing Service data released Tuesday.
Sales shot up 27 percent to 700 units last month from 551 units in January 2012, while median prices rose 8.6 percent to $190,000 from $174,950 in the same period, the combined single-family residence and condo data show.
Higher median prices might be tied to lower inventory levels. Once again, the total number of homes for sale plunged, falling 31 percent to 2,841 units last month from 4,142 units in January 2012, the combined data show.
Fewer homes to choose from, combined with steady demand, is thought to stimulate home prices.
Home sellers, though, might be sensing an improved market because the number of new listings for January rose compared with the year-ago period. New listings just in January rose to 1,260 units from 1,043 units in January 2012.
Pending sales also rose 18 percent to 359 units from 292 units a year ago, the combined data show.
By the numbers
Pierce County single-family residence data for January 2013/2012:
• Sales rose 27.2 percent to 650 units from 511 units.
• Prices rose 10.1 percent to $196,000 from $178,000.
• Pending sales rose 19.3 percent to 1,168 units from 979 units.
• Total single-family residences for sale fell 31 percent to 2,608 units from 3,783 units.
• New single-family residence listings in January rose to 1,180 units from 957 units.
Pierce County condo data for January 2013/2012:
• Sales rose to 50 units from 40 units.
• Median prices fell 0.15 percent to $117,450 from $117,625.
• Pending sales rose 9.7 percent to 90 units from 82 units.
• Total condos for sale fell 233 units from 359 units.
• New condo listings in January fell to 80 units from 86 units.Rolf Boone: 360-754-5403 firstname.lastname@example.org theolympian.com/bizblog Source: Northwest Multiple Listing Service