The numbers are interesting this month. As you would expect for this time of year, the number of listings is increasing for both King and Pierce Counties. Yet the number of absolute sales is decreasing. Buyers are holding back. Interestingly days on market for King county are drifting downward while they are drifting upward for Pierce County.
Months of inventory are up for both counties. This is the number of months it would take to sell all the homes on the market at that months sales rate assuming no new homes came on the market. Of course we know additional homes are always coming on the market. A four to six month inventory is considered neutral - neither a buyer’s nor a seller’s market. As you can see, we definitely have a buyer’s market in both King and Pierce Counties.
Keep in mind that “Solds” generally represent activity 45-60 days ago whereas “Pendings” (sold but not closed) represent activity 0-30 days back.
Inventory levels for local areas (Edgewood, Milton, Fife, Sumner, Federal Way & NE Tacoma) really shot up in May as more people put their homes on the market and overall sales activity decreased.
Median sales prices, while all over the board month to month, are down from a year ago.
- Number of Active listings: King & Pierce County WA
- Number of Active listings: Edgewood, Milton, Sumner, NE Tacoma, & Federal Way WA
- Number of Sold listings: King & Pierce County, WA
- Number of Sold listings: Edgewood, Milton, Sumner, NE Tacoma & Federal Way WA
- Average days on market: King & Pierce County WA
- Average days on market: Edgewood, Milton, Sumner, NE Tacoma & Federal Way WA
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