Real Estate News

Home sales, prices and inventory all up for Pierce

Pierce County’s median sale prices, number of closed sales and number of homes for sale all went up in May, according to statistics released Wednesday.

Homes and condos sold for a median price of $229,000, compared with $210,000 at the same time a year ago, data from the Northwest Multiple Listing Service show. The price also is up from last month’s $215,000.

At the median sale price, half the homes sold for more than that amount, and half sold for less.

The Northwest Multiple Listings Service represents 21 counties in Western and Central Washington.

Though there are 21 percent more homes and condos for sale in Pierce County than a year ago, brokers say competition is fierce.

“Multiple offers and escalation clauses occur on a regular basis for properties that are extremely well-priced and in great condition,” Dick Beeson, principal managing broker at RE/MAX Professionals in Tacoma, said in a NWMLS news release.

Closed sales increased by 1.88 percent over the same time last year. Distressed properties — foreclosures or short sales — are still playing a role.

Beeson estimates one of every five homes sold in Pierce, Thurston, Kitsap and Cowlitz counties was distressed, according to the release. In King County, distressed properties were only about one of every 10 sales.

The economic boom in King and Snohomish counties is reflected in the MLS numbers. The number of homes for sale in Snohomish County increased by 43 percent from a year ago, a number NWMLS officials attribute to new construction.

Single-family homes and condos, May 2013/2014


 • Median sale prices rose 9.05 percent from $210,000 to $229,000

 • Closed sales rose 1.88 percent from 1,116 units to 1,137 units

 • Inventory, the number of units for sale, rose 21.06 percent from 3,025 units to 3,662 units

 • New listings rose from 1,576 units to 1,873 units


 • Median prices fell 0.22 percent from $225,500 to $225,000

 • Closed sales fell 3.61 percent from 332 units to 320 units

 • Inventory rose 18.82 percent from 1,121 units to 1,332 units

 • New listings rose from 506 units to 602 units


 • Median prices rose 6.13 percent from $375,000 to $398,000

 • Closed sales fell 4.96 percent from 3,122 units to 2,967 units

 • Inventory rose 9.19 percent from 4,832 units to 5,276 units

 • New listings rose from 4,352 units to 4,714 units