Severe inventory shortages.
Prices up, and multiple offers for homes for sale in many neighborhoods.
According to the Northwest Multiple Listing Service, May was a great month to be selling a home but a not-so-good month if you were looking to buy.
“The crush between the lack of inventory and desperate buyers may soon generate the next TV reality show,” stated Dick Beeson, an MLS director and principal managing broker at RE/MAX Professionals in Tacoma.
Never miss a local story.
“The stressed market is exhausting everyone in its path, with no relief in sight,” Beeson said in the monthly MLS report.
J. Lennox Scott, chairman and CEO of John L. Scott, Inc. noted in the report that 2015 has seen “the best start ever for sales activity.”
The numbers confirm the enthusiasm.
• May saw a 17.79 percent drop in active listings in Pierce County, down to 2,818 listings from 3,428 active listings in May 2014.
• May saw a drop of 14.84 percent in Thurston County, down to 1,085 homes for sale compared to 1,274 in May 2014.
• Throughout the 23-county MLS region, active listings were down 18.35 percent.
• The number of residential homes and condominiums sold in May in Pierce County, 1,267, was up 11.43 percent over the year. In Thurston County, 353 closed sales of homes represented an increase of 10.31 percent compared to May 2014.
• During the first five months of the year, 887 single-family homes in the MLS region sold for more than $1 million. That’s a jump of more than 27 percent over the same period in 2014.
• In Pierce County in May, the median price of homes sold was $255,000, up 8.51 percent from the year before.
• In Thurston County in May, the median price of residential homes sold was $246,850, up 7.79 percent from the year before.
• The inventory of condominiums, as measured by active listings, was down 21.79 percent in Pierce County in May; and down 39.66 percent in Thurston County.
• Closed sales of condominiums were down 7.25 percent in Pierce County and down 10 percent in Thurston County, compared to May, 2014.
• The median price for condominiums in May in Pierce County, $188,250, was up 17.69 percent over the year before, while the median price in Thurston County, $136,890, was up 28.54 percent.